Car Loan Ahmedabad
Last Updated : Jan. 11, 2019, 6:05 p.m.
About Ahmedabad
Ahmedabad is the largest city and former capital of Gujarat, India. The city is the second largest producer of cotton in India. Ahmedabad is located on the banks of Sabarmati River and has been selected as one of the hundred Indian to be developed as a smart city under PM Modi’s flagship Smart Cities Mission. The city is one of the fastest growing cities in terms of business and having an important role in Indian economy. It is hence a busy city where a personal car can surely ease the pain of traveling.
About Car Loan
A car loan is the best way to make the dream come true of owning a car. The loan can be availed by any salaried or self-employed individual who has a good source of economy and wants to fulfill their dream of owning a car. So, give yourself the chance to drive a car of your own by just making small down payment. You can choose from wide range of options as per your eligibility and repayment capacity. So, apply for a car loan in Ahmedabad and surprise your family! The lowest rate available for a car loan in Ahmedabad is 8.70% p.a.
Car Loan Ahmedabad in a nutshell
| Particulars | Details |
|---|---|
| Interest Rate | 7.45% - 14.01% |
| Processing Fee | ₹500-₹5500; 0.25%-0.50% of the loan amount |
| Pre-payment/Part-payment Charges | Pre-payment charges- 5% of the principal outstanding+service tax as applicable Part-payment charges- 5% of the part payment amount+service tax as applicable |
| Tenure/Repayment | 1-7 years |
| Lowest EMI | ₹1,594-₹2,015(per lakh) |
Eligibility Criteria required for Car loan in Ahmedabad
| Particulars | Salaried Individuals | Self-Employed Individual | Partnership Firm | Private/Public Ltd. Company (in existence for at least 3 years) |
|---|---|---|---|---|
| Age | The applicant should be above 18 years at the time of application, and up to 60 years of age at the time of maturity of the loan | Any proprietor, partner, professional or director above 18 years but below 65 years at the time of the loan maturity. | ||
| Income | Minimum gross annual income of at least ₹2,50,000/- | Minimum gross annual income of at least ₹2,50,000/- | Firm should have a minimum turnover of ₹2.50 lakhs | Minimum turnover of ₹2.50 lakhs |
| Job Stability | The total employment stability should be for at least 2 years and current employment stability of minimum 1 year | Business stability should be for at least 2 years | ||
Documentation Required for Car Loan
Proof of Identity: Passport copy, PAN Card, Voter ID card, driving license( Laminated, Recent, Legible)
Proof of Address: Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy.
Proof of Income: Latest salary slip with form 16/Audited balance sheet, Profit & Loss Account for latest two years/a minimum turnover of ₹4,50,000 per annum/Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company/Latest ITR
Bank Statement: Last 6 months
Top Banks Car Loan Interest Rate and Address
| Banks Name | Main Branch Address | Car Loan Interest Rates (p.a.) |
|---|---|---|
| State Bank Of India | SBI Building, Bhadra, Lal Darwaja, Ahmedabad, Gujarat 380001 | 7.20% - 7.90% |
| HDFC Bank | Astral Tower, Navrangpura Cross Road, Mithakhali, Navrangpura, Ahmedabad, Gujarat 380009 | 7.95% - 8.30% |
| ICICI Bank | Opp. State Bank of India, Surendra Mangaldas Rd, L Colony, Ambawadi, Ahmedabad, Gujarat 380006 | 7.90% Onwards |
| Axis Bank | 3RD Eye One, 2ND FLOOR, Panchvati Circle, C G Road, Ahmedabad, Gujarat 38000 | 7.45% - 14.50% |
| Punjab National Bank | Chinubhai Building, Revdi Bazar, Ambika Center, Relief Road, Sakar Bazar, Kalupur, Ahmedabad, Gujarat 380002 | 6.50% Onwards |
| Bank of India | Gandhi Road, Dhalgarwad, Bhadra, Ahmedabad, Gujarat 380001 | 6.85% onwards |
| Bank of Baroda | Gandhi Rd, Tankshal, Khadia, Ahmedabad, Gujarat 380001 | 7% onwards |
| Central Bank of India | Dhiraj Avenue, Opposite Chhadawad Police Station, Ambawadi Bazar, Surendra Mangaldas Road, Ambavadi, Ahmedabad, Gujarat 380006 | 7.25% - 7.70% |
| Bank of Maharashtra | Near Dinesh Hall, Ashram Road, Embassy Market, Shreyas Colony, Navrangpura, Ahmedabad, Gujarat 380009 | 6.40% onwards |
| IDBI Bank | Lal Bunglow, Off C.G. road, Ahmedabad | 7.50% Onwards |