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  • Patna Car Loan

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  • If you reside in Patna and want to buy a car, a car loan can be availed from various lenders. In Patna, car loans are provided at attractive interest rates. The repayment tenure of the car loan may also range between 12 months and 84 months.
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    Car Loan in Patna – Overview

    Various banks and Non-banking Financial Companies (NBFCs) offer car loans at attractive interest rates in Pune. Car loans are provided for new cars as well as for pre-owned cars. Car loans in Patna are provided with a flexible repayment tenure and the process to apply for a loan is easy. Most banks and NBFCs provide the option to apply for a car loan online.

    In the case of used car loans, the amount of loan that is provided will depend on the make, model, and type of the car. The age of the pre-owned car should not exceed 5 years. However, certain banks do not provide a car loan for a car that is more than 3 years old.

    Most banks and NBFCs in Patna offer car loans with a floating rate of interest. However, few banks offer car loans with fixed interest rates as well.

    Interest Rate Offered by Top Lenders in Patna

    Bank Rate of Interest for New Cars (p.a.) Rate of Interest for Pre-Owned Cars (p.a.) Processing Fee
    State Bank of India (Auto Loans) 8.80% to 9.50% 10.50% to 12% Contact the bank
    HDFC Bank (New Car Loan/Pre-owned Car Loan) 9.75% to 10.60% (rack interest) 13.75% to 16% (rack interest) Minimum of Rs.3,000 and maximum of Rs.10,000
    Union Bank of India (Vehicle Loan/Union Miles) 9.05% 12.05% Rs.1,000
    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
    IDBI Bank (Auto Loan) 8.85% to 9.45% Contact the bank Rs.1,000 plus tax
    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
    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
    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
    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
    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

    How to Fetch Low Interest Rates in Patna

    Some of the different ways by which you can get a car loan at low interest rates are mentioned below:

    • Opt for a short tenure: The longer the repayment tenure, the higher the interest rate will be. Certain banks offer low interest rates for car loans with a repayment tenure below 5 years.

    Even though the Equated Monthly Instalments (EMIs) will be low for a long repayment tenure, the interest rates are high. You can use the Car Loan EMI calculator provided by BankBazaar.com to calculate the EMI. Basic details such as the loan amount, tenure, rate of interest, and processing fee must be entered to get the EMI amount.

    • Negotiate with the lender: You can also try to negotiate with the lender when availing a car loan. Based on various factors such as the loan tenure, income status, and credit score, the interest rate can be negotiated.

    Before you approach any lenders, negotiate with your existing bank, as they may offer you a car loan with a lower interest rate.

    • Increase down payment: In case you pay a high down payment, the loan amount that is provided by the bank or NBFC will reduce. Lenders also provide car loans at a low interest rate if the down payment is high because it will give them the impression that you are financially stable.
    • Compare: It is vital that car loans offered by various banks and NBFCs are compared before opting for one. Lower interest rates are offered on car loans by certain NBFCs and banks when compared to others. There are various third-party websites, such as Bankbazaar.com, where car loans from different lenders can be compared. The various features and benefits of the car loan can also be compared on these sites.
    • Maintain a low debt-to-income ratio: Your debt-to-income ratio will be accessed by all lenders before they provide a car loan. It is better if you clear any existing EMIs as it will reduce your debt-to-income ratio. Lenders will provide car loans with high interest rates if your debt-to-income ratio is high.
    • Maintain a good credit score: Your credit score is one of the main factors that determine the interest rate of the car loan. Your application will be rejected, or the rate of interest will be high in case your credit score is low.

    A good credit score also shows that you are financially stable. Lenders offer a car loan with a low interest rate if your credit score is good. Therefore, it is important to build a good credit history before you apply for a car loan.

    Eligibility for Availing a Car Loan in Patna

    Parameters Eligibility Criteria
    Age
    • You should be at least 18 years of age when you apply for the car loan.
    • You should not be more than 70 years of age when the loan matures.
    Annual Income You should make a minimum annual income of at least Rs.2 lakh.
    Employment Criteria
    • Salaried employees must have worked in their current company for at least a year.
    • Self-employed individuals must be in business for at least 2-3 years.

    Documents Required

    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

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    FAQs on Car Loan in Patna

    1. What is the maximum amount of financing that can be availed for a car loan?
    2. Depending on the bank, the amount of loan that can be availed will vary. In the case of new cars, up to 90% of the on-road price of the car may be provided as a car loan by certain banks. In the case of used cars, up to 100% of the on-road price of the car may be provided as a loan.

    3. Can I sell the car before the loan is paid?
    4. No, the car cannot be sold unless you receive a No Objection Certificate (NOC) from the lender. A NOC is provided only once the loan is cleared.

    5. Can a loan be availed on an existing car?
    6. Yes, you can avail a loan on an existing car.

    7. Should I provide security or collateral when availing a car loan?
    8. No, security or collateral need not be provided when availing a car loan. The car acts as security.

    9. Should a guarantor be provided when I avail a car loan?
    10. No, a guarantor need not be provided when you avail a car loan. However, in case you do not meet the credit criteria, the bank or NBFC may ask for a guarantor to be provided.

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