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Auto loan in Nagpur

Nagpur is a major commercial and political center of Vidharba region of the state Maharashtra. The city is ranked as one of the 20 cleanest cities in India and has 91.92% of literacy rate. The city is well-connected by modern transport system and the metro rail project is underway which is expected to be completed by 2018. Nagpur is one of the most sought-after cities by many citizens for the city is expected to see developments in all sectors. As a city in the developing India, there has been an increase in the demand for the number of automobiles in the country, know all about auto loan in Nagpur to get the best auto loans.

If you are looking for auto loans to get that dream vehicle be it a car for your family trips, a bike for your rides around the city or for commercial purposes to change your life in the city of Nagpur then read on.

What is an auto loan?

An auto loan is one which is used to buy any type of motorized vehicle for own or commercial purposes. They are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). These auto loans can be got from any banks and NBFCs who are willing to provide the service based on their eligibility criteria.

How auto loans are classified

Two-wheeler loans – These are loans specifically for purchasing 2-wheelers like scooters, mopeds, bikes or super bikes.

Car loans – These are loans for the purchase of cars which can be hatchbacks, SUVs, Sedans etc.

Commercial vehicles loans – These are loans for the purchase of commercial vehicles, i.e. trucks, trailers etc.

Loans for new vehicles – These are loans to buy new vehicles. It can be two-wheelers, cars or commercial vehicles like trucks.

Loans for old vehicles – These are loans made available for the purchase of used vehicles.

Features: Auto loan in Nagpur

1. Makes it easy to buy a car – Buying a vehicle is not easy or possible for everyone. It is a good way for people to buy a car and pay back the money as per their capability while enjoying the vehicle.

2. Loans for used cars – Many banks provide loans for used cars also. Though the loan amount will depend on the car type, make and model 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 borrower to repay the loan.

4. No collateral – auto loans are a secured loan as the vehicle purchased acts as your collateral. No additional collateral or guarantor is required in most cases.

Eligibility: auto loan in Nagpur

The following are the eligibility criteria for auto loans

Two – wheeler loans

AgeMinimum 21 years
Maximum 65 years
NationalityIndian
Employment TypeSalaried or Self-employed
Employment statusEmployed/In-business for at least 1 yr. and at least 6 months with current employer/business
Minimum IncomeRs. 50,000 per annum
Maximum Loan AmountOn an average financial institution pay up to 90% of the loan
TenureMinimum – 12 months
Maximum – 60 months
Credit ScorePreferred 750

Cars loans

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

Commercial vehicles loans

AgeMinimum 21 years
Maximum 60 years
NationalityIndian
Employment TypeSelf-employed
Employment statusIn-business for at least 2 yrs. and at least 1 years with current business
Minimum IncomeStable business proven through IT Returns
Maximum Loan AmountOn an average financial institution pay up to 90% of the loan
TenureMinimum – 12 months
Maximum – 60 months
Credit ScorePreferred 750

Fees and Charges: auto loan in Nagpur

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: Auto loan in Nagpur

Important documents to be submitted while applying for auto loans in Nagpur

Commercial Vehicles

  • Proof of Identity - (Passport / Voter's ID / Driving License/PAN Card/Aadhar Card)
  • Address Proof- (Ration card /Driving License/ Voter's ID / Utility Bill (anyone within last 3months) / Registered Rental Agreement / Passport)
  • Driving license, in case of First time users
  • Land holding proof, in case of Farmers
  • Income Tax (ITR) and financial statements for the last two years, complete with schedules and P&L account.
  • Documents to prove relevant experience, in case of First time users
  • Bank statements for the last six months
  • Fleet list details
  • Proprietorship declaration, partnership deed, memorandum/association of article (MOA/AOA), board resolution, as applicable

Bike and car loans

  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • 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 auto loan in Nagpur?

There many ways one can apply for an auto loan in Nagpur

1. The Dealer

Most showroom owners or auto dealers have tie ups with lots of NBFCs and Banks whose representatives you can meet at the showroom itself. They will tell you the process and the documents required to get the loan.

2. Auto manufacturer

Auto manufacturers like Hero and Bajaj have their own lending services through which they provide loans for their customers at competitive interest rates

3. Bank/NBFC website

You can go online and visit any of the banks or NBFC that provide auto 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.

4. Bank/NBFC Branch

This a type of offline mode where the borrower can visit any bank or NBFCs branch in Nagpur to meet with a representative who will give all the details of their auto 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. Customer care

A potential borrower can also call a bank/NBFC customer care with whom they can get the details and apply for the auto 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.

6. Applying for an auto loan Through CreditMantri

You can check your eligibility and apply for an auto loan by signing up with CreditMantri. By creating their free credit profile on CreditMantri, the user would be matched to auto loan lenders in Nagpur 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 auto 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 auto loan application getting approved is higher.

How to choose an auto loan in Nagpur

When choosing an auto loan in Nagpur, a person needs to understand their current financial situation. Next, he/she needs to check their credit score if they 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 upon the vehicle of their choice. After choosing the vehicle, 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.

Which Is the Best Bank for auto loan in Nagpur?

There are many leading banks and NBFCs which offer auto loans in Nagpur 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 auto loans from different lenders and then look to apply for one that suits all requirements like interest rates

Auto 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.

Auto loan in Nagpur – FAQs

1. Where can I get the cheapest auto loan interest rates in Nagpur?

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. How to get instant e-approval on auto 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. Where can I find an auto 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. Auto loan Interest Rates in All Banks in Nagpur

Auto loans consist of two-wheelers, cars and commercial vehicles. The banks that provide at least one of the are listed below

Banks
Allahabad BankIndian Overseas Bank (IOB)
Axis BankJammu & Kashmir Bank
Bajaj FinservKarur Vysya Bank
Bandhan BankL&T Finance
Bank of BarodaMahindra Finance
Bank of IndiaMuthoot Capital Services
Bank of MaharashtraNainital Bank
Capital FirstOriental Bank of Commerce
Central Bank of IndiaPunjab and Sind Bank
City Union BankPunjab National Bank (PNB)
Corporation BankSaraswat Bank
Dena BankState Bank of India (SBI)
Fullerton BankShriram City Union Finance
HDFC BankSyndicate Bank
Hero FinCorpTamilnad Mercantile Bank (TMB)
ICICI BankTVS Credit
Indian BankUCO Bank
IndusInd BankUnited Banks
TATA CapitalVijaya Bank

The interest rate will vary from bank to bank. It will also depend on the paying capability of borrower, loan amount, salary/income, tenure and other criteria decided by the lender.

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