Car loans can give you the means to fulfil your dream of owning a car when you are living in a fast-paced city like Bangalore where you need to constantly be on the go. Having a car gives you the freedom to drive around at your convenience and a car loan can help you buy your dream car. Availing a car loan in Bangalore is quick, hassle-free, and comes at attractive interest rates. If you are a resident of Bangalore and are planning to buy a car, availing a car loan is a good idea.
|Bank||Interest rates||Minimum income|
|Axis Bank||9.25% onwards||Rs.1.8 lakh p.a. to Rs.2.4 lakh p.a.|
|State Bank of India||9.30% to 12.45%||Rs.2.5 lakh p.a. to Rs.4 lakh p.a.|
|HDFC Bank||9.75% p.a. to 10.60% p.a.||Rs.3 lakh p.a.|
|Canara Bank||8.95% to 9.60%||Rs.3 lakh p.a.|
|ICICI Bank||9.30% to 12.85%||-|
|United Bank of India||9.15% onwards||Rs.25,000 per month|
|IndusInd Bank||10.65% onwards||Salaried applicants: Rs.2 lakh to Rs.2.5 lakh p.a.|
|Federal Bank||9.20% onwards||Rs.20,000 per month|
|Punjab National Bank||9.05% onwards||Rs.20,000 per month|
|Bank of Baroda||1-year MCLR + Strategic premium + 0.25% p.a.||-|
Lenders in Bangalore offer attractive interest rates on car loans which may vary from lender to lender but did you know that you can negotiate with the lenders to offer you the lowest interest rates? That is right. Below we give you a list of things that you can do which will help you fetch the best interest rates on car loans.
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The eligibility for availing a car loan in Bangalore may vary from lender to lender but the basic ones have been listed below:
|Criteria||Salaried individuals||Self-employed individuals|
|Income||Between 2.5 lakh p.a. and Rs.3 lakh p.a.||Between Rs.1.8 lakh p.a. and Rs.3 lakh p.a.|
|Income Status||Should have been continuously employed for 2 years and at least 1 year with the current employer||Should have been in the same line of business for at least 2 years|
Individuals applying for a car loan in Bangalore should keep the below-mentioned documents handy:
No, you will not be able to sell your vehicle before you have repaid your loan. To sell the vehicle, you will need to get a NOC (No-Objection Certificate) from the lender which the lender will provide only if you have foreclosed the loan.
There is no collateral or security that you have to provide while availing a car loan as the lender will consider the vehicle itself as collateral.
The repayment towards your car loan can be made in three ways – Electronic Clearing Service (ECS), Standing Instruction (SI), and Post-Dated Cheques (PDCs). The first two ways of repayment are recommended as they are quicker and is less prone to errors as compared to the PDCs.
To remove the hypothecation from your vehicle after you have repaid the loan, you need to visit the Regional Transport Office (RTO) and submit the below-mentioned documents:
You will also have to pay a fee for removing the hypothecation from your vehicle.
Yes, you can cancel your car loan after its approval or disbursal but a charge of Rs.1,000 will apply. In addition to this, you may also have to pay other charges such as stamp duty charges, interest accumulation, etc.
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