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 .
|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|
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|
|Minimum Annual Income||Rs.3 lakh|
|Business or Job Stability||
|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.
The documents required for a car loan may vary from lender to lender but the basic ones have been listed below:
|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|
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.
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.
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.
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.
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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