Various lenders offer car loans at attractive interest rates in Patiala. Car loans are also provided for different types of cars ranging from a hatchback to an SUV. In Patiala, you can avail a car loan for a new car as well as for a used car. The repayment tenure of the car loan is flexible and the process to apply for the loan is also simple. You can apply for a car loan both offline and online.
If you are availing a car loan for a used car, the make, model, and type of car will determine the amount of loan that will be provided. Most banks and NBFCs provide a car loan for a used car only if it is less than 5 years old. However, certain lenders do not provide a loan if the car is more than 3 years old.
In Patiala, most NBFCs and banks offer car loans with a floating rate of interest. However, car loans with fixed interest rates are offered by a few lenders.
|Bank||Rate if Interest for New Cars (p.a.)||Rate of Interest for Pre-Owned Cars (p.a.)||Processing Fee|
|Axis Bank(New/Pre-owned Car Loan)||9.025% to 11.30%||14.80% to 16.80%||New Cars: Rs.3,500 to Rs.5,500 Used Cars: 1% of loan amount or Rs.6,000|
|Yes Bank||9.50% to 13.97% (contact PNB for updated rates)||9.50% to 13.97% (contact PNB for updated rates)||New Cars: Up to 1% of loan amount or Rs.10,000 Used Cards: Up to 2% of loan amount or Rs.6,000|
|Punjab National Bank (Vehicle Loans)||RLLR linked: 8.55% to 9% MCLR linked: 9.20%||RLLR linked: 8.55% to 9% MCLR linked: 9.20%||Loan amount up to Rs.6 lakh: Rs.1,000 Loan amount above Rs.6 lakh: Rs.1,500|
|Bank of India (BOI Star Vehicle Loan)||8.60% to 9.20%||8.60% to 9.20%||Minimum of Rs.1,000 and maximum of Rs.5,000 However, until 31 December 2019, the processing fee has been waived for new car loans|
|Bank of Maharashtra (Maha Super Car Loan/Mahabank Vehicle Loan Scheme for Old Car)||8.85% to 9.60%||Contact the bank||0.25% of the loan amount (minimum Rs.500) However, until 15 November 2019, the processing fee has been waived for new car loans|
|IDBI Bank(Auto Loan)||8.85% to 9.45%||Contact the bank||Rs.1,000 plus tax|
|ICICI Bank (New/Pre-Owned Car Loan)||9.30% to 12.85%||14.25%||New Cars: Rs.3,500 to Rs.8,500 Used Cars: 2% of the amount of loan that has been availed or Rs.15,000|
|Union Bank of India (Vehicle Loan/Union Miles)||9.05%||12.05%||Rs.1,000|
|Canara Bank||8.75% to 11.30%||8.75% to 11.30%||0.25% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.5,000|
|Corporation Bank||8.75% for loan amounts up to Rs.50 lakh 9.25% for loan amounts above Rs.50 lakh||8.75% for loan amounts up to Rs.50 lakh 9.25% for loan amounts above Rs.50 lakh||1% of the loan amount subject to a minimum of Rs.1,000|
Lenders will also know that you are financially stable if the credit score is good. Lenders offer car loans at attractive interest rates if your credit score is good. Therefore, it is vital that you maintain a good credit history before applying for a car loan.
Even though the EMIs are low for a long repayment tenure, the interest rates will be high. Therefore, you will be paying a higher amount at the time of maturity. You can calculate the EMI by using the EMI Calculator provided by BankBazaar.com. You will need to enter basic details such as the processing fee, interest rate, tenure, and loan amount to calculate the EMI. The process to use the calculator is very simple.
|Annual Income||Your annual income must be at least Rs.2 lakh.|
The documents that must be submitted by self-employed individuals and salaried employees are different. Apart from the application form, there are certain mandatory documents that must be submitted as well. The list of documents that must be submitted by salaried employees and self-employed individuals are mentioned in the table below:
|Documents||Salaried Employees||Self-Employed Individuals|
|Proof of Identity||Any government-issued card, Photo Credit Card, Driving License, Permanent Account Number (PAN) Card, Voter ID, Aadhaar Card, or Passport||Any government-issued card, Photo Credit Card, Driving License, Permanent Account Number (PAN) Card, Voter ID, Aadhaar Card, or Passport|
|Age Proof||Any government-issued card, Passport, Driving License, LIC Policy, Birth Certificate, school leaving certificate||Any government-issued card, Passport, Driving License, LIC Policy, Birth Certificate, school leaving certificate|
|Proof of Address||Government-issued card, Aadhaar Card, Driving License, Passport, Ration Card, Utility Bill||Shop & Establishment Act Certificate, MSME or SSI Registration Certificate, Current Account Statement, Sales Tax RC, Office Utility Bill|
|Signature Verification||PAN Card, Passport, Banker’s verification||PAN Card, Passport, Banker’s verification|
|Proof of Income||Bank statement, Form 16, Income Tax Returns (ITR) for the last 2 years, Salary Slips||Bank statement, Last 2 years ITR, Profit and Loss Statement, Balance Sheet, Income Statement|
|Other Documents||Passport size photographs||Copy of Partnership, Passport size photographs|
No, security or collateral need not be provided when availing a car loan. The car acts as security.
No, a guarantor or co-borrower need not be provided when availing a car loan. However, in case you do not meet the credit criteria, the lender may request a co-borrower or guarantor to be provided.
No, you cannot avail any tax benefits for availing a car loan.
Yes, you can include your spouse’s income when calculating the loan amount.
Yes, few lenders offer 100% finance on the ex-showroom price of certain models. However, you must meet the eligibility criteria to avail 100% finance.
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.