If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    Student Car Loan

    What is the best time to bring your Student Car Loan to a close?

    Manish is an MBA student specializing in Human Resources & Industrial Psychology. Transport has become a huge issue for him as this course requires him to commute to various companies as part of his field work and other projects. Many advised him to get a car, which is exactly what he has done. But he is constantly worried about this loan as he had already taken an education loan.


    How legitimate is this concern?

    Many like Manish find student car loan settlement a longstanding struggle. Understanding the favorable times to modify your repayment plan can save you time and money. There are several monetary events that can get an evaluation of how you are handling your auto loan repayment. Let us take a look at the most suitable time to save on a student car loan interest rate.

    1. At the end of your grace period:

      After the completion of course, many student loan debtors are given a grace period where prompt reimbursement is not mandatory. Banks offer you 6 to 12 months to find a job. But having a good idea of your outstanding payable amount and current interest rates during the grace period certainly gives you an edge to figure out suitable repayment strategies. This is also an ideal time to look up refinancing options and see if EMIs can be reduced.

    2. When promotion knocks on your door:

      Getting a well-earned salary hike (with or without promotion) is of course, a moment to savor. But it is also an opportunity to clear your loans sooner than you anticipated and take a huge leap from your standard repayment schedule. Now, if you want to stick to a pre-planned schedule, your added income makes you eligible for lucrative options like car loan refinancing if the interest rates have fallen.

    3. When rates have dipped:

      Even though most student car loans come with a steady interest rate throughout the loan tenure, many private financiers can offer good deals based on the existing market rates. This, as mentioned, is the perfect time to refinance and the resultant reduction in the EMI is quite welcome. If you are not sure what rates are available presently, talk to your financier regarding this.

    4. When a new bank, financier or product hit the playground:

      If you have thought of combining or refinancing all your student loans, remember that there are new competitors in the market. The arrival of new players in the student loan arena offers more scope to save. This proves that sensible management of student loans is becoming a vibrant process and by being up-to-date of the choices, can help you save more. Also, you can refinance your loan as many times as you want.

    5. When your credit score progresses:

      Whether you have been meticulous in enhancing your credit or it has merely occurred with time, a conspicuous (positive) change can get you a fresh review of loan payment. With better credit score and a reputation of punctual repayments, you become a less risky borrower to loan providers. If you fall into this class, lenders will be keen to offer an agreeable rate and settlement terms for your student car loan.

    6. When you coax a strong co-signer:

      Student car loan eligibility evidently depends on your credit history and those who fall under this category can get the help of a willing co-signer, who is more than eligible to sign on your refinancing application. The benefits of reducing your interest rate and changing your repayment terms can save you thousands over the lifetime of your student loans. You must ensure that your co-signer has a complete understanding of your remaining debt and the accountabilities of the loan agreement he/ she is signing.

    Conclusion:

    Ultimately, the relaxation in student loans by our government is a welcome move. The sense of inescapable student loan liabilities that exemplifies much of the present day higher education discussion is probably on the way to becoming a thing of the past.

