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Patiala—the city is famous for its Patiala peg, the traditional Patiala Shahi turban, jutti, and who can forget to mention the Patiala salwar. The city is in Punjab and has a long association with tradition and history.
Many large companies are setting up their base here, making Patiala a hub for educational institutions, companies and hospitals of repute.
Patiala is home to some of the leading banks and other NBFCs in India. Are you looking for a car loan in Patiala and wondering what your options are? You have reached the right place. Read on!
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. 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.
A car loan is provided by the bank for buying a car for own or commercial purposes. Car loans are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). You can get a car loan from public and private banks and some manufacturers to provide funding to buy a car.
Following are the fees and charges levied on car loans provided by various lenders in Patiala.
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
Important documents to be submitted while applying for car loans in Patiala
There many ways one can apply for a car loan in Patiala
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. They will tell you the process and the documents required to get the loan.
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 Patiala 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.
You can follow the steps given below while choosing a car loan
A car loan EMI calculator helps you find the EMI amount to be paid and total amount with interest. The results are generated instantly by giving inputs such as loan amount, interest rate and tenure. It is quick and the results are accurate. You can also check for various combinations of loan amount and interest rate.
1. Where can I get the cheapest car loan interest rates in Patiala?
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 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. 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. What are the banks that provide car loans in Patiala?
The banks that provide car loans are
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