Car Loan Rourkela
Car is the desire of every person. If one is not able to buy a car due to the shortage of funds, then a car loan will help you to fulfill your this dream. Now, do not allow anything to be a hindrance in your dream by getting Car Loan on easy terms and conditions.
Eligibility Criteria for Car Loan Rourkela
Salaried Individuals
Minimum age: 21 years
Maximum age at loan maturity: 65 years
Minimum employment: 1 year in current work and a minimum of 2 years of practice.
Minimum Annual Income: Rs 100000 net annual income.
Self-Employed
Minimum age: 30 years
Maximum age at loan maturity: 60 years
Minimum employment: At least two years in business
Minimum Annual Income: Net profit Rs. 60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars.
Interest Rates for Car Loan
New Car:
If the loan requirement of the applicant is less than Rs. Three lacs then the interest rate charged would be 10.25%.
Simultaneously, if the loan amount is between Rs.3 lacs to Rs.6 lacs, then the interest rate charged would be 9.50%.
For loan amount between Rs.6 lacs to Rs.10 lacs, a 9.25% interest rate would be charged.
If the loan amount varies from Rs.10-20 lacs, then the interest rate charged would be 9.00%.
For loan amount being more than Rs. 20 lacs the interest rate would be 8.70%
Used Car:
The interest rate charged for used cars has been fixed at 14.00%.
Benefits of Car Loan Rourkela
Easy monthly repayment options
It is instantly available
Loan Tenure period varies from 1-7 years.
Affordable interest Rates
One can easily and quickly apply online with magicloans.in.
There are no hidden charges.
Documentation of Car Loan Rourkela
Proof of Identity: Passport copy, PAN Card, Voters ID card, Driving License, Aadhar Card
Income Proof: For Salaried Latest salary slip with form 16 / For Self- Employed Latest ITR
Address Proof: Ration card / Driving License / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy / PAN Card / Aadhar Card
Bank Statement: Bank statements for the last six months are also required.
Car quotation is also required.
Eligibility for different individuals
Private Employees:
If the salary of the client is more than Rs. 25,000, then the loan, is given on a 100% ex-showroom price.
Government Employees:
If the government employee is living in his own house and has a good CIBIL score than the loan is given on 100 % on road price.
Internal Customer:
1oo% on road loan is given if the customer is from HDFC, Kotak, Yes Bank or Axis bank.
Additional information
The CIBIL score of the client needs to be more than 700.
Also, the loan is given for a period of 60 months to 84 months.
The minimum amount of credit that can be claimed by the applicant is Rs. 1 lakh.
Moreover, the top-up amount is twice the paid loan amount.
Car Loan is not given to constables.
The persons having CIBIL 0, 1, -1 are also considered right customers.
If the instalment of the loan gets bounced, then the amount charged by the bank will be doubled for the respective month.
Car Loan for the agriculturist
If the amount is Rs.10 lacs, then the farmer should have a land of about 3-5 acres, and he will get a loan to 65-75% of the total loan amount.
If the loan amount is more than Rs. 10 lacs, then the farmer should own at least 20 acres of land. He will get the percentage of the loan amount depending upon his income and ITR.
About Rourkela
Rourkela is a city in the Odisha state of India. The city is famously known as Ispat Nagar and also as the Steel City of Odisha.