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Car Loan in Bangalore

Being the nation’s leading city in Information and Technology exporter, Bangalore is known as the ‘Silicon Valley of India’. It is the second fastest growing city and possesses top research institutions in various fields. With the growing population in Bangalore, there is a high demand for automobiles. From modest cars to high-end vehicles, all can be purchased on a loan.

Bangalore is home to some of the leading banks and other NBFCs in India. If you are looking for a car loan in Bangalore, the following information will be helpful in choosing the best car loan at better terms.

What is a car loan?

A car loan is the finance 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.

While applying for a car loan, one must have the information about the interest rate, tenure and processing fee. This will be beneficial in comparing various lenders and choosing the best one.

Features: car loan in Bangalore

1. No collateral – Car loans are a form of secured loan as the car purchased acts as the collateral. No additional collateral or guarantor is required to buy a car.

2. Easy repayment options– it is now easy to buy a car with a car loan. You can choose the tenure that you are comfortable with and repay it at your own convenience.

3. Flexi loans – Most banks provide loans at flexible tenures which the borrower can choose making it easier for the them to repay the loan.

4. Loans for used cars – Many banks provide loans for pre-owned cars. The loan amount will depend on the car type, make and model, but it still eases out the financial situation of a borrower.

Eligibility Criteria for Car loans in Bangalore

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 Bangalore

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 Bangalore

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

  • 3 Passport size photographs
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Completed loan application
  • 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 Bangalore

You can follow the steps given below while choosing a car loan in Bangalore

  • Analyze your current financial status
  • Check your credit score
  • Choose the car of your choice
  • Decide on the margin and loan amount
  • Choose a tenure that is comfortable for repayment

Which Is the Best Bank for car loan in Bangalore?

Bangalore is home to leading banks and NBFCs. The best lender could be the one where you can get the loan amount you want at an interest rate that is comfortable for you and who can disburse the funds as early as possible. It is always better to compare the car loans from different lenders and then look to apply for one that suits all requirements.

Car loan EMI Calculator

To get a better understanding of your loan requirement and how much EMI you will pay, you can use the EMI calculator available on CreditMantri website and on the bank/NBFC website. By inputting the tenure, loan amount and interest rate, you will get to know how much amount to be paid as EMI. You can vary the inputs for different scenarios and know the EMI in each case. This will help you plan for the loan you want.

Car loan in Bangalore – FAQs

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

Visit the official website of the lenders and apply online. After inputting the details asked the bank will immediately give you an update if your loan application is approved or not. To get e-approval, you may have to upload few documents or provide the required information.

2. Where can I get the cheapest car loan interest rates in Bangalore?

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.

3. 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.

4. How to apply through CreditMantri for a car loan?

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.

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