Bandhan Bank Car Loan

Bandhan Bank Car Loan Key Feature – Jan 2021

Bandhan Bank Car Loan Interest Rate Starts @ 7.25%
Min Loan Amount ₹ 50,000
Max Loan Amount
(Loan to Value)
Loan up to 80%-100% of On Road Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,517
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 60 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee Up to Rs.3,000
Foreclosure Charges Up to 5% of the outstanding principal
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About Bandhan Bank Car Loan

Bandhan Bank Limited is a privatized sector bank in India. It is founded in 2015. Bandhan Bank has 1018 branches across the country. Bandhan Bank offers all the financial facilities to its consumers like home loans, car loans, education loans, gold loans, net-banking, and mobile banking, and many more.

Bandhan Bank provides Car Loans at attractive interest rates to the customer for purchasing a car either new or second-hand. A car loan is easily convenient which can be got by anyone with a good credit/CIBIL score.

Bandhan Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-60 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Bandhan Bank Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.25% Starts@13.75%
Processing fee Up to Rs.3,000 Up to Rs.3,000
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges Up to 5% of the outstanding principal Up to 5% of the outstanding principal
Penal Interest 2% per month 2% per month
Part Payment charges 2% of the paid amount 2% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.1,500 per instance Rs.1,500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs. 100 per instance Rs. 100 per instance
Registration Certification Collection Charge Rs. 250 per instance Rs. 250 per instance
Cheque Bounce/Instrument Return Charges Rs. 500 per instance Rs. 500 per instance
Issuance of Duplicate Statement Charges Rs. 500 per instance Rs. 500 per instance
Loan Cancellation/Re-booking Charges NIL NIL
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

How to Increase Your Eligibility for Bandhan Bank Car Loan

  • Apply for a shorter tenure – When you go for a short tenure, to repay the money, the EMI that is to be paid by you each month will be higher. This will prove that you have the capability to repay the loan amount which will automatically build a sense of confidence in you. So, if you wish to increase your eligibility for a car loan, you can opt for a shorter repayment tenure.
  • Keep your credit score in check – To increase your eligibility for a Bandhan Bank car loan, you have to ensure that you have a credit score of over 750. You may use the Free Credit Score tool to check your credit score. This will let you take corrective measures to improve it in case your score is low.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you can balance between your earnings and your spendings. Before any bank decides to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you have to check that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan of a lower amount, you can increase your eligibility for a Bandhan Bank car loan. A lower loan amount will mean that the loan will be repaid faster and this will give the bank all the confidence it needs.

Factors Affecting Bandhan Bank Car Loan Eligibility

The eligibility for availing of a Bandhan Bank car loan will depend on the below-given factors:

  • Income – If your income is on the higher side, there is a good chance that your eligibility for a Bandhan Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Bandhan Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from Bandhan Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
  • Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that every bank, including Bandhan Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
  • Relationship with the bank – Bandhan Bank offers instant car loans to their existing customers through the special feature which allows Bandhan Bank customers to can avail themselves of loans instantly, at their convenience, with very few documents required. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Bandhan Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

 

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

 

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

 

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

 

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Bandhan Bank Car Loan EMI Calculator

An applier has the option to check the EMI’s before getting a Car Loan from Bandhan Bank. So, you can get check through the link below:

Car Loan EMI Calculator

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Bandhan Bank Car Loan Types

Bandhan Bank offers 3 types of car loans to its customers. You have the choice of opting for the offer which suits your need the best. The following types of Car Loans offered by Bandhan Bank:

  1. New Car Loan –  If you wish to buy a new car, this is the scheme for you. You can get a Car Loan from Bandhan Bank for a minimum of Rs. 50,000 and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to buy a used car from Bandhan Bank then you can select offers of a minimum loan of Rs. 50,000 and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this scheme if you need urgent funds where you can keep your cars as security with the Bandhan Bank.

Bandhan Bank Car Loan Pre Calculated EMI

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How to Apply for Bandhan Bank Car Loan?       

  1. Visit Truthsawer.
  2. Go to the Bandhan Bank page.
  3. Complete the car loan application form.
  4. Our Relationship Manager will contact you and provide you assistance throughout the process.
  5. Compare various proposals from banks and pick according to your suitability.
  6. You can easily apply for a Car Loan through Truthsawer and enjoy the best offers.

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: You should inform the bank about the amount of loan you need to borrow before you actually apply for it and limit your loan amount after accounting for your own available funds. Based on the EMI you can service, try to opt for the lowest tenure of loans, and long tenure loans can result in huge interest outgo.
  • Review your current obligations: Before you take a loan, it is advisable to check your expenses first, including any EMI obligations that you have on your current loans. This will let you figure out the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
  • Calculate your Bandhan Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity that is based on your monthly income. Bandhan Bank provides an LTV up to 100 % of the ex-showroom price. They also expect the borrower to fund the remaining value of the property by own money.
  • Multiplier-based loan amount eligibility – Bandhan Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – Bandhan Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Bandhan Bank’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

The car loan EMI – EMI changes in case of prepayment

In case you prepay your vehicle loan, the bank will issue a small penalty. Prepayment in Bandhan Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Bandhan Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

How to Calculate EMI on Bandhan Bank Car Loan

Before availing of a car loan from Bandhan Bank, you should know how much amount you will be paying every month. This is simply known as EMI  and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can also calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Bandhan Bank Car Loan for Top Selling Cars

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Other Available Products from Bandhan Bank

Bandhan Bank Personal Loan Bandhan Bank Gold Loan Bandhan Bank Two Wheeler Loan

Compare Bandhan Bank Car Loan With Other Banks In India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
Bandhan Bank Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645


FAQs for Bandhan Bank Car Loan


✅ What is Bandhan Bank Car Loan?

