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.
|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|
Some of the different ways by which you can get a car loan at low interest rates are mentioned below:
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.
Before you approach any lenders, negotiate with your existing bank, as they may offer you a car loan with a lower interest rate.
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.
|Annual Income||You should make a minimum annual income of 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|
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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.
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.
Yes, you can avail a loan on an existing car.
No, security or collateral need not be provided when availing a car loan. The car acts as security.
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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