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Being the financial capital of the state Madhya Pradesh, Indore is home to India’s third oldest stock exchange. The most part of the city is enabled with free Wi-Fi facility, making it the second city in India to use cloud-based technology to the maximum. Indore is the largest economy in Central India and its major business industries are textiles, oil-seed extraction, handloom, electronic goods, shellac and bicycles.
As cars have become the most comfortable mode of transport, the number of people buying cars has increased. If you are looking for a car loan in Indore, the following information will help you choose the best bank.
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 – Most of the banks and private lenders provide loans for used cars. The loan amount will depend on the car type, resale value 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. 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.
Any loan that is taken for the purpose of buying a car is termed as a car loan. A car loan can be used to buy any kind of car used to buy any type of car be it a sedan, hatchback, SUV etc. for own or commercial purposes. The car loan can be paid back in Equated Monthly Installments or EMIs. These car loans can be got from any bank and NBFCs who are willing to provide the service based on their eligibility criteria.
The borrower must meet the following eligibility criteria to get a car loan in Indore.
| Age | Minimum 21 years |
|---|---|
| Maximum 75 years | |
| Employment Type | Salaried or Self-employed |
| Employment status | Employed/In-business for at least 3 yrs. and at least 2 years with current employer/business |
| Maximum loan amount | On an average financial institution pay up to 90% of the loan |
| Minimum Income | Rs. 10,000 per month |
| Tenure | Minimum – 12 months |
| Maximum – 60 months | |
| Credit Score | Preferred 750 |
| Nationality | Indian |
| Loan processing charges | 1% to 3% of loan amount |
|---|---|
| Documentation charges | 0.5% 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
|
| No Due Certificate / No Objection Certificate (NOC) | Will vary from bank to bank mostly NIL |
| EMI Late payment penalty | 1% to 3% Per Month on the Unpaid Installment |
| Stamp duty | At actuals as levied by respective State Govt. |
| 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 | Rs. 500/- onwards |
| 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 Indore
You can choose anyone of the following methods to apply for a car loan in Indore.
The car loan can be applied through the following ways in Indore. You can find the lender at the showrooms where you are going buy the car who spell out the terms and conditions. You can also apply online at the official website of the lenders. Walk in to the branch of any bank and apply for the car loan.
There are so many popular public and private lenders in Indore who provide car loans. You can choose the lender who offers a better interest rate and flexible tenure that is comfortable for repayment.
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 Indore 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.
1. Where can I get the cheapest car loan interest rates in Indore?
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. What are the banks that provide car loans in Indore?
The banks that provide car loans are
| AXIS Bank Car Loan | Andhra Bank Car Loan |
| HDFC Bank Car Loan | Bank of India Car Loan |
| HSBC Bank Car Loan | Bank of Maharashtra Car Loan |
| ICICI Bank Car Loan | Catholic Syrian Bank Car Loan |
| IDBI Bank Car Loan | Central Bank of India Car Loan |
| Indian Overseas Bank Car Loan | YES Bank Car Loan |
| IndusInd Bank Ltd Car Loan | City Union Bank Car Loan |
| Kotak Mahindra Bank Car Loan | Corporation Bank Car Loan |
| Oriental Bank of Commerce Car Loan | DBS Bank Car Loan |
| State Bank of India Car Loan | Dhanlaxmi Bank Car Loan |
| UCO Bank Car Loan | Federal Bank Car Loan |
| Bank of Baroda Car Loan | Indian Bank Car Loan |
| Canara Bank Car Loan | Jammu and Kashmir Bank Car Loan |
| Punjab National Bank Car Loan | Karnataka Bank Car Loan |
| Union Bank of India Car Loan | Karur Vysya Bank Car Loan |
| Vijaya Bank Car Loan | Lakshmi Vilas Bank Car Loan |
| Syndicate Bank Car Loan | Nainital Bank Car Loan |
| Deutsche Bank Car Loan | Punjab and Sind Bank Car Loan |
| Allahabad Bank Car Loan | Ratnakar Bank Car Loan |
| DENA Bank Car Loan | South Indian Bank Car Loan |
| GE MONEY Car Loan | Tamilnad Mercantile Bank Car Loan |
| Magma Fincorp Car Loan | United Bank Car Loan |
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application