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Car Loan New Delhi

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

Interest Rate7.45% - 14.01%
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/Lakh₹1,594-₹2,015

Eligibility Criteria required to get a Car loan in New Delhi

ParticularsSalaried IndividualsSelf-Employed IndividualPartnership FirmPrivate/Public Ltd. Company(in existence for at least 3 years)
AgeThe 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 maturesAny proprietor, partner, professional or director above 18 years but below 70 years at the time of the loan maturity.
IncomeMinimum 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 at least 2 years and current employment stability of minimum 1 yearBusiness 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

BankMain Branch AddressCar Loan Interest Rate
State Bank of India11, Sansad Marg, New-Delhi- 1100017.20% - 7.90%
ICICI BankMohata Building, Bhikaji Cama Place, New Delhi- 1100667.90% Onwards
HDFC BankH-69, Outer circle, Connaught place, New-Delhi- 1100017.95% - 8.30%
Axis BankStatesman House, 148 Barakhamba Road, New Delhi- 1100017.45% - 14.50%
Punjab National Bank7, Bhikaji Cama Place, New-Delhi- 1106076.50% Onwards
Bank Of BarodaAsaf Ali RD, Jeevan Vikas Bhawan, 30/31 A, New Delhi - 1100027% onwards
Bank Of India54 Janpath, PB NO 357, New Delhi, 1100016.85% onwards
IDBI BankRed Cross Road, IRCS Building, P.O. no.- 231, New Delhi- 1100017.50% Onwards
Bank Of Maharashtra5/36, W.E.A Ajmal Khan Road, Karol Bagh , New Delhi6.40% onwards
Central Bank of IndiaBhagirath Palace, Chandni Chowk, Delhi7.25% - 7.70%

Personal Loan Interest Rates March 2024
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
SMFG India Credit12.00% - 24.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates March 2024
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.70%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%