Bhubaneswar is an emerging education and information technology hub. It is one of the fastest developing cities in India and also one of the first planned cities in India, along with Chandigarh and Jamshedpur. A developing city demand that its citizens have the freedom to move around at their own will which is why owning a car is vital. When it comes to purchasing a car, taking a car loan is a good idea since you do not need to shell out a huge sum of money at once. Instead, you can take a car loan and repay it in easy equated monthly instalments (EMIs).
If you are living in Bhubaneswar, you can avail a car loan from top lenders in the country who offer attractive interest rates on these loans, along with other benefits.
|Name of the Bank||Interest Rate||Processing Fee|
|State Bank of India||8.80% to 12.05%||Nil|
|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|
|HDFC Bank||9.50% to 10.25%||Rs.3,000 to Rs.10,000|
|IDBI Bank||9.20% to 9.90%||-|
|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|
|Federal Bank||9.25%||Rs.1,500 to Rs.2,500|
|Indian Bank||9.10%||Up to Rs.10,236|
|Andhra Bank||8.80%||Rs.1,000 to Rs.25,000|
Different lenders may have different eligibility criteria for a car loan but the generic ones have been listed below:
|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|
The documents that you must furnish with your car loan application may vary from lender to lender, but the below-mentioned documents are the basic ones.
|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: The basic eligibility criteria that you need to fulfil is given in the sections above. You can go through the list and check if you fulfil the criteria. Additionally, you can go through the eligibility criteria listed on the website of the lender or visit its nearest branch to know your eligibility.
Answer: Yes, you can foreclose your loan before your loan tenure ends but you may be charged a penalty fee, depending on the lender. However, there are some banks which do not charge any foreclosure penalty. ICICI Bank is one such bank that does not charge any penalty on foreclosure.
Answer: The EMI amount will depend on a lot of factors such as loan tenure, amount, interest rate, etc. If you wish to calculate the EMI amount you need to pay towards your car loan, you can use the EMI Calculator tool. You will need to enter the loan amount, tenure, and interest rate on the tool after which the EMI amount will be displayed to you.
Answer: No, you do not have to provide any security or collateral to avail a car loan in Bhubaneswar as the car will be hypothecated to bank. In case you default on the loan, the lender will have the authority to seize your vehicle and auction it to recover the outstanding amount.
Answer: There are various charges that are associated with a car loan which will depend on the lender. Some of the charges that you may have to incur on your car loan are documentation charges, stamp duty charges, duplicate statement issuance charges, cheque swap charges, loan cancellation charges, etc.
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