• Bhopal Car Loan

    Car loans in Bhopal, the capital city of Madhya Pradesh, are quickly approved, requires little documentation, and are available at attractive interest rates ranging between 9.05% and 12.85%. Processing fees range between Nil and Rs.25,000 and the loans can be repaid in a maximum of 84 equated monthly instalments (EMIs).

    Car Loans in Bhopal – Overview

    Many top lenders in the country offer car loans in Bhopal to make owning a car affordable and hassle free. All individuals who have a steady flow of income, whether employed or self-employed, can avail car loans. If you are resident of Bhopal and wish to avail a car loan, you can apply for the same through the BankBazaar website or on the official website of the lending institutions. You can also visit the nearest branch of the bank to apply for the same.

    Once you avail a car loan in Bhopal, you can repay it in easy and flexible EMIs. The EMI amount will depend on the amount of loan you avail, the repayment tenure, and the interest rate. You can calculate the EMI amount on your car loan by using the EMI Calculator Tool .

    Interest Rate Offered by Top Lenders in Bhopal

    Name of the Bank Interest Rate Processing Fee
    ICICI Bank 9.30% to 12.85% Rs.3,500 to Rs.8,500
    Axis Bank 9.05% to 11.30% Rs.3,500 to Rs.5,500
    State Bank of India 8.80% to 12.05% Nil
    Indian Bank 9.10% Up to Rs.10,236
    HDFC Bank 9.50% to 10.25% Rs.3,000 to Rs.10,000
    IDBI Bank 9.20% to 9.90% -
    Federal Bank 9.25% Rs.1,500 to Rs.2,500
    Canara Bank 8.70% to 11.30% Rs.1,000 to Rs.5,000
    Allahabad Bank 8.60% to 10.85% Up to Rs.8,696
    Andhra Bank 8.80% Rs.1,000 to Rs.25,000

    How to Fetch Lower Interest Rates in Bhopal

    • Explore and compare – If you wish to fetch a lower interest rate on car loans in Bhopal, you should first explore all the car loan options in the market. Once you explore, you can compare them and pick the lender that offers the lowest car loan interest rate. Remember to consider other benefits as well.
    • Choose a shorter tenure – A shorter tenure means that your car loan will be paid off quicker and this may compel the lender to offer you a lower interest rate. Choosing a shorter repayment tenure will also help you save on the interest that you would have paid if you chose a longer tenure.
    • Maintain a high credit score – Lenders look for a credit score of at least 750 to offer you a car loan as a credit score is an indication of your repayment capacity. Your chances of getting a car loan at a lower interest rate are higher if your credit score is over 800 because the chances of you defaulting on the loan are lower as indicated by your score.
    • Keep your debt-to-income ratio low – Having a low debt-to-income ratio gives an impression to the lender that despite your debt obligations, you are capable of paying the EMI for your car loan. This may lead to them offering you a low interest rate on the car loan.
    • Make a higher down payment – The higher down payment you make, the lower will be the loan amount you will need to buy a car. If the loan amount is lower, the chances of you paying off the loan are quicker and hence, lenders may offer you a loan at a lower interest rate.

    Eligibility for Availing a Car Loan in Bhopal

    To be eligible for a car loan in Bhopal, you must fulfil the below-given criteria:

    Who Can Avail Salaried, self-employed individuals and professionals of partnership firms, private and public limited companies, and sole proprietorships
    Minimum Age 21 years
    Maximum Age
    • Salaried – 60 years at the end of the loan tenure
    • Self-employed – 65 years at the end of the loan tenure
    Minimum Annual Income Rs.3 lakh
    Business or Job Stability
    • Salaried – Worked for at least 2 years out of which 1 year should be with the current employer
    • Self-employed – Should be in the same line of business for at least 2 years
    Other Requirements Should have a telephone/mobile connection

    Please note that different lenders may have different eligibility criteria and hence, it is recommended that you check for the same by visiting their official websites or their nearest branches.

    Documents Required

    The documents required for a car loan may vary from lender to lender but the basic ones have been listed below:

    Documents Salaried Self-employed
    Proof of Identity Passport/PAN Card/Aadhar Card/Driving License/ Voter’s ID PAN Card/ Aadhaar Card/ Passport/Voter’s ID/Driving License
    Address Proof Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy/ Sales Tax Certificate
    Income Proof Form 16 and latest salary slips Latest Income Tax Returns/Audited Balance Sheet/Profit and Loss Account
    Others Bank statement for the last 6 months Bank statement for the last 6 months

    FAQs on Car Loans in Bhopal

    1. I am a Non-Resident Indian (NRI). Am I eligible for a car loan in Bhopal?
    2. Answer: Yes. Many banks such as Federal Bank and the State Bank of India (SBI) offer car loans to NRIs but they will need to apply for the loan as a guarantor with a co-applicant who is a resident Indian. There are other conditions as well that the NRIs need to fulfil before they can get a car loan in Bhopal. The details of the conditions will be available with the lender.

    3. Can students apply for car loans in Bhopal?
    4. Answer: Unfortunately, no. To be eligible for car loans, applicants need to have a regular source of income and since students do not have any, they are not eligible for a car loan.

    5. Will the EMI on my car loan be affected by the loan tenure I choose?
    6. Answer: Yes, the EMI on your car loan is affected by a lot of factors, including the repayment tenure. A longer tenure would mean lower EMIs and vice-versa. However, please be advised that opting for a longer tenure would result in you paying a higher interest over the loan tenure.

    7. What will happen if I fail to make my EMI payments?
    8. Answer: Your credit score will take a negative hit if you miss out on your EMI payments which, in turn, may hamper your chances of securing a loan in the future. Also, if you do not pay your EMIs for more than 6 consecutive months, the lender has the authority to seize your vehicle and auction it to recover the outstanding loan amount.

    9. Can I cancel my car loan application?
    10. Answer: Yes, you can cancel your car loan application but you may have to pay the loan cancellation charges to the lender. Before you apply for a loan, ensure that you check for these charges with the lender so that you do not get any surprises later.

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