Car Loan Pune

About Pune

Pune is one of the prime cities of India situated in the state of Maharashtra. The city has emerged not only as an important centre for IT and manufacturing but also automotive industry as well. Pune has slowly and steadily developed into the new hub of startups in India. It is also a pivotal educational centre with leading colleges and universities attracting students from all over the country. All these factors have led to a substantial increase in the banking sector activities. More and more banks are setting up their branches in order to meet the financial requirements of the growing city.

About Car Loan

Many people wish to go on a long drive with their family in their own car. Driving one’s own car is such a joyous feeling. Some people have to put a full stop on their dream of owning a car of their choice. To fulfill their dream, a car loan has been created. The product is provided by almost all banks and Non-Banking Financial Companies to the people who want to accomplish the goal of buying a car. They just have to meet the eligibility criteria and complete all the required documentation work. They can take a car loan to buy both new car and old car. By paying a small down payment amount in advance, they can bring home their favorite car.

Car Loan Pune 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 Pune

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 Car Loan in Pune

BankMain Branch AddressCar Loan Interest Rate
State Bank of IndiaP.B-6, Collector office compound, Pune Maharashtra - 4110017.75% - 8.45%
ICICI BankA- Wing, Shangrila garden, Bund Garden Road, Pune, Maharashtra - 4110019.30% - 12.85%
HDFC Bank934, Rajveer Complex, Nanapeth, Pune, Maharashtra - 4110027.70% - 13.55%
Axis BankIndraprushti, opp. F.C. Road, 2, Law College, Pune, Maharashtra - 4110049.05% - 11.30%
Punjab National BankKirkee Commercial Complex, Dr. Ambedkar road, Pune, Maharashtra - 4110037.40% - 7.65%
Bank Of BarodaPune Camp, 2 Moledina Road, Pune, Maharashtra - 4110017.50% - 10.30%
Bank Of IndiaDr. Goyaji Road, PB- 56, Pune, Maharashtra - 4110017.35% - 8.55%
IDBI BankJai Raj Home, Near Navale Hospital, Main Road, Narhe, Pune, Maharashtra - 4110418.10% - 8.70%
Bank Of MaharashtraLokmangal, 1501, Shivajinagar, Pune, Maharashtra - 4110057.70% - 8.45%
Central Bank of IndiaMafco ltd., Gokhale Nagar, Pune, Maharashtra - 4110167.25% - 7.45%


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