The city of Allahabad is one of the most populated cities in the state of Uttar Pradesh. Private cars are one of the primary modes of transportation in Allahabad. Thus, a number of public sector and private sector lenders offer car loans to residents of Allahabad at affordable interest rates. If you reside in Allahabad, you can purchase a car without dipping into your savings by taking a car loan from any lender that has a presence in your city. To help you pick a lender, we have listed some of the top lenders that offer car loans in Allahabad in the table listed below:
|Bank||Interest rates||Minimum income||Processing fee|
|Allahabad Bank||9% p.a.||Rs.25,000 per month for salaried employees; Rs.15,000 per month for pensioners||Nil|
|ICICI Bank||8.95% p.a. to 13.40% p.a.||As per the lender’s terms and conditions||Up to Rs.5,000|
|HDFC Bank||8.85% p.a. to 11.60% p.a.||Rs.25,000 per month||Up to Rs.4,720|
|State Bank of India||9.30% p.a.||Rs.2.5 lakh to Rs.4 lakh p.a.||Nil|
|Union Bank of India||8.70% p.a.||As per the lender’s terms and conditions||0.50%|
|Yes Bank||10.25% p.a. to 12.25% p.a.||As per the lender’s terms and conditions||Rs.5,000 to Rs.10,000|
|Federal Bank||9.75% p.a.||Rs.20,000 per month||Rs.1,500 to Rs.2,500|
|Canara Bank||8.60% p.a. to 9.25% p.a.||Rs.25,000 per month||Rs.1,000 to Rs.5,000|
|Axis Bank||8.60% p.a. to 11.50% p.a.||Rs.1.8 lakh to Rs.2.4 lakh||Up to Rs.5,500|
*Note: The above-mentioned loan details may vary based on the type of car loan scheme that you apply for.
Purchasing a car is a major financial commitment for most people. Although taking a car loan reduces the financial burden on the buyer significantly, it is necessary to borrow a car loan at a low interest rate to keep the total cost of the loan low. If you pay a high annual interest on your loan, the overall repayment amount will shoot up, and vice versa. Here are a few things that you should keep in mind if you are looking to borrow a car loan at a reasonable rate of interest:
Get your brand new set of wheels through a car loan that offers affordable interest rates, quick application, and pocket-friendly repayment structures.
Individuals who wish to apply for a car loan should first check if they meet the eligibility criteria specified by the lender. Listed below are the general eligibility criteria that prospective borrowers should meet to apply for a car loan in Allahabad:
|Age||18 years of age||21 years of age|
|Income||Rs.1.8 lakh to Rs.3 lakh||Rs.2 lakh p.a. – Rs.3 lakh p.a.|
|Work Experience||2 years||2 years|
*Note the eligibility criteria may vary based on the lender’s terms and conditions.
In addition to checking the eligibility criteria, it is recommended that you also check how much you are eligible to borrow. This will increase the chances of your application getting approved by the lender.
A few documents that you may have to submit to the lender at the time of applying for a car loan are as follows:
*Note: The documents that you will have to submit with your car loan application will vary based on the nature of your employment.
There are a number of lenders that offer car loans at reasonable interest rates to residents of Allahabad. Ensure that you compare the interest rates and terms offered by different lenders and opt for a loan with an affordable EMI.
Yes, a number of lenders today allow prospective borrowers to apply for car loans online. You can also apply for a car loan through third-party financial services websites like BankBazaar.com.
The minimum and maximum loan tenure options for car loans will vary from lender to lender. Most lenders, however, allow applicants to choose any tenure between 1 year and 8 years to pay off the loan amount.
Yes. However, some lenders may allow you to make pre-payments only after you have paid 6 or 12 monthly EMIs. You may also have to pay a nominal penalty when you prepay your loan
You can apply for a car loan on an individual basis. However, if your income does not meet the lender’s eligibility criteria, you may need to have a co-applicant.
No, you cannot postpone your EMI payment date. It is advisable to pay your EMI within the repayment date specified by your lender to avoid any hassles during the loan tenure.
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