Car Loan

Bank/Lender Name

Car Loan Interest Rate

Loan Processing Fees

SBI

9.25% onwards

0.50% of Loan Amount +ST Min: Rs.950.00 +ST, Max: Rs.9100.00 +ST

HDFC Bank

9.35% onwards

Rs.2825 to Rs.5150 (depends on the loan amount)

ICICI Bank

9.55% onwards

Rs.2500 to Rs.5000 (depends on the loan amount)

Axis Bank

9.50% onwards

Rs.3500 to Rs.5500

IDBI Bank

9.95% onwards

NIL

Punjab National Bank

9.25% onwards

1% of the loan amount. (Max-Rs.6000)

Bank of India

9.25% onwards

Rs.500/- plus S.T. or 1% of loan amount. Min: Rs.500 and Max: Rs.10,000

Syndicate Bank

10.1% onwards

Up to 2 Lakhs: Rs.1.25 per thousand. Minimum: Rs.125/- Above 2 lakhs: Rs.200 per lakh.

Here is the checklist of the documents required to apply for a car loan:

  • Proof of age
  • Identification proof
  • Application form
  • Passport size photograph
  • Proof of residence
  • Income proof
  • Bank statement
  • Signature verification proof
  • Pro-forma Invoice or Rate List

Reasonable interest rates, reasonable EMIs, oversimplified work, and fast disbursement ar a number of reasons why automobile loans became such a snug possibility for today’s individual. currently the dream of owning a automobile is not any longer far-fetched- a number of documents ar all you would like.

Predominantly, the investor banks explore for proof that you just ar an honest credit risk and ar in a very position to repay the auto loan. This info, at the side of your credit report and score, can directly impact the rate that you just ar charged.

Since your credit rating are assessed whereas applying, it’s value cleanup up any existing debts before you lodge your initial application. this can be bound to improve your possibilities of approval. If you’ve got a foul credit history, the investor bank also will need to visualize your mastercard statements, mortgage details and verification of alternative loans that you just hold.

Some banks could need sure documents of you that alternative banks don’t need, therefore it’s best to see with the investor bank before your appointment with the loan officer..

Post–sanction or Pre–disbursement Documentation

  • Loan Agreement punctually signed at the side of the Regional Transport workplace set
  • Standing Instruction (SI) Request / ECS type / Post-dated Cheques (PDCs), Security Cheques needed for SI and ECS
  • Margin cash receipt