Banks for Car Loan in India –
Banks for car loan in India –
- SBI Car Laon
- HDFC Bank Car Loan
- Bank Of Baroda Car Loan
- Kotak Bank Car Loan
- ICICI Bank Car loan
SBI Car Loan –
Rate of Interest:
- When it comes to car loans, SBI has decent interest rates.
- Rates can change based on the type of car, the amount of the loan, and the credit score of the application.
- Rates were usually between 7.50% and 9.25% per year at that time.
Processing fees:
SBI charges a fee to process applications for car loans.
- How much the fee is may depend on the loan amount, the type of car (new or used), and other things.
- Check SBI’s website or call an SBI office to get the most up-to-date information on interest rates and processing costs.
- When you apply for an SBI car loan, make sure you check the most up-to-date information because interest rates and fees can change over time.
Criteria for getting an SBI car loan and the paperwork you need –
Criteria for Eligibility:
- Age range: 21 to 65 years old (may change based on candidate description).
- Income: Minimum income criteria applicable (may vary by location).
- Employment: Salaried people, self-employed people, workers, and companies.
- Loan Amount: Based on your income and ability to pay back the loan.
List of Documents Needed:
For Salaried individuals:
- Identity proof (Aadhar, passport, etc.)
- Address proof (passport, utility bills, etc.)
- Latest salary slip
- Form 16 or your tax return
- Bank statements
- Passport-size photographs
For Professionals and Self-Employed:
- Identity proof and address proof
- Show proof that the business exists
- Proof of business address.
- Income Tax Returns and Financial Statements.
- Bank statements
- Passport-size photographs
Business entities should know this:
- A copy of your ID and the address of your proprietorship, partnership, or company.
- Proof of business address.
- Forms for filing taxes and financial records.
- Bank statements
- Passport size photographs
- For partnerships, the Partnership Deed or for businesses, the Memorandum and Articles of Association.
Please keep in mind that the exact requirements may change based on the loan amount and the applicant’s background. For the most up-to-date information on what paperwork is needed in your area.
HDFC Bank Car Loan-
Rate of Interest:
The interest rates on car loans from HDFC Bank are pretty good. Rates depend on the applicant’s credit score and the type of car (new or used).
Rates started at around 7.50 percent per year at that time.
Fee for processing:
Banks for car loan charges a fee to process loan applications for cars. The fee might change based on the loan amount and other things.
- Check HDFC Bank’s website or call an HDFC Bank office to get the most up-to-date information on interest rates and handling fees.
- When you apply for an HDFC Bank car loan, make sure you check the most up-to-date information because interest rates and fees can change over time.
Criteria for Eligibility:
- Age: 21 to 60 years old (may change based on candidate background).
- Minimum income requirements: These may change depending on where you live.
- Employment: Salaried people, self-employed people, workers, and companies.
- Loan Amount: Based on your income and ability to pay back the loan.
List of Documents Needed:
For Salaried People:
- Proof of identity (Aadhar, passport, etc.).
- Proof of address (passport, utility bills, etc.).
- proof of income (most recent pay stub).
- Bank statements
- Passport size photographs
For Professionals and Self-Employed:
- Proof of who you are and where you live.
- Proof of income (IT returns, audited financials).
- Bank statements
- Business Proof (papers that prove you own a business).
- Passport size photographs
Businesses should know this:
- A copy of your ID and the address of your sole proprietorship, partnership, or company.
- Proof of income (IT returns, audited financials).
- Bank statements
- Business Proof (papers that prove you own a business).
- Passport size photographs
- For partnerships, the Partnership Deed or for businesses, the Memorandum and Articles of Association.
Please keep in mind that the exact requirements may change based on the loan amount and the applicant’s background.
Bank of Baroda Car Loan –
Rate of Interest:
When it comes to car loans, the Bank of Baroda usually has good interest rates. Rates may be different depending on the loan amount and the type of car (new or used). Rates started at about 7.25 percent per year at that time.
Fee for processing:
- Bank of Baroda charges a fee to handle loan applications for cars. The fee may change based on the loan amount and other factors.
- Check the Bank of Baroda website or call a store to get the most up-to-date information on interest rates and handling fees.
Criteria for Eligibility:
- Age range: 21 to 65 years old (may change based on candidate description).
- Minimum income requirements: These may change depending on where you live.
- Employment: Salaried people, self-employed people, workers, and companies.
- Loan Amount: Based on your income and ability to pay back the loan.
List of Documents Needed:
For Salaried People:
- Proof of Identity (Aadhar, passport, etc.).
