Rajkot is one of the largest cities in Gujarat, and one of the fastest growing cities in the world. Owning a car in the city has become more of a necessity as residents of the state need to commute to and from the city for work, study, or business. However, not all can afford to buy a car by paying the full amount which is why many lending institutions offer car finance to the residents of the city at competitive interest rates and which can be repaid in equated monthly instalments (EMIs).
The amount of EMI on your car loan will depend on the loan amount, tenure, and the interest rate. If you wish to know the amount of EMI, you can calculate the same by using the EMI Calculator tool.
|Name of the Bank||Interest Rate||Processing Fee|
|ICICI Bank||9.30% to 12.85%||Rs.3,500 to Rs.8,500|
|Axis Bank||9.05% to 11.30%||Rs.3,500 to Rs.5,500|
|State Bank of India||8.80% to 12.05%||Nil|
|Indian Bank||9.10%||Up to Rs.10,236|
|HDFC Bank||9.50% to 10.25%||Rs.3,000 to Rs.10,000|
|IDBI Bank||9.20% to 9.90%||-|
|Federal Bank||9.25%||Rs.1,500 to Rs.2,500|
|Canara Bank||8.70% to 11.30%||Rs.1,000 to Rs.5,000|
|Allahabad Bank||8.60% to 10.85%||Up to Rs.8,696|
|Andhra Bank||8.80%||Rs.1,000 to Rs.25,000|
Residents of Rajkot who wish to avail a car loan need to satisfy the below-given eligibility criteria
|Who Can Avail||Salaried, self-employed individuals and professionals of partnership firms, private and public limited companies, and sole proprietorships|
|Minimum Age||21 years|
|Minimum Annual Income||Rs.3 lakh|
|Business or Job Stability||
|Other Requirements||Should have a telephone/mobile connection|
Please note that the eligibility criteria may vary from lender to lender.
The documents required for availing a car loan in Rajkot will depend on the type of income and vary from lender to lender. However, the basic documents that most lenders require you to furnish have been listed below:
|Proof of Identity||Passport/PAN Card/Aadhar Card/Driving License/ Voter’s ID||PAN Card/ Aadhaar Card/ Passport/Voter’s ID/Driving License|
|Address Proof||Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy||Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy/ Sales Tax Certificate|
|Income Proof||Form 16 and latest salary slips||Latest Income Tax Returns/Audited Balance Sheet/Profit and Loss Account|
|Others||Bank statement for the last 6 months||Bank statement for the last 6 months|
Answer: Unfortunately, no as to be eligible for a car loan, you should have a steady source of income.
Answer: No, you need not provide any security or collateral for availing a car loan as the vehicle will be hypothecated to the bank. You will get the ownership in your name only after you have repaid the entire loan amount.
Answer: You can foreclose your car loan before the completion of your loan tenure by paying the entire loan outstanding amount and foreclosure charges, if any. However, some banks allow foreclosure only after 6 or 9 EMI payments, depending on the bank. So, it is advised that you check for these conditions before you decide to foreclose your loan.
Answer: Non-Resident Indians (NRIs) can get a car loan in Rajkot from lenders like State Bank of India (SBI), and Federal Bank. However, conditions are applicable on them such as the NRI can apply for the car loan only as a guarantor and have a resident Indian as a co-applicant. There may be other conditions that are applicable for which you can get in touch with the lender directly.
Answer: Missing out on paying your EMIs can affect your credit score badly which, in turn, will hamper your chances of securing any kind of loan in the future. Hence, we recommend that you avail a loan only when you have assessed your affordability. Since you have already missed out on paying one EMI, we would suggest you not to miss paying any more EMIs. If you miss 6 EMI payments consecutively, the lender has the authority to seize your vehicle and auction it to recover your loan outstanding amount.
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