Car Loan Bhubaneswar
Last Updated : Jan. 23, 2017, 3:33 p.m.
About Bhubaneswar
Bhubaneswar is known for its business structure and economic growth and the backbone of the economy of Odisha. From last two decades, Bhubaneswar has emerged as one of the fastest growing economic hubs of eastern India. The city has a well-developed banking network compared to many states of India. Other than this, the tourism industry also accounts for substantial employment opportunities in the city. The financial and insurance service sector of Bhubaneswar contributes to 13.64% and the transport service contributes to 10.99% of the estimated 51% to the GSDP which clearly shows the potential of the place.
About Car Loan
Bhubaneswar is a place with high scope for people who want to start their own transport business. So, if you are looking for affordable auto loans or a vehicle loan or a car loan , there are best deals available in the city. You can choose the best car loan offer from top banks in India and start your business or for your personal use, you can get the best car loan offer at the lowest interest rate of 8.70% p.a. Yes, there are multiple customer-friendly options available in Bhubaneswar.
Car Loan Bhubaneswar 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 Bhubaneswar
| 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 for Car Loan in Bhubaneswar- Interest Rate and Address
| Banks Name | Main Branch Address | Interest Rate (p.a.) |
|---|---|---|
| State Bank Of India | 111/1, Pandit Jawaharlal Nehru Marg, Unit - 3, Kharabela Nagar, Bhubaneswar, 751001 | 7.20% - 7.90% |
| HDFC Bank | Shaheed Nagar, Business Park, First Floor Business Park First Floor C111 - Saheednagar, Bhubaneswar, 751007 | 7.95% - 8.30% |
| ICICI Bank | Occf Building Opposite Sriya Cinema Hall, Kharvelanagar, Unit 3, Kharabela Nagar, Bhubaneswar 751001 | 7.90% Onwards |
| Axis Bank | Bhawani Mall, BMC Bhawani Commercial Complex, Shahid Nagar, Bhubaneswar, 754001 | 7.45% - 14.50% |
| Punjab National Bank | 122-A, Station Square, Near Bbsr Station, Master Canteen, Bhubaneswar, 751001 | 6.50% Onwards |
| Bank of India | Bhubaneshwar Ssi Branch 102, Cuttack Road, | 6.85% onwards |
| Bank of Baroda | 227 Sarla Nagar, Laxmi Sagar, Cuttack Puri Road, Bhubaneshwar, Dist. Khurda, 751 006. | 7% onwards |
| Central Bank of India | Plot No. 108 - B, Unit No. VII, Ground Floor, Suryanagar, Bhubaneshwar | 7.25% - 7.70% |
| Bank of Maharashtra | Plot No.-426/2260, Near N.H-5, N.B Tower, Nayapally, Bhubaneshwar- 751012 | 6.40% onwards |
| IDBI Bank | IDBI Bank Ltd. Lewis Road Branch, Lewis Plaza, BJB Nagar Plot No- 387 Bhubaneshwar-751014 | 7.50% Onwards |