Car Loan Hyderabad
Last Updated : Jan. 20, 2017, 12:28 p.m.
About Hyderabad
Hyderabad, the capital of Telangana is one of the major contributors to India’s GDP. The city has witnessed the development of biotechnology and pharmaceutical industries since the 1990s. It has grown into a major hub of IT industry which has earned it the name ‘Cyberabad’. Hyderabad and its suburbs have the most number of special economic zones in our country. Global conglomerates such as Apple, Microsoft and Google have amplified their presence in the city. One can find many banks and NBFCs in the city who are working day in and day out to meet the financial needs of the people.
About Car Loan
We all wish to have our own car, isn’t it? Having a car makes the entire commutation so easy.You don’t have to depend on public transport or any other mode of transport. You can take our car anywhere and anytime we want, be it for a trip or a long drive. Unfortunately, inadequate savings can force many of us to apply a brake on our wishes. This is where a car loan proves to be beneficial. A car loan is offered by leading banks and Non-Banking Financial Companies to people who wish to buy a car that matches their style and choice. You just need to ensure that you meet their eligibility requirements and submit the documents, without fail. You just have to pay a certain amount as down payment and the rest as monthly EMIs.
Car Loan Hyderabad 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/Lakh | ₹1,594-₹2,015 |
Eligibility Criteria required to get a Car loan in Hyderabad
| 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 the age of 18 years while applying for a car loan and up to 70 years of age when the loan matures | Any proprietor, partner, professional or director above 18 years but below 70 years at the time of the loan maturity. | ||
| Income | Minimum 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 ₹2.00lakhs | Minimum PAT (profit after tax) of ₹2.00 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 a Car Loan
- 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 of the last 6 months
Top Banks offering Car Loan in Hyderabad
| Bank | Main Branch Address | Car Loan Interest Rate |
|---|---|---|
| State Bank of India | Bank Street, Sultan Bazaar, Koti, Hyderabad, Telangana 500095 | 7.20% - 7.90% |
| ICICI Bank | Hema Durga Plaza, Opp., Allwyn Colony, Miyapur, Hyderabad - 500049, Hyderabad Dist., Telangana | 7.90% Onwards |
| HDFC Bank | 6 - 1 - 73 Gr Floor, Saeed Plaza, Lakdikapul, Hyderabad - 500004, Telangana | 7.95% - 8.30% |
| Axis Bank | Sri Krishna Ashray, 4 - 3 - 537 & 4 - 3 - 538 Hanuman Tekdi, Off Bank Street Hyderabad ,Telangana, Pin -500095 | 7.45% - 14.50% |
| Punjab National Bank | 4 - 1 - 427, Troop Bazaar, Bank Street, Hyderabad, Telangana 500001 | 6.50% Onwards |
| Bank Of Baroda | 5 - 9 - 27/78 Lakehill Road, Adarsh Nagar, Hyderabad, Telangana | 7% onwards |
| Bank Of India | Shop No.5-8-659, P. B. No.134, Nampally Station Rd, Kattel Mandi, Chirag Ali Lane, Abids, Hyderabad, Telangana 500001 | 6.85% onwards |
| IDBI Bank | D.No.5-9-89/1 and 2, Chapel Road, Fateh Maidan, Abids, Hyderabad, Telangana 500001 | 7.50% Onwards |
| Bank Of Maharashtra | Near Shadan Women's College, Khairatabad Road, Chintal, Hyderabad, Telangana 500004 | 6.40% onwards |
| Central Bank of India | Near Fateh Maidan Club, Fateh Maidan, Abids, Hyderabad, Telangana 500001 | 7.25% - 7.70% |