With women scaling new heights in all spheres of life, there are various financial and economic schemes offered by different institutions to aid this growth. Among them are the specially designed car loan schemes offered by banks and other institutions across India. When a car loan is availed by a woman borrower, banks offer special interest rate concessions and other unique benefits as per the requirement of the customer. Car loans are sanctioned at a lower interest rate for women, as compared to other borrowers. The woman borrower has to be the primary applicant of the loan, should hold a valid driving license and should be permanently employed at a reputed company with the required income to easily procure car loans from various lenders across the country.
Here are a few banks that offer exclusive car loan schemes for women.
State Bank of India offers a car loan scheme at an affordable interest rate of 10.05% per annum, exclusively for women borrowers. An SBI car loan scheme comes with flexible repayment tenures, zero foreclosure charges, optional life insurance cover, an overdraft facility and other exciting features.
Andhra Bank offers a four-wheeler vehicle loan scheme customised for women borrowers. Borrowers can make joint applications along with their husbands to improve their income eligibility criteria. The woman borrower must be a salaried individual with permanently employment and should also hold a valid driving license to be eligible for an Andhra Bank car loan. The quantum of loan approved is up to 90% of the car cost and repayments can be done with flexible tenures ranging from 12 months to 72 months. An additional concession under this scheme is zero processing charges or upfront charges for women borrowers.
Car loans can be procured by women borrowers from Punjab National Bank at an interest rate starting at 8.55% p.a. Applicants can take their spouses as co-borrowers to increase their eligibility criteria. The maximum loan amount that will be approved by Punjab National Bank is 100 lakhs or up to 25 times the applicant’s net monthly income.
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