If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
Pune is a major financial hub in India with the presence of a diverse range of industries belonging to different sectors. The city has numerous institutions when it comes to providing financial services. If you are looking for a car loan in Pune, you can apply for a loan with any of the top lenders in the country. Since these loans are secured against the value of the car, it is possible to get competitive interest rates for car loans in Pune. With BankBazaar, you can compare the features of different loan products and apply for them instantly.
The interest rates of various car loan products in Pune are listed as follows:
| Bank | Interest rates | Minimum income | Processing fee |
|---|---|---|---|
| State Bank of India | 9.30% p.a. to 9.80% p.a. | Salaried – Rs.2.5 lakh p.a; Self-employed – Rs.3 lakh p.a; Agriculture workers – Rs.4 lakh p.a. | Nil |
| IndusInd Bank | From 10.65% p.a. onwards | Salaried - Rs.2.50 lakh p.a. Self-employed – Rs.2 lakh p.a. net profit | 0.5% of the loan amount subject to a minimum of Rs.2,500 |
| Andhra Bank | 1-year MCLR + 0.70% | Rs.1 lakh p.a. | 1% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.25,000 |
| Bank of Maharashtra | 8.95% p.a. | Rs.3 lakh p.a. | 0.25% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.15,000 |
| Axis Bank | 9.25% p.a. to 11.50% p.a. | Rs.2.40 lakh p.a. | Rs.3,500 to Rs.5,500 |
| Federal Bank | From 9.20% p.a. onwards | Rs.20,000 p.m. | N/A |
| Punjab National Bank | From 9.05% p.a. onwards | Rs.20,000 p.m. | Rs.1,000 for loans under Rs.6 lakh Rs.1,500 for loans over Rs.6 lakh |
| Oriental Bank of Commerce | Male borrowers – 9.25% p.a; Female borrowers – 9.15% p.a. | Rs.30,000 p.m. | 0.5% of the loan amount subject to a minimum of Rs.500 and a maximum of Rs.7,000 |
| Jammu and Kashmir Bank | Fixed – 11.25% p.a. with monthly rests Floating – Base rate + 1% p.a. with monthly rests | Rs.3 lakh p.a. | 0.5% of the loan amount subject to a minimum of Rs.500 |
| Syndicate Bank | 1-year MCLR + 0.50% p.a. | Rs.2 lakh p.a. | Rs.125 per lakh |
| IDBI Bank | From 9.30% p.a. onwards (varies based on credit score of the borrower) | Rs.2.4 lakh p.a. | Rs.1,000 + GST |
| Canara Bank | From 8.95% p.a. onwards | Rs.3 lakh p.a. | 0.25% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.5,000 |
| United Bank of India | From 9.15% p.a. onwards | Rs.25,000 p.m. | 0.59% of the loan amount subject to a minimum of Rs.600 and a maximum of Rs.11,800 |
| Bank of Baroda | 1-year MCLR + strategic premium + 0.25% p.a. | Contact the company for details | Rs.1,000 to Rs.2,500 + GST |
| HDFC Bank | 9.75% p.a. to 10.60% p.a. | Rs.3 lakh p.a. | 0.4% of the loan amount subject to a minimum of Rs.3,000 and a maximum of Rs.10,000 |
| Bank of India | 9.5% p.a. | Contact the bank for details | Rs.500 per application |
| Central Bank of India | Fixed – 9.00% p.a. Floating – 1-year MCLR + 0.40% p.a. | Rs.2.40 lakh p.a. | Contact the bank for details |
| ICICI Bank | 9.30% p.a. to 12.85% p.a. | Contact the company for more details | Rs.3,500 to Rs.8,500 (depending upon vehicle type) |
Pune is one of the most vibrant cities in India, and all major lenders have operations in the city. These lenders have their own ways of fixing interest rates for car loans. Some lenders have a fixed interest rate for all categories of customers, whereas some lenders determine set interest rates based on the borrower’s credit score, loan amount, annual income, etc. Hence, it is better to compare the interest rates of different lenders before deciding on a specific loan product. If you are wondering about how to get the best possible interest rates from a lender, you can check out the following tips before approaching a lender:
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The eligibility criteria outlined by various lenders for approving car loans are listed as follows:
| Criteria | Salaried individuals | Self-employed individuals |
|---|---|---|
| Age | 21 years | 21 years |
| Income | Rs.15,000 to Rs.20,000 p.m. | As required by the lenders |
| Income stability | At least one year in the current job | At least one to three years of business vintage |
The following documents must be submitted to the lenders while applying for a car loan:
Some lenders in the market like SBI do not charge any processing fee on car loans. However, most of the top lenders charge a small percentage of the loan value as processing fee. This fee is mandatory in most cases and lenders are not likely to waive it.
If the applicant does not meet the eligibility requirements set by a lender, the loan application is likely to get rejected. Typically, applicants with poor credit score get rejected for car loans. Other reasons such as high debt-to-income ratio, minimum income level, history with the bank, etc., may also lead to rejections.
No. Most lenders do not allow borrowers to sell the vehicle before completing the loan repayment. Till you complete your loan, the vehicle is hypothecated to the bank and the ownership is transferred only after the loan tenure. Once the loan is fully paid, you need to get the NOC from the bank and collect the pending documents before selling the vehicle.
It is not a good idea to apply for multiple car loans simultaneously. You need to research the lenders in the market and choose the one who meets your requirements. Applying for multiple loans could affect your credit score.
Once you have chosen the loan tenure, it cannot be modified. You need to pay your monthly EMI installments on time without fail. If you wish to get out of the loan early, you can prepay the loan by paying a small penalty to the lender.
GST of 18% is applicable on all banking products and services from the 1st of July, 2017.
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