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  • Student Car Loan is Rated as "Great!" by 34361 Users

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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.

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    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

    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank for 5 Lacs, I got the loan amount with in 2 days, The documentation was also easy with the Aadhar and PAN. The application was done at the showroom and it has been so easy to get the loan from ICICI bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • ICICI Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the ICICI bank for 4 Lakhs . The whole process was easy and hassle free. The loan was applied at the showroom and was processed with in 2 days. The documentation was also very smooth. Overall it has been a smooth car loan experience with the ICICI bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • Cholamandalam Finance Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been a very good experience with this loan and the whole process has been very much easy and simple. The loan amount which they had provided had been satisfactory and the interest rate has been normal. Even their customer support had been very much good as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the car loan with the Hdfc bank around 2 years ago. The customer support service and the response is good with the HDFC bank. The banking service is good with the HDFC bank. I have got the loan amount with in 2 days of time. The required loan amount has been given and I am satisfied with it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • HDFC Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am using since 3 years the car loan from the HDFC BANK. The loan amount i am satisfied with that. Rate of interest is 9.25% in my car loan which is normal like others when compared. Documentation is good and i have done it in the branch and it is easy and simple.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 20, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan was taken with HDFC bank 2 years back. The loan amount was 5.07 lakhs and the interest rate was very high and the tenure period was 4 years . The customer service and responses was up to the mark.The documentation was very smooth and easy . They have sanctioned the loan with the committed time. The processing fee was nominal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Kotak Car Loan
      "Easy to Get Loan"
      0.5 5.0/5 "Blown Away!"
      Fast processing in Loan services. I have bought a new swift car by using the Kotak mahindra car loan. I have got the loan on time. I have taken this loan 6 months ago. I'm paying the EMI of Rs.12700. I used to make the payment through ECS. Their interest and processing fee are nominal. I have to pay the EMI for 3 years. 36 months loan i have opted for.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 19, 2018
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with the loan and the process has been very simple and fast where it has taken just 3-4 days in getting the loan amount. I was completely satisfied with loan amount which they had provided and the interest rate which they where charging had been okay.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • HDFC Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been a very good experience with them and the whole process in getting the loan has been easy and quick where the loan has been provided in just 4 days. But the interest rate with them has been a little high compared with the other banks, the loan amount which they had provided had been satisfactory and the customer support also had been good and there has been no issues faced with their services.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 19, 2018
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got car loan from Axis bank , their rate of interest is quiet high of 14% and am not satisfied with it For documentation and approval their customer service took 10-15 days for whole thing. Making the payments through ecs and there is no charges for transaction. I have chosen tenure period of 5 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got car loan from Hdfc bank , their rate of interest is promising one and am satisfied wit it . For documentation and approval their customer service is good and there is no processing fee .Making the payments through ECS through on line and they gave tenure period of 5 years .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • Tata Finance Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken car loan from Tata finance for Tata indica car. Am satisfied with the rate of interest which they have provided They did quick documenattaion process and approval Their customer service is average as there is no proper response from them. They provided the tenure period of 4 years where am making the payment through ECS . Overall am OK with my card loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • HDFC Bank Car Loan
      "Need to reduce charges"
      0.5 4.0/5 "Great!"
      My car loan experience was good with HDFC bank, the loan amount was based on my requirement and the rate of interest was quite high when compared to other banks. Customer service was good and they followed up on time. The tenure of this loan is for 5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • Tata Finance Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from Tata Finance for 5 lacs. . I got the loan amount with in 20 days, Process was easy. The whole documentation was also very smooth. Overall it has been a smooth loan experience with the Tata Finance. The interest rate is also nominal when comparing to other banks in the market.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2018
    • IndusInd Bank Car Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I took a car loan from the IndusInd Bank for 6 Lac, I got the loan amount with in 1 week. I applied at the branch. The whole application process was easy and hassle free. The interest rate is nominal when comparing to other banks in the market. So far it has been a very good experience with the bank and their services.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 14, 2018
    • HDFC Bank Car Loan
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      It is good. Limit is satisfied with my card. I am getting no offers and no reward points from my card. I am using since 1 month. It is a life time free card. Documentation i have done through the on line i got my card in 1 month. No call connects to the hdfc customer service.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2018
    • Kotak Car Loan
      "Best Car Loan from Kotak Mahindra Bank"
      0.5 5.0/5 "Blown Away!"
      I have taken this car loan in the year of 2015. They informed me earlier when i applied for the car loan. I'm much aware of the interest and other charges when i take a loan. Everything is fine with Kotak mahindra bank car loan. I'm paying the EMI of Rs. 14000 per month. I've started to pay the EMI from August 2016. Next month I'm going to close the car loan for that i have to pay 2% as pre-closure charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Allahabad Bank Car Loan
      "One of the better banks"
      0.5 3.5/5 "Pretty good"
      I have got the car loan with the Allahabad bank and the response is good one too. Its very well known to me and I got the loan approval in a day of time. Everything is better one for me with them as such. There are not much interaction with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • HDFC Bank Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have been holding since 6 months. The rate of interest is 8.2% and it is normal when compared to the other bank loans. For 4 years i have to pay my loan. Monthly i would be paid. As soon i have applied for my loan i got the loan with in 1 week. I am satisfied with the loan
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 14, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience with HDFC bank was satisfactory, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. The tenure period for this loan was 3 years but i preclosed the loan with the penalty of 2% within 1 year.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 13, 2018
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