- proof of address (passport, utility bills, etc.).
- Proof of income (most recent pay stub).
- Bank statements
- Passport size photographs
For Professionals and Self-Employed:
- Proof of who you are and where you live.
- Proof of income (IT returns, audited financials).
- Bank statements
- Business Proof (papers that prove you own a business).
- Passport size photographs
Business entities should know this:
- A copy of your ID and the address of your sole proprietorship, partnership, or company.
- Proof of income (IT returns, audited financials).
- Bank statements
- Business Proof (papers that prove you own a business).
- Passport size photographs
- For partnerships, the Partnership Deed or for businesses, the Memorandum and Articles of Association.
Kotak Car Loan –
Rate of Interest:
When it comes to car loans, Kotak Mahindra Bank usually has good interest rates. Rates may be different depending on the loan amount and the type of car (new or used). Rates started at about 7.25 percent per year at that time.
Fee for processing:
- Kotak Mahindra Bank charges a fee to process loan applications for cars. The fee may change based on the loan amount and other factors.
- Check out Kotak Mahindra Bank’s website or call a store to get the most up-to-date information on interest rates and handling fees.
Criteria for Eligibility:
- From 21 to 65 years old, but this can change based on the applicant’s personality.
- Minimum income requirements: These may change depending on where you live.
- Employment: Salaried people, self-employed people, workers, and companies.
- Loan amount: Based on income and ability to pay back.
List of Documents Needed:
For Salaried People:
- Proof of who you are (Aadhar, passport, etc.)
- Proof of address (passport, utility bills, etc.)
- Proof of income (most recent pay stub)
- Bank statements
- Passport size photographs
For Professionals and Self-Employed:
- Proof of who you are and where you live.
- Proof of income (IT returns, audited financials).
- Bank statements
- Business Proof (papers that prove you own a business).
- Passport size photographs
Kotak Bank Car Loan–
- Bank statements
- Business Proof (papers that prove you own a business).
- Passport size photographs
Business entities should know this:
- A copy of your ID and the address of your sole proprietorship, partnership, or company.
- Proof of income (IT returns, audited financials).
- Bank statements
- Business Proof (papers that prove you own a business).
- Passport size photographs
- For partnerships, the Partnership Deed or for businesses, the Memorandum and Articles of Association.
Certain standards may change based on the borrower’s background and the amount of the loan.
ICICI Bank Car Loan –
Rate of Interest:
When it comes to car loans, Banks for car loan usually has good interest rates. Rates may be different depending on the type of car (new or used), the amount of the loan, and the credit history of the application.
Rates started at around 7.50 percent per year at that time.
Fee for processing:
- ICICI Bank charges a fee to process loan applications for cars. The fee may change based on the loan amount and other factors.
- Check out ICICI Bank’s website or call a store to get the most up-to-date information on interest rates and handling fees.
- When you apply for an ICICI Bank car loan, make sure you check the most up-to-date information because interest rates and fees can change over time.
Criteria for Eligibility:
- Age: Usually, the youngest person who can apply is 25 years old if they are paid and 28 years old if they are self-employed. Depending on the application, the oldest age can be between 60 and 70 years old.
- Income: There are minimum pay requirements that depend on where you work and what kind of job you have.
- Employment: People who are salaried, self-employed professionals, self-employed non-professionals, and businesses are all qualified.
- Loan amount: Based on income and ability to pay back.
List of Documents Needed:
For Salaried People:
- Proof of who you are (Aadhar, passport, etc.)
- Proof of address (passport, utility bills, etc.)
- Proof of income (most recent pay stub).
- Bank statements
- Passport size photographs
For Professionals and Self-Employed:
- Proof of who you are and where you live.
- Proof of income (IT returns, audited financials).
- Bank statements
- Business Proof (papers that prove you own a business).
- Photos of passport-size
- Businesses should know this:
- A copy of your ID and the address of your sole proprietorship, partnership, or company.
- Proof of income (IT returns, audited financials).
- Bank statements
- Business Proof (papers that prove you own a business).
- Photos of passport-size
- For partnerships, the Partnership Deed or for businesses, the Memorandum and Articles of Association.
Certain standards may change based on the borrower’s background and the amount of the loan.
Summary:
To sum up, car loans are a common way for people in India to pay for their purchases. If you want to get a car loan, you should look into what different banks for car loan, like SBI, HDFC Bank, Bank of Baroda, Kotak Mahindra Bank, and ICICI Bank, have to offer and compare them. Different banks for car loan may have different interest rates, handling fees, requirements for getting a loan, and papers that are needed.