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Kotak Mahindra Bank Car Loan

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NA

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nil*

Axis bank Car Loan

Axis bank Car Loan

4

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NA

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nil*

Canara Bank Car Loan

Canara Bank Car Loan

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NA

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nil*

DCB Bank Car Loan

DCB Bank Car Loan

4

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NA

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nil*

IDBI Bank Car Loan

IDBI Bank Car Loan

4

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NA

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nil*

Punjab National Bank Car Loan

Punjab National Bank Car Loan

4

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NA

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nil*

State Bank of India Car Loan

State Bank of India Car Loan

4

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NA

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nil*

IndusInd Bank Car Loan

IndusInd Bank Car Loan

4

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NA

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Processing Fee

nil*

Andhra Bank Car Loan

Andhra Bank Car Loan

4

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NA

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Processing Fee

nil*

Bank of Baroda Car Loan

Bank of Baroda Car Loan

4

Max Tenure

NA

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Processing Fee

nil*

Karnataka Bank Car Loan

Karnataka Bank Car Loan

4

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NA

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Processing Fee

nil*

Central Bank of India Car Loan

Central Bank of India Car Loan

4

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NA

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Processing Fee

nil*

Corporation Bank Car Loan

Corporation Bank Car Loan

4

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NA

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Processing Fee

nil*

Indian Bank Car Loan

Indian Bank Car Loan

4

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NA

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nil*

Oriental Bank of Commerce Car Loan

Oriental Bank of Commerce Car Loan

4

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NA

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Processing Fee

nil*

Union Bank of India Car Loan

Union Bank of India Car Loan

4

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NA

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nil*

Dhanlaxmi Bank Car Loan

Dhanlaxmi Bank Car Loan

4

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NA

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nil*

Federal Bank Car Loan

Federal Bank Car Loan

4

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NA

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nil*

Indian Overseas Bank Car Loan

Indian Overseas Bank Car Loan

4

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NA

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nil*

Jammu and Kashmir Bank Car Loan

Jammu and Kashmir Bank Car Loan

4

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NA

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nil*

Lakshmi Villas Bank (LVB) Car Loan

Lakshmi Villas Bank (LVB) Car Loan

4

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NA

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nil*

Punjab & Sind Bank Car Loan

Punjab & Sind Bank Car Loan

4

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NA

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nil*

SVC BANK Car Loan

SVC BANK Car Loan

4

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NA

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nil*

ICICI Bank Car Loan

ICICI Bank Car Loan

4

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NA

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nil*

Vijaya Bank Car Loan

Vijaya Bank Car Loan

4

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NA

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nil*

South Indian Bank Car Loan

South Indian Bank Car Loan

4

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NA

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nil*

RBL Bank Car Loan

RBL Bank Car Loan

4

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NA

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nil*

Bank of Maharashtra Car Loan

Bank of Maharashtra Car Loan

4

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NA

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Processing Fee

nil*

Karur Vysya Bank Car Loan

Karur Vysya Bank Car Loan

4

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NA

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Processing Fee

nil*

Syndicate Bank Car Loan

Syndicate Bank Car Loan

4

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NA

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nil*

UCO Bank Car Loan

UCO Bank Car Loan

4

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NA

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nil*

Tamilnad Mercantile Bank Car Loan

Tamilnad Mercantile Bank Car Loan

4

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NA

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Processing Fee

nil*

HSBC Bank Car Loan

HSBC Bank Car Loan

4

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NA

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nil*

Allahabad Bank Car Loan

Allahabad Bank Car Loan

4

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NA

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nil*

Bank of India Car Loan

Bank of India Car Loan

4

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NA

Best Rate

Processing Fee

nil*

Catholic Syrian Bank Car Loan

Catholic Syrian Bank Car Loan

4

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NA

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Processing Fee

nil*

DBS Bank Car Loan

DBS Bank Car Loan

4

Max Tenure

NA

Best Rate

Processing Fee

nil*

Nainital Bank Car Loan

Nainital Bank Car Loan

4

Max Tenure

NA

Best Rate

Processing Fee

nil*

Ratnakar Bank Car Loan

Ratnakar Bank Car Loan

4

Max Tenure

NA

Best Rate

Processing Fee

nil*

United Bank of India Car Loan

United Bank of India Car Loan

4

Max Tenure

NA

Best Rate

Processing Fee

nil*

YES Bank Car Loan

YES Bank Car Loan

4

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NA

Best Rate

Processing Fee

nil*

DENA Bank Car Loan

DENA Bank Car Loan

4

Max Tenure

NA

Best Rate

Processing Fee

nil*

Magma Fincorp Car Loan

Magma Fincorp Car Loan

4

Max Tenure

NA

Best Rate

Processing Fee

nil*

HDFC Bank Car Loan

HDFC Bank Car Loan

4

Max Tenure

7 yrs

Best Rate

10.00%

Processing Fee

3220

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Car Loan in Faridabad

Faridabad is a major industrial hub of Haryana. The city has grown by leaps and bounds with its newly built residentials and industrial buildings, wide roads, commercial malls, educational institutions and health centres. The major economic activities in the city are henna production, agriculture, automobiles, refrigerators, shoes, tyres and garments.

With the growing demands for card, there are lot of public and private banks who offer attractive terms on the car loans. Find out more about car loans in Faridabad.

What is a car loan?

Car loans are provided by banks and other private lenders to buy a car of the borrower's choice. Car loans can be repaid in Equated Monthly Installments (EMI). Based on the eligibility criteria of the borrower, the lender determines the loan amount, interest rate and other items on the loan.

Benefits of car loans in Faridabad

Faridabad is home to leading public and private banks. You can get the following benefits on the car loans

  • Attractive interest rates
  • Flexible tenure
  • Up to 100% financing on select models
  • Quick processing and approval

Eligibility: car loan in Faridabad

To get a car loan in Faridabad and to drive home your dream car you need to meet the eligibility criteria of the banks and also have the necessary documentation

Age criteria: Age of the applicant should be between 21 and 75 years, the applicant should be an Indian national. In terms of salary should have a minimum of 10,000 INR and the employment type of the applicant can be salaried or self-employed.

To get the best car loan offer in Faridabad, most banks also look into the credit score of the applicant, as per general guidelines any score on any credit bureau above 750 is considered a very good and creditworthy by the banks.

Tenure: Car loans usually are shot terms loans starting from as a short as even one year and extending up to five years.

Do check for the exact eligibility criteria from the lenders directly however you can check your credit health and get an idea about eligibility on CreditMantri by creating a credit profile.

Features: car loan in Faridabad

1. Tenure – 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. 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.

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. 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.

Fees and Charges: car loan in Faridabad

Following are the fees and charges levied on car loans provided by various lenders in Faridabad.

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 Faridabad

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

  • 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

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 Faridabad 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.

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, we pre-screen 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.

Which Is the Best Bank for car loan in Faridabad?

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

When choosing a car loan in Faridabad, 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 Loans in Faridabad FAQs

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

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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