Car Loan Mandi Gobindgarh

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Car Loan Mandi Gobindgarh

There are a lot of people who desire to own a car but fail to do so when they find themselves short of cash. Car Loan helps those people to fulfill their desire to buy a car. It is an excellent way of financing as the loan comes with really easy to pay installments at reasonable interest rates. So, now nothing is going to stop you now to buy a car.


Eligibility Criteria for Car Loan Mandi Gobindgarh

Self Employed Applicants:

First of all, the income of the self-employed candidates should be more than Rs. 30,000.

Then, he/she should be more than the age of 30 years, and if the candidate’s age is less than 30, then he can include a co-applicant whose age must be more than 25.

Lastly, he/she must have been in business for more than 2 years.

Salaried Candidates:

First of all, the salaried clients must be earning more than Rs. 25,000.

Next, his age should be more than 21.

Lastly, the salaried applicants should have worked for at least 2 years with a minimum1 year with the current employer.


Eligibility for different individuals

Private Employees:

If the salary or income of the borrower is more than Rs. 25,000, then the credit is given on 100% ex-showroom price.

Government Employees:

If the government employee is living in his own house and has a good CIBIL score, then the loan is given on 100% on-road price.

Internal Customer:

If the client is from HDFC, Yes Bank or Axis bank, then 1oo% on-road loan is given.


The interest rate of Car Loan Mandi Gobindgarh

Banks charge a different interest rate upon the different amount, and these are:

Firstly, for 1-3 lakhs amount credit, the interest rate is 10.26%.

Then, the interest rate is 10% for the amount of 3-10 lakhs.

Furthermore, the interest rate of 9.25% is charged by the banks or lenders on the amount of credit from 10-20 lakhs.

Lastly, for the credit above 20 lakhs, the interest rate is 9.75%.


Foreclosure charges:

If the borrower closes his loan before the tenure of 2 years, then the bank will charge him up to 4%. Additionally, there will be no Foreclosure charges if the borrower pays the loan after 3 years.


Documentation for Car Loan Mandi Gobindgarh

Following documents are to be submitted in case the borrower has his own house:

Salaried Applicants

ID Proof: Pan Card, Aadhar Card, Voter ID card

Income Proof: 3 months service slip

Address Proof: Electricity Bill, Telephone Bill / Aadhar Card

Bank Statement: 6 months of bank statement

Car quotation

Self Employed

ID Proof: Pan Card, Aadhar Card, Voter ID card

Income Proof: 3 months service slip, 2 years ITR (which must be of Rs. 2.5 lakhs or more per year)

Address Proof: Electricity Bill, Telephone Bill / Aadhar Card

Bank Statement: Bank statement of last 6 months

Following documents are to be submitted in case the customer is living in a rented house:


All the papers are same as stated above. You just need to submit an additional rent agreement to the lender.

Self Employed

Again, all the documents are same; the customer only needs to submit a rent agreement as an additional document to the lender.


Benefits of Car Loan Mandi Gobindgarh

Firstly, you can easily apply online for a car loan with

Next, the interest rate can be negotiated easily if the customer has a good CIBIL score.

Also, banks offer car loan for 5-7 years so that the client can choose the tenure as per his/her convenience.

Furthermore, the client does not need to secure any collateral asset with the bank or lender as the car itself is the security for the bank.

The client can freely decide the type of interest rate, which can either be floating or fixed.

Moreover, the procedure for claiming the car loan is straightforward and clear.

Lastly, the borrower can modify the car as per his/her wish and convenience.


Additional Information

The applicant needs to have a good CIBIL score, which should be above 700.

Then, it must be noted that the loan is given for tenure of 60 months to 84 months.

Also, the minimum amount of credit that can be claimed by the borrower is Rs. 1 lakh.

Plus, car Loans are not provided to constables.

Lastly, if the instalment of the borrower got bounced, then the bouncing amount charged by the lender will be doubled for that particular month.


Car Loan for the Agriculturist

The agriculturist borrowers need to have 3-5 acres of land to get the loan of Rs. 1-10 lakhs and the interest rate charged on this credit amount is 65%- 75%.

Furthermore, if the borrower has more than 20 acres of land, then he can avail a loan of Rs. 10 lakh or above and the interest rate charged by the bank will depend on the income of the borrower and the ITR filed by him.


About Mandi Gobindgarh

Mandi Gobindgarh is a town in Fatehgarh Sahib District in the Indian state of Punjab. As per 2001 India census, Gobindgarh town has a population of 55,416 with an average literacy rate of 69%. Also, the economy of the town is primarily based on steel and its allied industries.