Car Loan Interest Rate
Loan Processing Fees
0.50% of Loan Amount +ST Min: Rs.950.00 +ST, Max: Rs.9100.00 +ST
Rs.2825 to Rs.5150 (depends on the loan amount)
Rs.2500 to Rs.5000 (depends on the loan amount)
Rs.3500 to Rs.5500
Punjab National Bank
1% of the loan amount. (Max-Rs.6000)
Bank of India
Rs.500/- plus S.T. or 1% of loan amount. Min: Rs.500 and Max: Rs.10,000
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, affordable EMIs, simplistic paperwork, and quick disbursement are a few reasons why car loans have become such a comfortable option for today’s common man. Now the dream of owning a car is no longer far-fetched- a few documents are all you need.
Predominantly, the lender banks look for proof that you are a good credit risk and are in a position to repay the car loan. This information, along with your credit report and score, will directly impact the interest rate that you are charged.
Since your credit rating will be assessed while applying, it is worth cleaning up any existing debts before you lodge your initial application. This is sure to improve your chances of approval. If you have a bad credit history, the lender bank will also want to see your credit card statements, mortgage details and verification of other loans that you hold.
Some banks may require certain documents of you that other banks don’t require, so it’s advisable to cross-check with the lender bank prior to your appointment with the loan officer.
Post–sanction or Pre–disbursement Documentation
- Loan Agreement duly signed along with the Regional Transport Office set
- Standing Instruction (SI) Request / ECS Form / Post-dated Cheques (PDCs), Security Cheques required for SI and ECS
- Margin money receipt