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Car Loan in Chandigarh

Chandigarh is a city and a union territory of India that serves as the capital of Haryana and Punjab. The city has one of the highest per capita income in the country and reported to be one of the cleanest cities in India.

Educational, cultural and medical facilities are spread all over city. Rated as the wealthiest town of India, Chandigarh is identified as the emerging outsourcing and IT service destinations. With the growing demands for cars in Chandigarh, the automobile industry is booming and car loans are available quickly.

Chandigarh is home to some of the leading banks and other NBFCs in India. Are you looking for a car loan in Chandigarh and wondering what your options are? You have reached the right place.

What is a car loan?

Car loan is provided by the banks and NBFCs for purchasing a car of the customer's choice. These 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.

Features: car loan in Chandigarh

1. 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.

2. 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.

3. Loans for pre-owned 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.

Eligibility: car loan in Chandigarh

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 Chandigarh

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

Documentation: car loan in Chandigarh

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

  • 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

How to apply for car loan in Chandigarh?

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

1. 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 itself. You can enquire about the terms and conditions before choosing the lender available there.

2. Bank/NBFC website

You can go online and visit any 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 the best way to get an instant eligibility check.

3. Bank/NBFC Branch

This a type of offline mode where the borrower can visit any bank or NBFCs branch in Chandigarh 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.

4. 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.

Which Is the Best Bank for car loan in Chandigarh?

There are many leading banks and NBFCs which offer car loans in Chandigarh 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

How to choose a car loan in Bhopal

When choosing a car loan in Bhopal, 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.

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, interest rate and loan amount you will get to know how much EMI you will pay. You can vary the inputs for various scenarios and know the EMI in each case. This will help you plan for the loan you want.

Car loan in Chandigarh – FAQs

1. 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.

2. 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.

3. How to apply through CreditMantri to get a car loan?

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 Chandigarh 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.

4. Where can I get the cheapest car loan interest rates in Chandigarh?

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.

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