Chandigarh is the capital of Haryana and Punjab. The city is unique as it is neither a part Punjab nor Haryana. Chandigarh is known globally for its urban design and architecture. According to a study made by the national government, Chandigarh is one of the cleanest cities in India.
Unlike earlier, it is very simple for an individual to own his/her dream car. Loans play a big role in financing the purchase of a car. Almost all private and national banks offer car loans in Chandigarh. Apart from banks, Non-Banking Financial Companies (NBFCs) also provide car loans. During the festive season, various offers are provided when buying a car on a loan.
|Bank||Interest Rate||Processing Fee|
|Andhra Bank||9.00%||Rs.1,000 – Rs.25,000 plus GST|
|Federal Bank||9.25%||Rs.1,500 – Rs.2,500|
|Canara Bank||8.70% - 11.30%||Rs.1,000 – Rs.5,000|
|HDFC Bank||9.50% - 10.25%||Rs.3,000 – Rs.10,000|
|ICICI Bank||9.30% - 12.05%||Rs.3,500 – Rs.8,500|
|Indian Bank||9.10%||Up to Rs.10,236|
|Allahabad Bank||8.60% - 10.85%||Up to Rs.8,696|
|IDBI Bank||9.20% - 9.90%||-|
|Axis Bank||9.05% - 11.30%||Rs.3,500 – Rs.5,500|
|State Bank of India||8.80% to 12.05%||Nil|
Some of the ways by which you can get a car loan at low interest rates are mentioned below:
Depending on whether you are a salaried employee or a self-employed individual, the eligibility criteria will vary. The eligibility criteria may also vary depending on the lender. Given below is the basic eligibility criteria that must be met when availing a car loan:
You can check the detailed eligibility criteria with the respective lenders before applying for a car loan.
Depending on whether you are a salaried employee or a self-employed individual, the documents that must be submitted will vary. The list of documents that must be submitted by salaried employees and self-employed individuals are mentioned below:
You can contact the lender to check if any other documents must be submitted.
The car cannot be sold unless a ‘No Objection Certificate’ is provided by the lender. The ‘No Objection Certificate’ is only given after the car loan is paid.
Depending on the lender, the maximum loan amount will vary. You can contact your lender to check the details.
Yes, a car loan can be availed on an existing car.
No, security or collateral need not be provided when availing a car loan. The car acts as the security.
No, a guarantor need not be provided when availing a car loan. However, in case you do not meet the credit criteria, the lender may request a guarantor to be provided.
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