    Student Car Loan Reviews

    • SBI Car Loan
      "SBI provides loan with lower interest"
      0.5 4.0/5 "Great!"
      I have purchased a Maruti WagonR car by using the SBI car loan. They have provided me a loan within 2 days. They have collected the all the documents and the next day they have given a cheque directly to the dealer and i have got the car on the same day. They have given me a interest rate of 11.5% which is less compared to other bank. I have selected the tenure period of 3 years and i have pre-closed in 1.5 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with HDFC bank,they have given me sufficient loan amount,it is enough for me,and i applied this card through showroom ,the bank executive came to my place and took the documents and in net banking i applied i got loan soon, the rate of interest they have charged me up to 10.5% it is nominal,they have not charged me processing fee,it is zero processing fee,still this loan is running.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with HDFC has been good and the loan amount which they had provided has been sufficient. Overall their has been a help from their customer support as well. The loan amount is 1170000 and it is good enough . The interest rate with them has been nominal and the tenure period is 5 year .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • Federal Bank Car Loan
      "Very good experience"
      0.5 4.0/5 "Great!"
      I have got my card loan through FEDERAL BANK . While getting the loan the process is very easy and the documentation part is also very easy . The tenure period is sufficient and the rate of interest and processing fee is very nominal . The loan amount is very satisfactory .
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 19, 2019
    • HDFC Bank Car Loan
      "Good Car Loan services"
      0.5 5.0/5 "Blown Away!"
      I have applied the car loan through online. When i chose the car loan, i have selected the HDFC bank because of the services. They have sanctioned the loan on time. I got the loan amount of Rs. 5 lakhs with the tenure period of the 3 years. They were offering me a pre-closure and partial payment with some charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 19, 2019
    • Axis Bank Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I have closed AXIS car loan, the paper work was smooth at the time. I paid the all the emi and closed it. Finally I got the NOC letter from the bank. They responded well at the time of taking loan however I approached the bank through the dealer. Interest was almost same as other bank for my first car it was Hyundai I10.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jan 19, 2019
    • Axis Bank Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      For my Mahindra verito car, AXIS bank sanctioned the loan which I was required for the purchased and they gave me the flexible emi as per my preference. I got the NOC letter from the bank for the car loan. I have taken two car loans from the same bank.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jan 19, 2019
    • HDFC Bank Car Loan
      "Hassle Free Experience"
      0.5 4.0/5 "Great!"
      I am fine with the documentation process of HDFC car loan, they done everything on time. They are providing good interest in the market. I took the loan amount around Rs. 5.5 lakhs and they approved upto 90% of loan and I got the car delivery on time.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jan 19, 2019
    • Union Bank of India Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a car loan in Union Bank of India before 2 years. The rate of interest is minimum which is 9.9%. I have purchased Grand i10 car and have paid some down payment. I think they took bit longer to process the loan. The customer service is good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 19, 2019
    • Bank of Baroda Car Loan
      "Normal Loan"
      0.5 3.0/5 "Satisfactory"
      They have approved the loan immediately from Bank of Baroda hence i have chosen them. I got the car loan in last year August. I have applied the loan amount of Rs. 8 lakhs and they have approved the same. They have charged me a processing fee of Rs. 1800 and the interest rate is nominal.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 19, 2019
    • HDFC Bank Car Loan
      "Good car loan in the market"
      0.5 5.0/5 "Blown Away!"
      At the time of my purchase, i have taken a car loan with HDFC and i was not care about the interest since i don't have any idea about it. The loan got approved immediately. The documentation process was easy and smooth. Total tenure period the loan 36 months. I have not spoke with the customer care service so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 19, 2019
    • Bank of Baroda Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience with them has been quite good with this loan where the loan amount has been sufficient. The interest rate which they offered has been nominal when compared with the market rate and there has not been any extra charges which they had made so far. Their customer support team had also been supportive as well.
      Was this review helpful? 3
      , navi mumbai
      Reviewed on Jan 18, 2019
    • HDFC Bank Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Before three years I purchased second vehicle that is Hyundai I 10 , the documentation process was good with HDFC. The dealer coordinated with the bank, hence the process was quick. I got multiple options but I chosen HDFC, the Interest rate is better because I am an existing customer.
      Was this review helpful? 1
      , delhi
      Reviewed on Jan 18, 2019
    • HDFC Bank Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I was taken car loan from HDFC, first time I purchased SANTRO car, the documentation was very convenient. They gave me the door step service I went to the dealer and they done the process, and on time I got the car deliver. They gave me the flexible emi option.
      Was this review helpful? 1
      , delhi
      Reviewed on Jan 18, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been quite a good experience i had with this car loan and the loan amount which they had provided has been sufficient as well. The interest rate with them was around 9.25% which was nominal when compared with the market rate. The charges which they had made has been nominal as well, and even their customer support has been responsive as well.
      Was this review helpful? 3
      , bhubaneshwar
      Reviewed on Jan 17, 2019
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been taken my car loan with State bank of India, they have given me sufficient loan amount, and i am satisfied with the loan amount , and the rate of interest they have charged me up to 9.45% which is bit high compare to other bank,i have asked for 9 % but its okay, and the processing fee they have charged me was nominal,overall service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2019
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been taken my car loan with Kotak mahindra bank recently ,like 2 months before i took this loan, and i am happy with the loan amount they have given me ,it was sufficient for me, and the rate of interest they have charged me up to 9.3% which was nominal for me and the processing fee they have charged me was nominal, the loan amount process went smoothly. the overall service rendered by them was really good.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 17, 2019
    • Central Bank of India Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience i had with this loan and the loan amount which they had provided has been sufficient. The interest rate with them is quite nominal when compared with the market rate. There has not been any sort of additional charges which they had made so far.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 13, 2019
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took my car loan in State Bank of India by last year. The charges are normal. I have spend down payment nearly 1L out of 7L. The branch is near to my residence so will never contact the customer service. The process was immediate and it was completed within 2 days.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 12, 2019
    • HDFC Bank Car Loan
      "Its Excellent"
      0.5 4.5/5 "Excellent!"
      HDFC gave me the door step service for the car loan. I took the loan before three years. It was the fantastic experience for me because I got the better interest, I took the loan for 5 years but I done the foreclose in three years , there was no charges for it.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Jan 11, 2019
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