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Car Loan in Jamshedpur
Jamshedpur, one of the fastest growing cities in the world, is the first planned industrial city in India and home to world’s tenth largest steel manufacturing company. Located in a hilly region, Jamshedpur is surrounded by the well-known Dalma Hills. Pleasant weather conditions prevail throughout the year, making it a best place for living. The major manufacturing products are steel, glass, plastic, rubber, polymers and ceramics.
Jamshedpur is home to some of the leading banks and other NBFCs in India. Are you looking for a car loan in Jamshedpur and wondering what your options are? The following information will help you find the right lender for car loans in Jamshedpur.
Features: car loan in Jamshedpur
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. Security – 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.
What is a car loan?
A car loan is the finance provided by public and private banks to purchase a car. They 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. The borrower may get up to 100% of financing on select models or up to 90% on other vehicles.
Eligibility: car loan in Jamshedpur
| 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 |
Fees and Charges: car loan in Gurgaon
| 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 |
Documentation: car loan in Jamshedpur
Important documents to be submitted while applying for car loans in Jamshedpur
- 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 Jamshedpur?
Following are the methods through which you can apply for a car loan in Jamshedpur
- Dealer
- Manufacturer
- Banks and NBFCs
- At various financial portals
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 Jamshedpur 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 Jamshedpur?
There are many leading banks and NBFCs which offer car loans in Jamshedpur 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
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 Jamshedpur FAQs
1. Where can I get the cheapest car loan interest rates in Jamshedpur?
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.