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Car Loan in Allahabad

Being the largest metropolitan city in the state of Uttar Pradesh, it is also the 13th most populous city in India. Meeting the automobile demands of the huge population, all the banks and NBFCs offer car loans to salaried and self-employed individuals who meet all the eligibility criteria. If you happen to look for a car loan in Allahabad, here is what all you need to know about the loan details.

What is a car loan?

A car loan is the funding provided by the banks and NBFCs to purchase a car of the customer’s choice. It can be used for both commercial and own purposes. The car loans are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). Most of the banks and NBFCs provide finance for up to 90% of the value of the car purchased. The rest has to be borne by the borrower.

Features: car loan in Allahabad

Let us look at some of the common features of the car loans which are given in Allahabad,

1. Tenure – Buying a car could be a difficult thing for few people. A car loan is a good way for people to buy a car and pay off the loan at a tenure they are comfortable with while enjoying the vehicle.

2. Loans for pre-owned cars – Most of the banks and private lenders provide loans for used cars. The loan amount will depend on the car type, resale value and model but it still eases out the financial situation of a borrower.

3. Flexi loans – The lenders provide loans at flexible loan terms which the borrower can choose making it easier for the them to repay the loan.

4. Security/Collateral – car loans are a form of secured loan as the car purchased acts as the collateral. No additional collateral or guarantor is required in most cases.

Eligibility Criteria for Car loans in Allahabad

AgeMinimum 21 years
Maximum 75 years
Employment TypeSalaried or Self-employed
Employment statusEmployed/In-business for at least 3 yrs. and at least 2 years with current employer/business
Maximum loan amountOn an average financial institution pay up to 90% of the loan
Minimum IncomeRs. 10,000 per month
TenureMinimum – 12 months
Maximum – 60 months
Credit ScorePreferred 750
NationalityIndian

Fees and Charges: car loan in Allahabad

Loan processing charges1% to 3% of loan amount
Documentation charges0.5% to 3% of loan amount
Pre-payment charges

Will vary from bank to bank for example

Fixed Prepayment charges

Prepayment at any given time – 1% to 3% (or)

Varying prepayment Charges based on repayment cycle

  • Within 4 months to 6 months from the 1st EMI – 10% of principal outstanding
  • Within 7 months to 12 months from the 1st EMI - 6% of principal outstanding
  • 13-24 months from 1st EMI - 5% of principal outstanding
  • Post 24 months from 1st EMI - 3% of principal outstanding
No Due Certificate / No Objection Certificate (NOC)Will vary from bank to bank mostly NIL
EMI Late payment penalty1% to 3% Per Month on the Unpaid Installment
Stamp dutyAt actuals as levied by respective State Govt.
Cheque bounce / EMI return chargesRs.100 to Rs 500/-
Loan cancellation charges:Varies from bank to bank
Legal, repossession & incidental chargesAt actuals
Duplicate NOCRs. 500/- onwards
PDD collection chargesUp to Rs.450/-
Cheque/ECS swapping chargesRs 250/- onwards
Amortization schedule chargesRs 200/- onwards
Special NOC chargesRs 250/- onwards
Loan rebooking/reschedule chargesRs 500/- onwards

Documentation: car loan in Allahabad

Important documents to be submitted while applying for car loans in Allahabad

  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

How to choose a car loan in Allahabad

When choosing a car loan in Allahabad, a person first needs to understand their current financial situation. Next, he/she needs to check their credit score. A credit score will only be available if the borrower had taken loans before or if they own a credit card. If the credit score is low the person needs to improve it before applying for the loan to make sure they get the best offer.

Then the customer needs to zero in on the car of their choice. After choosing the car, you need to decide how much you are going to pay and how much loan amount you are going to take. Never take a loan beyond your means. Choose a loan and EMI which you can pay comfortably.

How to apply for car loan in Allahabad?

There many ways one can apply for a car loan in Allahabad

1. Bank/NBFC website

Visit the official website of the banks or NBFC that provide car loan and apply for it. You will need to fill up the necessary details asked on the website. A bank/NBFC representative will come to your home to collect the necessary documents. The loan amount will be disbursed after document verification. This is one the easiest ways to get the car loan instantly.

2. The Dealer

Most showroom owners or car dealers have tie ups with lots of NBFCs and Banks whose representatives you can meet at the showroom where you are planning to purchase the vehicle. The dealers can also guide you through the process and the documents required to get the loan.

3. Customer care

A potential borrower can also call a bank/NBFC customer care with whom they can get the details and apply for the car loan. A bank/NDFC representative will come and collect the necessary documents from your home. Once the verification process is completed your loan will be disbursed.

4. Bank/NBFC Branch

This a type of offline mode where the borrower can visit any bank or NBFCs branch in Allahabad to meet with a representative who will give all the details of their car loan scheme. You can also ask any queries you might have to get a complete understanding of what you are agreeing to in taking their loan.

5. Applying for a car loan Through CreditMantri

You can check your eligibility and apply for a car loan by signing up with CreditMantri. By creating your free credit profile on CreditMantri, you would be matched to car loan lenders in Allahabad. This eases the process of application as the user can at one place get to see the list of lenders to which they can apply and have a higher chance of car loan approval.

CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, CreditMantri pre-screens your application to make sure you are likely to qualify as per the lender’s credit criteria. Hence, the chances of your car loan application getting approved is higher.

Car loan EMI Calculator

To calculate how much EMI you will pay, you can use the EMI calculator available on CreditMantri website and on the bank/NBFC website. By entering the tenure, interest rate and loan amount you will get to know how much EMI you will pay.

Car loan in Allahabad – FAQs

1. Where can I get the cheapest car loan interest rates in Allahabad?

The interest rate depends on your salary, the loan amount you require, credit score and the tenure you opt for. You can negotiate for good terms with a good credit score.

2. Where can I find a car loan interest calculator?

You can visit CreditMantri website or the lending bank website where you will find the option of EMI calculator. Input various interest rates to get the respective EMIs. The interest rate can be obtained by applying for the loan where you will submit basic information like salary, company and job experience details based on which interest rates will be displayed.

3. How to get instant e-approval on car loans?

You need to visit the website of lenders be it banks or NBFCs and apply on their website. After inputting the details asked the bank will immediately give you an update if your loan application is approved or not.

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