Car Loan Patna
Last Updated : Jan. 21, 2017, 4:54 p.m.
About Patna
In the year 2009, Patna got the title of second-best Indian city to start a business as per the World Bank. Other than this, the real-estate sector of the city is also at its peak and heading towards being the industrial hub of Bihar. Patna’s economy has sustained the economic growth since 2011 and also the gross state development product (GSDP) of the districts of Patna, tops the list. Patna is also the second-largest city in the eastern part of India after Kolkata and has several sugar mills in and around. The city is also an important business and luxury brand center of eastern India. In addition to this, the per-capita gross domestic product of this city is ₹1,06,000 as of 2015.
About Car Loan
Patna is a busy city and for the convenience traveling, a car becomes the necessity. Since the scope of employment is high in Patna, people from over the country and the world, are nowadays living here. But, now a car is not only for those who can afford it. Yes, with some of the top banks offering car loans in Patna, you can also apply for a car loan if you are living in Patna. People from all class can now choose an affordable loan scheme and get a car for themselves without paying high-interest rates. The wide range of options for a car loan in Patna in almost all major banks at attractive rates becomes the key attraction for a car loan borrower. So, you can choose the best car loan as per your eligibility and repayment comfort and make your life smoother in Patna.
Car Loan Patna 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 Patna
| 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 in Patna
- 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 Patna Interest Rate and Address
| Banks Name | Main Branch Address | Car Loan Interest Rate (p.a.) |
|---|---|---|
| State Bank Of India | West Gandhi Maidan, patna, Bihar-800001 | 7.20% - 7.90% |
| HDFC Bank | Bimla Sadan, Holding No # 801 / 432, Ward No # 37, Exhibition Road, Patna - 800001, Bihar | 7.95% - 8.30% |
| ICICI Bank | H-39 Doctors Colony, Kankarbagh, Patna- 800020 | 7.90% Onwards |
| Axis Bank | Saket Towers, S P verma Road, Patna-800001 | 7.45% - 14.50% |
| Punjab National Bank | Danapore Cantt, District. Patna, Bihar | 6.50% Onwards |
| Bank of India | Patna Main, Fraser Road, Post Box No. 166, Patna, Bihar-800001 | 6.85% onwards |
| Bank of Baroda | Bailly Road, Ashiana More, Patna, Bihar-800014 | 7% onwards |
| Central Bank of India | Laxmi Complex, Boring Road, Patna | 7.25% - 7.70% |
| Bank of Maharashtra | Kalyan Bhawan First Floor, Khajpura, Bailey Road, Patna-800014 | 6.40% onwards |
| IDBI Bank | Kashi Place Complex, Daak Bunglow Road, Opposite Heera Place, Patna | 7.50% Onwards |