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Car Loan in Bhubaneswar

Located in the Doon Valley on the foothills of Himalaya, the beautiful city Dehradun is famous for its picturesque landscape and pleasant weather conditions. Holding plenty of architectural buildings, the construction boom began in Dehradun after it was made the capital of Uttarakhand. The last two decades saw an exponential growth in commercial and information technology due to the establishment of STPI and SEZs. The demand for automobiles is on the steady increase during the last few years.

Bhubaneswar is home to some of the leading banks and other NBFCs in India. If you are looking for a car loan, the following information will be helpful to choose the best lender in town.

What is a car loan?

As the name indicates, it is the fund provided by the banks and NBFCs to buy a car. This type of loans are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). These car loans can be got from any bank and NBFCs who are willing to provide the service based on their eligibility criteria.

Eligibility: car loan in Bhubaneswar

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

Features: car loan in Bhubaneswar

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

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 in most cases.

2. Makes it easy to buy a car – Buying a car is not easy nor is it possible for everyone. A car loan is a good way for people to buy a car and pay back the money at a tenure they are comfortable with while enjoying the vehicle.

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

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

Documentation: car loan in Bhubaneswar

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

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

Fees and Charges: car loan in Bhubaneswar

Loan processing charges : vary 1% to 3% of the loan amount

Documentation charges : 0.5% to 3% of loan amount

Pre-payment charges : 1%-3% at any given point in the loan cycle

There could also be pre-payment charges based on the repayment cycle

No Due Certificate : will vary with bank

EMI Late payment penalty : 1% to 3% Per Month on the Unpaid Installment

Stamp duty : as levied by the state government

Cheque bounce / EMI return charges : Rs.100 to Rs 500/-

Loan cancellation charges: : Varies from bank to bank

Legal, repossession & incidental charges : At actuals

Duplicate NOC : viz. The cost to issue another NOC by the lender: Rs 500

PDD collection charges : Up to Rs.450/-

Cheque/ECS swapping charges : Rs 250/- onwards

Amortization schedule charges : Rs 200/- onwards

Special NOC charges : Rs 250/- onwards

Loan rebooking/reschedule charges : Rs 500/- onwards

How to choose a car loan in Bhubaneswar

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

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 their free credit profile on CreditMantri, the user would be matched to car loan lenders in Bhubaneswar based on their credit profile. 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.

Which Is the Best Bank for car loan in Bhubaneswar?

There are many leading banks and NBFCs which offer car loans in Bhubaneswar like HDFC, ICICI, SBI etc. The best lender is 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 like interest rates

Car loan in Bhubaneswar – FAQs

1. 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.

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

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.

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