Car Loan New Delhi
Last Updated : May 25, 2017, 5:26 p.m.
About New Delhi
New Delhi, the capital of India is one of the important centres of culture and finance in South Asia. It is the largest commercial centre in North India. The city has several service industries like hotels, information technology and telecommunications. People from every corner of India come to the city in search of better employment and residence facilities. This has appealed to various banks and NBFCs who have secured a large presence in the city, thereby meeting the financial needs of the people. Punjab National Bank, one of the major public sector banks has its headquarter in the city.
About Car Loan
Many times standing in the metro or the public bus takes a toll on us, isn’t it? Then we wish we had our own car. But we have to apply brakes on our dreams due to lack of funds. The ultimate solution to this problem is a car loan. The product is tailor made to meet the financial requirements of the people who wish to buy a car of their own choice. Various banks and Non-Banking Financial Companies are there to offer a helping hand to interested applicants who are able to meet the eligibility criteria and complete the documentation work on time.
Car Loan New Delhi 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 New Delhi
| 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 a Car loan In New Delhi
| Bank | Main Branch Address | Car Loan Interest Rate |
|---|---|---|
| State Bank of India | 11, Sansad Marg, New-Delhi- 110001 | 7.20% - 7.90% |
| ICICI Bank | Mohata Building, Bhikaji Cama Place, New Delhi- 110066 | 7.90% Onwards |
| HDFC Bank | H-69, Outer circle, Connaught place, New-Delhi- 110001 | 7.95% - 8.30% |
| Axis Bank | Statesman House, 148 Barakhamba Road, New Delhi- 110001 | 7.45% - 14.50% |
| Punjab National Bank | 7, Bhikaji Cama Place, New-Delhi- 110607 | 6.50% Onwards |
| Bank Of Baroda | Asaf Ali RD, Jeevan Vikas Bhawan, 30/31 A, New Delhi - 110002 | 7% onwards |
| Bank Of India | 54 Janpath, PB NO 357, New Delhi, 110001 | 6.85% onwards |
| IDBI Bank | Red Cross Road, IRCS Building, P.O. no.- 231, New Delhi- 110001 | 7.50% Onwards |
| Bank Of Maharashtra | 5/36, W.E.A Ajmal Khan Road, Karol Bagh , New Delhi | 6.40% onwards |
| Central Bank of India | Bhagirath Palace, Chandni Chowk, Delhi | 7.25% - 7.70% |