Car Loan in Chennai

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Car Loan in Chennai

HDFC Bank offers Car Loan in Chennai at affordable rate of Interest in India. HDFC Bank is a leading Banks for providing car Loan in Chennai to purchase of New Car, Old Car. HDFC Bank also take over the Car Loan from applicant having with the Banks or Financial Institution. A applicant can apply for the Car loan with flexible tenure upto seven years. HDFC Bank is providing car loan to their borrower at the attractive rate of interest in India. A applicant should have good track record of credit score to apply for car loan. Nonpayment of loan will impact that a car will be taken over by Bank and will be sold to any. If anyone wants to purchase of Sales the Used car click herew Used car Purchase and Sales So a borrower should pay the loan without any default upto loan completely paid.

GST on Sale of Used Car

The GST council has give the big relief on sale of old and used vehicles by issuing the notification No.8/2018. Previously the GST rate of Tax was upto 43% including cess on the Sale of old vehicles. Whereas the Government has reduced the tax rate between 12% to 18% which is to be paid on margin sale of supply. However the exemption is available under notification No.1/2018. Note : GST is to be calculated on the margin sale of supply. The margin sale of supply is difference between sale consideration and written down value. So GST has to be paid only on Margin sale of supply instead of sale value. The GST shall ignore incase of margin of supply is negative. .

Compare Rate of Interest & Processing with Banks

Bank/Lender Name Car Loan Interest Rate Loan Processing Fees
9.25% onwards 0.50% of Loan Amount +ST Min: Rs.950.00 +ST, Max: Rs.9100.00 +ST
HDFC Bank 9.35% onwards Rs.2825 to Rs.5150 (depends on the loan amount)
ICICI Bank 9.55% onwards Rs.2500 to Rs.5000 (depends on the loan amount)
Axis Bank 9.50% onwards Rs.3500 to Rs.5500
IDBI Bank 9.95% onwards NIL
Punjab National Bank 9.25% onwards 1% of the loan amount. (Max-Rs.6000)
Bank of India 9.25% onwards Rs.500/- plus S.T. or 1% of loan amount. Min: Rs.500 and Max: Rs.10,000
Syndicate Bank 10.1% onwards Up to 2 Lakhs: Rs.1.25 per thousand. Minimum: Rs.125/-

Frequently Asked Questions

What is car loan?
A bank has lending on purchase of New or used car. Banks / NBFC are lending on small car to Luxury cars.
Can I get a loan to purchase a used car?
Yes. Any one can apply for purchase Used car Loan in Chennai. Interest rate will be high when comparing to new cars. the loan on purchase of car only cover the price of car itself. Other cost like transfer of registration, etc has to be paid by applicant.
Do need collateral Security for car loan?
No. Car loan is a secured loan, which is hypothicated by the Bank untill the loan completely paid off. No other collateral security is required as car already pledged with Banks. The hypothication will be cancelled upon full paid off the loan
What is the maximum amount of car loan that I can avail?
The maixmum amount of car loan in Chennai approved by banks may vary from bank to bank. Usually banks approve in the range of 80% to 90% on car road price. some of the Banks lending 100% on ex-show room price.
What documents does required for applying for a car loan?
For applying car loan, self attested KYC documents with Income Proof required to be submitted with application forms. The bank may be ask some of the documents if required
What is the tenure of a car loan?
The tenure of a car loan in Chennai ranges from 1 year to 5 years. The shorter the loan tenure, the higher is the EMI payable and the reverse is true for longer car loan tenures. Currently, a small number of lenders are engaged in providing car loans for longer durations of up to 7 years.
Can interest rates be negotiated?
Yes, you can negotiate the interest rate applicable to your car loan by leveraging your credit history and prior relationship with the prospective lender. The regular payment of EMIs for previous loan/credit cards you had/have with your prospective lender can fetch you a car loan at a preferred (lower) interest rate.
Can I pre-pay my car loan?
Pre-payment of car loans is allowed by many lenders however there are usually a few terms and conditions attached. For starters, the lenders only allow car loan repayment after you have completed specified loan tenure and there is usually a pre-payment penalty as well. The prepayment penalty charges usually range from 1%-4% of the. It is recommended that you confirm all relevant charges with a bank before you make a pre-payment.

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