Faridabad is the largest city in Haryana and a major industrial hub. Many top lenders in the country offer car loans to residents in the city as they are aware of the need of owning a vehicle in the city. Owning a vehicle offers the freedom of moving around at your convenience, whether it is for work or leisure purposes.
Car loans in Faridabad are available at affordable interest rates that can be repaid in EMIs that you can choose according to your budget. The EMI amount is dependent on the loan tenure, amount, and interest rate and can be calculated using the EMI Calculator tool. Once you calculate the EMI amount, you will be able to assess if you can afford to repay the car loan and take a decision accordingly.
|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|
The eligibility criteria for a car loan may differ from bank to bank but the basic ones that a majority of lenders look for, have been given 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 for availing a car loan in Faridabad will depend on the lender and your employment type, whether you are salaried or self-employed. However, the basic documents that most lenders will want you to furnish are 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, you can. Most banks will allow you to foreclose your loan after you have paid the entire outstanding loan amount. Some lenders may charge you a penalty for foreclosing the loan and will allow foreclosure only after you have made certain successful EMI payments.
Answer: Yes, your eligibility for a car loan in Faridabad will be impacted by your credit score. Lenders will look for a minimum credit score of 750 to offer you a car loan. A higher credit score (above 750) may fetch you a lower interest rate while a lower score will result in you having to pay a higher interest rate.
Answer: Besides the processing fee that needs to be paid upfront while applying for a car loan, the other charges that you may incur on a car loan are documentation charges, stamp duty charges, instrument/cheque swap charges, loan cancellation charges, etc.
Answer: No, you cannot sell your car before repaying the entire loan. Once you repay your loan and foreclose it, you need to obtain a ‘No Objection Certificate’ from the lender. Only then will you be able to sell your car.
Answer: Not paying your EMIs on time can make your credit score drop drastically spoiling your chances of securing a loan in the future. Also, if you miss out on paying more than 6 consecutive EMIs, the lender can seize the vehicle and auction it to recover the outstanding loan amount.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.