Indore is a city in the state of Madhya Pradesh. In addition to its historical background, it is one of the most populated cities as well. As per the 2011 Census data, the population of the city was 19.9 lakh. If you are a resident of Indore and are looking forward to availing a car loan, there are a number of options which you can consider. A number of banks and non-banking financial companies are operating in the city and are offering car loans. You can log in to BankBazaar to check the list of all the lenders providing loans in your city as per your eligibility. You can compare the loans, choose the one that suits you best, and apply directly through BankBazaar.
The interest rates which are charged by various lenders on car loans in Indore can be summed up as follows:
| Bank | Interest rates | Minimum income | Processing fee |
|---|---|---|---|
| State Bank of India | 9.30% p.a. to 9.80% p.a. | Rs.2.5 lakh and so on (on the basis of occupation of the applicant) | Nil (for all loans till 30 April 2019) |
| Federal Bank | 9.20% p.a. | Rs.20,000 p.m. (on the basis of the location and occupation of the applicant) | N/A |
| HDFC Bank | Rack interest rate range – 9.75% p.a. to 10.60% p.a. | Rs.3 lakh p.a. irrespective of occupation | 0.4% of the loan amount (Minimum fee – Rs.3,000 Maximum fee – Rs.10,000) |
| Oriental Bank of Commerce | 9.15% p.a. for female applicants; 9.25% p.a. for male applicants | Gross monthly income of Rs.30,000 | 0.5% of the loan amount (Minimum fee – Rs.500 Maximum fee – Rs.7,000) |
| ICICI Bank | 9.30% p.a. to 12.85% p.a. | As per the terms of the bank | Ranges from Rs.3,500 to Rs.8,500 on the basis of the segment of the car |
| United Bank of India | 9.15% p.a. and so on | Rs.25,000 p.m. | 0.59% of the loan amount (Minimum fee – Rs.600; Maximum fee – Rs.11,800) |
| Canara Bank | 8.95% p.a. to 9.50% p.a. for female applicants; 9.00% p.a. to 9.60% p.a. for other applicants | Gross annual income of Rs.3 lakh for salaried individuals | 0.25% of the loan amount (Minimum fee – Rs.1,000; Maximum fee – Rs.5,000) |
| Axis Bank | 9.25% p.a. to 11.50% p.a. | Net annual income of Rs.1.8 lakh to Rs.2.4 lakh (depends on the employment of the applicant) | Rs.3,500 to Rs.5,500 |
| IDBI Bank | 9.30% p.a. to 9.90% p.a. (on the basis of credit score of the applicant) | Rs.2.4 lakh p.a. | Rs.1,000 + applicable taxes |
| Bank of Baroda | 9.15% p.a. onwards (w.e.f. 7 April 2019) | As per the terms of the bank | 0.50% of the loan amount |
| Syndicate Bank | 9.15% p.a. to 9.40% p.a. (as on 10 March 2019) | Rs.2 lakh p.a. | Rs.1.25 for every Rs.1,000 (up to Rs.2 lakh loan amount); Rs.200 for every Rs.1 lakh (for a loan amount of more than Rs.2 lakh) |
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The rates of interest charged on car loans vary from lender to lender. The car loan interest rates are usually low as the vehicle is hypothecated with the bank, making the loan a secured loan. There are a number of factors which are considered by the lenders at the time of deciding the interest rate for car loans. Discussed below are some tips which you can follow to make sure that you are eligible for the lowest interest rate on your car loan.
The eligibility criteria for a car loan in Indore will differ from lender to lender. Most lenders have a different set of criteria which needs to be fulfilled by the applicant. However, there are certain generic factors which need to be fulfilled by all applicants and are considered by all lenders. These factors are as follows:
| Criteria | Self-employed | Salaried |
|---|---|---|
| Age of the applicant | Most lenders have set a minimum age of 21 years. However, some lenders might also offer loan to an applicant who is younger. | Most lenders have set a minimum age of 21 years. However, some lenders might also offer loans to an applicant who is younger. |
| Income of the applicant | As per the clause of the lender. | Usually Rs.18,000 p.m. to Rs.20,000 p.m. Subject to change from lender to lender. |
| Stability of income | Should be in the business for at least 3 years | Should be in the present job for at least one year. |
All these factors are subject to change from lender to lender. Many a time, these factors also depend on the geographical location of the applicant.
The requirement of documents differs from bank to bank. However, there are certain documents which are required by every lender. These documents are listed below:
You might be required to submit other documents as well if the lender asks for them. The requirement of documents has to be fulfilled as per the lender’s request
The maximum loan amount offered by most lenders can go up to as much as 90% of the on-road price of the car. However, this amount differs from lender to lender. Some of them even offer as much as 100% of the price of the car.
You would be required to submit the documents as per the requirement of the lender. After the submission and verification of all the documents, a car loan is usually processed within 3-7 working days. The time taken for processing and disbursal of a loan also differs from lender to lender.
Yes, you can track the status of your car loan.
If you have applied for a car loan through the online portal of a bank, you can just log in to the bank portal and track the status of the loan using the reference number which is issued at the time of making the application. On the other hand, if you have applied for a car loan through a third-party website such as BankBazaar, you can log in to your BankBazaar profile and track the status of the loan from there. BankBazaar will also be sending updates pertaining to the loan status through email and SMS on the registered email ID and phone number.
The maximum tenure for loan repayment differs from lender to lender. Most lenders offer a loan repayment tenure of 1 year to 5 years. However, some lenders also offer a loan repayment period of up to 7 years or 84 months.
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