Car Loan Rates EMI 2024

Car Loan Gurugram

Car Loan Gurugram

Last Updated : June 8, 2017, 4:39 p.m.

About Gurugram

Gurgaon officially named Gurugram is a city located in Haryana and is situated near the National Capital Region. It is 32 Km away from South west of New Delhi & 268 Km away from southwest of Chandigarh. Gurugram is a leading financial and industrial centre with third highest per capita income in India. The city popularly known as the Millennium City, has the presence of about more than 250 or 50% of the Fortune 500 companies.Gurugram is a contributor to some of the nation’s most prominent real estate.Gurugram has emerged itself as one of the most important offshoring centres in the world, offering outsourcing solutions in software, IT, services and sales through delivery facilities and call centre.

About Car Loan

A car loan is a loan offered to the proposed car buyers in a most flexible, quick and cost-effective manner to own their dream car.

The interest rate offered to you will be based upon the lenders criteria. Lenders usually take into account a number of things whether the loan is secured or unsecured along with your personal credit score. You are more likely to get a reasonable interest rate on your loan, if you have a great credit history.

This is one of the best reasons for arranging your car loan before finalizing the car which you wish to buy. The car dealer offers you the loan at a much higher rate instead you could have arranged it on your own.

Some lenders will be able to provide you a fixed interest or variable interest rate. As a borrower, you should take into consideration the length of the loan term and the interest rate environment before choosing your loan.

Car Loan Gurugram in a nutshell

Interest Rate7.45% - 14.01%
Processing Fee₹500-₹5500; 0.25%-0.50% of the loan amount
Pre-payment/Part-payment ChargesPre-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/Repayment1-7 years
Lowest EMI₹1,594-₹2,015(per lakh)

Eligibility Criteria required to get Car loan in Gurugram

ParticularsSalaried IndividualsSelf-Employed IndividualPartnership FirmPrivate/Public Ltd. Company(in existence for atleast 3 years)
AgeThe applicant should be above 18 years old at time of application, and up to 70 years of age at time of maturity of the loanAny proprietor, partner, professional or director above 18 years but below 70 years at the time of the loan maturity.
IncomeMinimum gross annual income of at least ₹ 1,80,000/-Minimum gross annual income of at least ₹1,80,000/-Firm should have a minimum PAT (profit after tax) of ₹2.00lakhsMinimum PAT (profit after tax) of ₹2.00 lakhs
Job StabilityThe total employment stability should be for atleast 2 years and current employment stability of minimum 1 yearBusiness stability should be for atleast 2 years

Documentation Required for Car Loan in Gurugram

  • Proof of Identity: Passport copy, PAN Card, Voters 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/ Have 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 10 Banks Car Loan Gurugram Interest Rate and Address

Banks NameMain Branch AddressRate of Interest
State Bank Of IndiaPlot 364, Phase-II, Udyog Vihar Dundahera, Gurugram, Haryana, Pin -1220067.20% - 7.90%
HDFC BankA - 12, The Shopping Mall, Dlf Qutab Enclave, Phase - 1, Gurugram - 122002, Haryana7.95% - 8.30%
ICICI BankICICI Bank Ltd, SCO 18 & 19, Huda Shopping Centre, Sector - 14, Market Complex, Gurugram - 1220017.90% Onwards
Axis BankSCO - 29, Sector - 14, Near Huda Office, Old Delhi - Gurugram Road- 1220017.45% - 14.50%
Punjab National BankFountain Chowk, Gurugram, Haryana - 1220016.50% Onwards
Bank of IndiaMGF Plaza, Gurugram, DLF Phase II, , Mehrauli Gurugram Road, Gurugram, 122002, Haryana6.85% onwards
Bank of BarodaSector - 10 A , Gurugram, Haryana7% onwards
Central Bank of IndiaPlot No. 86, Sector 18, Novoboard, Gurugram - 1220157.25% - 7.70%
Bank of MaharastraGF - 1 - 2 B Block, Times Square, Sector Road, Sushant Lok, Gurugram - 122109 , Haryana6.40% onwards
IDBI Bank6 - 7 , Orchid Square, Sushant Lok , Phase I, B Block, Gurugram - 1220027.50% Onwards

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