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
| 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 Pune
| 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 Car Loan in Pune
| Bank | Main Branch Address | Car Loan Interest Rate |
|---|---|---|
| State Bank of India | P.B-6, Collector office compound, Pune Maharashtra - 411001 | 7.20% - 7.90% |
| ICICI Bank | A- Wing, Shangrila garden, Bund Garden Road, Pune, Maharashtra - 411001 | 7.90% Onwards |
| HDFC Bank | 934, Rajveer Complex, Nanapeth, Pune, Maharashtra - 411002 | 7.95% - 8.30% |
| Axis Bank | Indraprushti, opp. F.C. Road, 2, Law College, Pune, Maharashtra - 411004 | 7.45% - 14.50% |
| Punjab National Bank | Kirkee Commercial Complex, Dr. Ambedkar road, Pune, Maharashtra - 411003 | 6.50% Onwards |
| Bank Of Baroda | Pune Camp, 2 Moledina Road, Pune, Maharashtra - 411001 | 7% onwards |
| Bank Of India | Dr. Goyaji Road, PB- 56, Pune, Maharashtra - 411001 | 6.85% onwards |
| IDBI Bank | Jai Raj Home, Near Navale Hospital, Main Road, Narhe, Pune, Maharashtra - 411041 | 7.50% Onwards |
| Bank Of Maharashtra | Lokmangal, 1501, Shivajinagar, Pune, Maharashtra - 411005 | 6.40% onwards |
| Central Bank of India | Mafco ltd., Gokhale Nagar, Pune, Maharashtra - 411016 | 7.25% - 7.70% |
