Car Loans in Patiala

Car Loan in Patiala

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!

Features: car loan in Patiala

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.

What is a car loan?

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.

Eligibility: car loan in Patiala

Fees and Charges: car loan in Patiala

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

Documentation: car loan in Patiala

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

• 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 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.

How to choose a car loan in Patiala

You can follow the steps given below while choosing a car loan

• Analyze your current financial status
• Check your credit score
• Choose the car of your choice
• Decide on the margin and loan amount
• Choose a tenure that is comfortable for repayment

Car loan EMI Calculator

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.

Car Loans in Patiala FAQs