Having difficulty getting approved for a car loan from traditional banks? There’s a new player in town – Bandhan Bank! With its unique Bandhan bank car loan feature, this bank is definitely worth considering if you’re looking for a solution to your financing needs.
Bandhan Bank Car Loan Highlights
| Interest Rates | starting from 8.40% p.a. |
| Loan Amount | ₹1 lakh – ₹1 crore |
| Repayment Tenure | up to 84 months |
| Processing Fees | Up to 4% of loan amount |
What Is Car Loan?
A car loan is a financial instrument that allows you to purchase a new or used car. Typically, you will need to pay back the loan with interest over time. There are a few different types of car loans available, including fixed-rate and variable-rate loans. A fixed-rate loan is usually more expensive, but it offers stability over the course of the loan term. A variable-rate loan is more affordable, but it can increase in price over time. It’s important to compare the different car loans available before making a decision.
Bandhan Bank Car Loan
Bandhan Bank is a leading financial institution that provides its customers with many benefits and services. One of the main ones is their car loans, which have Floating interest rates starting from 8.40% p.a.* With Bandhan Bank, you can take 90% of the on-road price of the car with a minimum amount of 1 lakh and a maximum of 1 crore. Bank charges processing fees up to 4% of the loan amount.
Read Also – Canara Bank Personal Loan
Bandhan Bank Car Loan Interest Rate – Aug 2022
If you are looking for a car loan with a low-interest rate, then you should consider applying for a loan from Bandhan Bank. The bank offers car loans with an interest rate of just 8.40% per annum, which is much lower than the usual rates that banks charge. This makes Bandhan Bank one of the best options if you are looking to get a car loan.
ROI for cases disbursed in April – Aug 22
| Minimum Interest Rate | Maximum Interest Rate | Mean Interest Rate |
| 6.99% | 9.50% | 8.09% |
Read Also – Bank of Baroda Personal Loan
Bandhan Bank Car Loan EMI Calculator
The Bandhan Bank car loan EMI calculator is a handy tool to help you calculate your monthly EMIs for a car loan. The calculator takes into account the interest rate, tenure and down payment amount, and gives you an estimate of how much EMIs you will owe over the course of the loan. You can use this information to help make an informed decision about whether or not to take out a car loan from Bandhan Bank.
Bandhan Bank Car Loan Features & Benefits
The Bandhan Bank car loans are an excellent financial solution for those looking to buy a new or used car. The features and benefits of these loans are as follows:
- Quick processing time: The loans are processed quickly and you can get the car you want in as little as a few days.
- Loan Amount: Bandhan Bank offers loan amounts up to 1 crore for car loans.
- Low-interest rates: As one of the leading banks in India, Bandhan Bank offers competitive car loans with low-interest rates. You can find cars with an APR as low as 8.40%.
- flexible repayment tenure: Bandhan bank offers a flexible repayment tenure of up to 84 months on a car loan.
- No hidden fees: There are no hidden fees associated with Bandhan Bank car loans, so you know exactly what you’re paying for.
- Wide selection of cars: You can choose from a wide variety of new and used cars, including luxury models.
- Flexible terms: You can choose from a variety of terms, including months and years, to get the best deal for you.
- Easy application process: The application process is simple and easy to follow, making it ideal for people who are new to car loans or want to take on a smaller loan.
- On-road funding: Another benefit of borrowing from Bandhan Bank is the fact that you can borrow up to 90% of the value of your vehicle. This means that you will be able to borrow a large amount of money without having to worry about getting into too much debt.
Eligibility Criteria For Bandhan Bank Car Loan
To be eligible for a Bandhan Bank car loan, you will need to meet the following criteria:
- You must be a resident of India.
- Minimum age at the time of application:
- Salaried individual – 21 years
- Self-employed individual – 23 years
- Salaried / Self-Employed Professionals / Self-Employed Non-Professionals are eligible for this loan.
- You need to have good credit to get approved for a loan.
- contact your local Bandhan Bank branch to find out more about available car loans.
Documents Required for Bandhan Bank Car Loan
To get a car loan from Bandhan Bank, you will need to provide the following documents:
- Identity proof
- Address proof
- Pro forma invoice of the vehicle to be funded
- Income documents
- Statement of operative bank account
Bandhan Bank Car Loan – Schedule of Charges
| Description | Charges |
|---|---|
| Processing fees | Up to 4% of loan amount |
| Stamp Duty charges | Actuals as per extant laws |
| Bounce charges | Rs.500 per instance |
| Late payment or overdue charges or penal interest | 2% per month on the outstanding instalment |
| Part-payment | No charges applicable |
| Foreclosure or pre-closure charges | No charges applicable |
| Statement of Account (SOA) | Rs.500 |
| Loan cancellation charges | NIL |
| Legal charges | At actuals |
How to Apply For Bandhan Bank Car Loan?
If you are looking for a car loan, Bandhan Bank might be a good option for you. Here are some tips on how to apply for a Bandhan Bank car loan:
- First, find out what your borrowing requirements are. You need to have a valid driving license and proof of insurance. You will also need to provide the bank with your current monthly income and estimated monthly payments.
- Next, fill out the application form. Be sure to include all the required information and submit it along with your driver’s license and proof of insurance.
- Once your application is complete, you will need to wait for a decision from the bank. It can take up to several weeks for a loan to be processed, so be patient!
Bandhan Bank Car Loan Customer Care
You can contact Bandhan Bank for any query related to Bandhan Bank Car Loan. The customer service number is 1800-258-8181. They will be able to help you find the best car loan option that fits your needs. You can also get in touch via email at customercare@bandhanbank.com. They also have a blog where they frequently post updates about car loans and other financial products.
Conclusion
If you’re looking for a car loan that can fit your needs, then Bandhan Bank might be the perfect option for you. Not only do they offer competitive interest rates and flexible terms, but they also have a wide range of eligibility criteria that can accommodate most situations. So if you’re in the market for a car loan and want to go with a reputable lender, then Bandhan Bank should definitely be at the top of your list.
Read Also – Central Bank Of India Home Loan Review
FAQs
Q. How much can I borrow from Bandhan Bank to buy a new car?
Ans. The amount you can borrow is based on your annual income and credit score. You can borrow up to 90% of the value of the car.
Q. When do I have to pay back my car loan?
Ans। You have to pay back your loan within 7 years. If you don’t, your car will be repossessed.
Q. What is the interest rate of Bandhan Bank Car Loan?
Ans. Bandhan Bank offers car loans with an interest rate of just 8.40% per annum.
