Gwalior is a city in Madhya Pradesh and one of the cities to be developed as a ‘smart city’. People in the city commute in and around the city for work and personal purposes which is why owning a car in the city is significant. To make it affordable for everyone to buy a car, many top lenders in the country offer car loans to Gwalior residents.
These car loans can be repaid through EMIs that you can choose as per your affordability and will also depend on the loan amount, tenure, and interest rate. If you wish to assess your affordability, you can calculate the EMIs using an 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|
If you have a steady income source and fulfil the below-given criteria, you are eligible for a car loan in Gwalior:
|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 the eligibility criteria may vary from lender to lender.
To avail a car loan in Gwalior, the documents required may vary from lender to lender and with the type of employment. However, the basic documentation that most lenders will look for, have been provided 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: No collateral or security needs to be provided to avail a car loan in Gwalior as the vehicle will be hypothecated to the bank.
Answer: We would suggest you not to miss out on any EMIs in the future as it may affect your credit score causing it to drop. This may, in turn, ruin your chances of getting a loan in the future. Also, the bank can seize your vehicle and auction it to recover the loan amount if you miss out on six EMI payments consecutively.
Answer: You can sell your car only after you have foreclosed the loan by paying the entire loan outstanding and obtained a No Objection Certificate (NOC) from the lender.
Answer: Yes, partnership firms are eligible for a car loan, provided they fulfil other eligibility criteria specified by the bank.
Answer: 750 is the minimum score that most lenders look for before offering you a car loan. With your score, lenders may be reluctant to offer you a car loan. However, you can approach the lender directly and see if they can offer you a car loan with your score. Chances are that they may agree to offer you a car loan but at a slightly higher interest rate. This will lie at the bank’s discretion.
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