Car Loan Indore

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

ParticularsDetails
Interest Rate8.60% - 16.25%
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 for Car loan in Indore

ParticularsSalaried Individuals Self-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.
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 ₹2.00lakhsMinimum 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 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 NameMain Branch AddressInterest Rate (p.a.)
State Bank Of IndiaCommercial Branch, Near GPO, A.B.Road, Indore-4520019.05% - 12.60%
HDFC BankUG 1 & 2, Trade House, 14 / 3 South Tukoganj, Indore - 452001, Madhya Pradesh8.00% - 13.00%
ICICI BankLaxmi Towers, 576, M.G.Road, Indore- 452001 10.75% - 15.50%
Axis BankKamal Palace, 1 Yeshwant Colony Niwas Road, Indore-452003

11.00% - 12.00%

Punjab National BankBilala Mill Road, Ashok Nagar, District Guna, Madhya Pradesh-4733318.75% - 9.20%
Bank of IndiaIndore Main, Pungalia Bhawan, Santa Bazar, Indore, Madhya Pradesh- 4520029.25%
Bank of BarodaAnnapurna Road, Indore, Madhya Pradesh-4520128.80% - 10.55%
Central Bank of IndiaCloth Market, Indore P.B. No. 25, Sitlamata Bazar Street, Indore 8.70%
Bank of MaharashtraFadnis Complex, 88 - M. G. Road, Indore-4520078.90% - 9.40%
IDBI BankAlankar Chambers, ratlam Kothi, A.B. Road, Indore9.95% - 12.05%

People Also Look For

Personal Loan Interest Rates August 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.25%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank10.99% - 14.49%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates August 2018
State Bank of India/SBI8.45% - 9.00%
HDFC8.70% - 9.40%
Bank of Baroda8.50% - 9.50%
LIC Housing8.45% - 8.90%
PNB Housing Finance8.99% - 10.75%
ICICI Bank8.55% - 8.80%
Axis Bank8.50% - 8.85%
Citibank8.85% - 9.65%
Indiabulls Housing Finance Limited8.70% - 9.85%
Kotak Bank8.65% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 10.00%
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