Car Loan Indore
Last Updated : Jan. 11, 2019, 6:06 p.m.
About Indore
In the areas of trading, finance, and distribution, Indore stands a notable position in Madhya Pradesh. Indore is also the largest economy in central India and is the business and trading capital of M.P. Also, the economy of Indore is expanding in all directions from traditional agro-industries to IT companies. Hence, it a place full of opportunities for both salaried and business class. Indore is the commercial capital of Madhya Pradesh and holds a population of great businessmen as well as salaried people. Indore is connected by road with an exceptional transport that operates using a public-private partnership model. Being one of the busiest cities of Madhya Pradesh, Indore is the economic hub of the state.
About Car Loan
Like any other city, Indore is also moving ahead on a fast pace with young working professionals. If you are also living or working in Indore and the public transport is not your cup of tea, you can apply for a car loan . Having said that, almost all the top banks in India offer car loans in Indore with affordable loan scheme. In Indore, the demand for an auto or a car loan is increasing day by day. So, choose the best car loan option as per your eligibility and enjoy the benefits of owning a car.
Car Loan Indore 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 Indore
| Particulars | Salaried Individuals | Self-Employed Individual | Partnership Firm | Private/Public Ltd. Company(in existence for atleast 3 years) |
|---|---|---|---|---|
| Age | The applicant should be above 18 years old at time of application, and up to 70 years of age at time of maturity of the loan | 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 atleast 2 years and current employment stability of minimum 1 year | Business stability should be for atleast 2 years | ||
Documentation Required for Car Loan in Indore
- 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 giving Car Loan in Indore with Interest Rate and Address
| Banks Name | Main Branch Address | Car Loan Interest Rate (p.a.) |
|---|---|---|
| State Bank Of India | Commercial Branch, Near GPO, A.B.Road, Indore-452001 | 7.20% - 7.90% |
| HDFC Bank | UG 1 & 2, Trade House, 14 / 3 South Tukoganj, Indore - 452001, Madhya Pradesh | 7.95% - 8.30% |
| ICICI Bank | Laxmi Towers, 576, M.G.Road, Indore- 452001 | 7.90% Onwards |
| Axis Bank | Kamal Palace, 1 Yeshwant Colony Niwas Road, Indore-452003 | 7.45% - 14.50% |
| Punjab National Bank | Bilala Mill Road, Ashok Nagar, District Guna, Madhya Pradesh-473331 | 6.50% Onwards |
| Bank of India | Indore Main, Pungalia Bhawan, Santa Bazar, Indore, Madhya Pradesh- 452002 | 6.85% onwards |
| Bank of Baroda | Annapurna Road, Indore, Madhya Pradesh-452012 | 7% onwards |
| Central Bank of India | Cloth Market, Indore P.B. No. 25, Sitlamata Bazar Street, Indore | 7.25% - 7.70% |
| Bank of Maharashtra | Fadnis Complex, 88 - M. G. Road, Indore-452007 | 6.40% onwards |
| IDBI Bank | Alankar Chambers, ratlam Kothi, A.B. Road, Indore | 7.50% Onwards |
