Car Loan Jammu
Last Updated : Jan. 11, 2019, 6:06 p.m.
About Jammu
Jammu, as you know, is the heaven on earth in a literal sense. The place is famous for its small-scale and cottage industries such as carpet weaving, silks, shawls, etc. for which having a car of your own can be really helpful in terms of traveling. Jammu has a great potential to become the top travel destination in the whole world. From policy perspective also, the role of tourism in the economic development has been an area of immense interest. Hence, another important thing to notice about this place is that the impact of positive impact of tourist inflow on employment i.e., with the increase in tourist inflow, the employment is also increasing day by day.
About Car Loan
Jammu binds in itself so much to admire and explore that usually a single trip to this place is not sufficient. Having said that, the place also has a high demand for auto loans or car loan s. So, if you are one of those who wants to buy a car in Jammu, you can apply for a car loan. Now, almost all the top banks in Jammu are offering affordable loan facility. So, what are you waiting for? Apply for a car loan at 8.70% p.a. You can choose the best offer that suits your budget and get a car for yourself instantly.
Car Loan Jammu 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 Jammu
| 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 Car Loan Interest Rate and Address in Jammu
| Banks Name | Main Branch Address | Car Loan Interest Rate (p.a.) |
|---|---|---|
| State Bank Of India | Red Cross Building, Kachi Chawn, Jammu and Kashmir 180001 | 7.20% - 7.90% |
| HDFC Bank | Jammu, Cb - 13, Rail Head Complex, Gandhinagar Bahu Plaza Jammu, Jammu, Jammu and Kashmir 180003 | 7.95% - 8.30% |
| ICICI Bank | Rudra Complex, Main Road, Sector-2 Channi Himmat, Jammu, Jammu and Kashmir 180015 | 7.90% Onwards |
| Axis Bank | Basement & Ground Floor, Khewat No. 118, Khasra No. 325, Gulab Singh Marg, Near Dogra Chowk, Jammu, Jammu and Kashmir 180001 | 7.45% - 14.50% |
| Punjab National Bank | Shastri Nagar, Sanjay Nagar, Jammu, Jammu and Kashmir 180004 | 6.50% Onwards |
| Bank of India | Residency Rd, Raghunath Bazar, Pakki Dhaki, Resham Ghar Colony, Jammu, Jammu and Kashmir 180001 | 6.85% onwards |
| Bank of Baroda | Gandhi Nagar, Jammu, Jammu and Kashmir 180004 | 7% onwards |
| Central Bank of India | Near Poonch House, Talab Tillo, Jammu, Jammu and Kashmir 180002 | 7.25% - 7.70% |
| Bank of Maharashtra | Kashmir Khalsa Hotel, Amira Kadal, Srinagar | 6.40% onwards |
| IDBI Bank | 222 - 225, City Centre, IIND Floor Begum Bridge Road | 7.50% Onwards |