Bandhan Bank Car Loan is a financial product offered to you to purchase a car, it can be new or used.

✅ How can I get a Car Loan from Bandhan Bank?

You can get a car loan from Bandhan Bank by visiting the nearest branch of Bandhan Bank. You will get the convenience to apply from anywhere.

✅ How does Bandhan Bank Car Loan work?

Bandhan Bank works on providing its customers with the best and fast services of a car loan at affordable interest rates. You can get a car loan easily and quickly. Bandhan Bank provides flexible loan tenure for up to 7 years.

✅ What is the Car Loan Interest Rate in Bandhan Bank?

The interest rate in Bandhan Bank for a car loan starts at 7.25%.

✅ How to Check Car Loan status in Bandhan Bank?

To check the car loan status in Bandhan Bank, you can visit the nearby branch of Bandhan Bank. Also, you can utilize the net-banking facility of Bandhan Bank.

✅ How to Calculate Car Loan interest in Bandhan Bank?

For the calculation of your car loan interest in Bandhan Bank, the following information is required:

  • Rate of Interest
  • Loan amount
  • Loan tenure period

You can calculate your car loan interest in Bandhan Bank through the EMI calculator.

✅ What is the maximum loan amount I can avail of on a Car Loan from Bandhan Bank?

The maximum loan amount for a car loan from Bandhan Bank provides up to 100% funding of the car value.

✅ What is the loan tenure of Bandhan Bank Car Loan?

The loan tenure of Bandhan Bank ranges between 1 to 7 years for a car loan.

✅ Can I get a 100% Car Loan from Bandhan Bank?

Yes, you can get a loan up to 100% Car Loan from Bandhan Bank.

✅ How much processing fee applies to Bandhan Bank Car Loan?

The processing fee applicable to Bandhan Bank for a car loan is up to Rs. 3,000.

✅ What are the EMI options available on Bandhan Bank Car Loan?

The EMI options available on Bandhan Bank car loan are the following:

  • Electronic Clearance System 
  • Standing Instruction 
  • Post Dated Cheques 

✅ What are the charges for Prepayment in Bandhan Bank Car Loan?

The charges for prepayment in Bandhan Bank is 5% of the outstanding principal for availing a car loan.

✅ Can I get a top-up loan on my existing Bandhan Bank Car Loan?

Yes, you can get a top-up loan on your existing Bandhan Bank car loan. Also, avail of a top-up car loan by visiting the online platform of Truthsawer.

✅ Do I need to provide a guarantor to avail myself of a car loan from Bandhan Bank?

No, you do not need a guarantor for availing of a car loan from Bandhan Bank.

✅ How to get a Bandhan Bank Car Loan Statement?

To get a car loan statement from Bandhan Bank, you can use Bandhan Bank’s mobile banking app. Also, visit the nearby branch of Bandhan Bank to check your car loan statement.

✅ How to pay Bandhan Bank Car Loan interest online?

You can pay your car loan interest through the net -banking services of Bandhan Bank. If you need a low-interest car loan, you can visit Truthsawer online.

✅ What if I can’t pay the interest on Bandhan Bank Car Loan for 3 months?

If you can’t pay the interest on Bandhan Bank Car Loan for 3 months, then it will put on to the outstanding loan amount and repayment charges will redraft.

✅ How can I apply for EMI Moratorium on Bandhan Bank Car Loan?

You can apply for EMI Moratorium on Bandhan Bank by visiting the nearby branch of Bandhan Bank or submit a request through an email. Also, if you want relief for the balance period, you must apply with Truthsawer.

✅ What is the number for Bandhan Bank Car Loan agent?

Call Truthsawer at 7876737599 as it is one of the most trusted Bandhan bank Car Loan agents. Truthsawer even ensures the best offers on your Car Loan.

✅ Can I close the Bandhan Bank car loan online?

You can close your car loan online from Bandhan Bank through Bandhan Bank’s net-banking page. You just log in using your details on the net-banking page and pay your car loan.

✅ What is Bandhan Bank Car Loan Customer Care Number?

The customer care number of Bandhan Bank for car loan queries is 7876737599.

✅ How can I get NOC from Bandhan Bank for a car loan?

You can get a car loan NOC from Bandhan Bank when you clear your outstanding loan amount.

✅ What is the Bandhan Bank Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the Bandhan Bank Car Loan account.
  • Pay the pre-closure charges as per Bandhan Bank Car Loan.

✅ What are the Bandhan Bank Car Loan preclosure charges?

Bandhan Bank Car Loan preclosure charges are up to 6%+ GST.

✅ What is the Bandhan Bank Car Loan overdraft scheme?

For simplifying the process and providing you with a hassle-free service while processing an overdraft scheme at Bandhan Bank is provided, it gives you an online way to get your own overdraft, also known as Smartdraft – Overdraft Against Salary. You do not need to visit bank branches and go through a boring process. Just log in to the Bandhan online banking portal and from there you can fill out a simple form and get an overdraft under your name.

✅ What is the Bandhan Bank Car Loan maximum tenure?

The Bandhan Bank Car Loan’s maximum tenure is 7 years.

✅ What is the Bandhan Bank Car Loan minimum tenure?

The Bandhan Bank Car Loan minimum tenure is 1 year.

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