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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

    • Federal Bank Car Loan
      "Immediate"
      0.5 4.0/5 "Great!"
      I have a Car Loan with Federal Bank. They offered me a interest rate of 9% which am satisfied. The loan duration is 5 years and till now 3 to 4 months completed. I have purchased a New car. The process was immediate and the disbursement was happened within 3 days.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 19, 2018
    • Axis Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It was a good experience i had with the services of them. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal. There has also not been any preclosure charges with them and any other charges as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience i had with the services of them and the loan amount whcih they had provided has been good. The interest rate with them has been competitive with the market rate. Their customer support has been helpful as well and there has not been any charges made by them.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 17, 2018
    • HDFC Bank Car Loan
      "Best and Quick services"
      0.5 4.0/5 "Great!"
      My car loan was taken from HDFC in the year of 2015. I just taken the car loan of Rs. 5.6 lakhs. They have given me a interest rate of 10.7% and there is no processing fee. I pay the premium amount of Rs. 10930 every month and i have chosen the tenure period of 5 years. Through online clearance i pay the EMI. It took 5 working days to sanctioned the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 17, 2018
    • IndusInd Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with IndusInd bank and the experience was good, the process was smooth and i received my loan amount on time. Customer service was good and they followed up on time. The rate of interest was nominal and the tenure period for this loan is 3 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 16, 2018
    • SBI Car Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have applied for the card loan with the STATE BANK OF INDIA where the process is very good and simple to get the loan as well as the loan amount is sufficient from this bank added on that the rate of interest is nominal when compared to the others.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 16, 2018
    • SBI Car Loan
      "Good Car loan"
      0.5 5.0/5 "Blown Away!"
      I am not sure about the SBI customer care. I have gone through all the details with the dealer. I have got the loan within 10 days. I have received the car loan of Rs. 4 lakhs and they have provided the interest rate of 8.99% and I'm okay with it. I am paying the EMI of Rs. 14000 per month and i have chosen the tenure period for 3 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 16, 2018
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am holding my car loan with HDFC bank, the rate of interest they have charged me was up to 7.5% it was nominal for me, and even Emi they are taking in month nominal only and they have not charged any processing fee and loan amount was sufficient, overall service was good.
      Was this review helpful? 1
      , noida
      Reviewed on Nov 16, 2018
    • Kotak Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been holding my car loan with KOTAK MAHINDRA BANK, there service was average, they have given me sufficient loan amount , the rate of interest they have charged me was nominal i donâ??t remember what was exact rate of interest percentage, and they did not charged any processing fee in this loan amount , so far experience was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • review Car Loan
      "Good Car loan services"
      0.5 4.5/5 "Excellent!"
      I don't have much interaction with the Chola mandalam customer care people or employees. They have provided the interest rate of 14.5%. I have purchased my car loan 3.5 years. I got the loan amount of Rs. 1.52 lakhs. I pay the EMI of Rs. 4895 and i have chosen the tenure period of 36 months and I'm going to close the loan in another 7 months.
      Was this review helpful? 0
      , gorakhpur
      Reviewed on Nov 16, 2018
    • Axis Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience was good with AXIS bank for car loan, the loan amount was based on my requirement and the rate of interest was nominal when compared to others. Customer service was good with AXIS bank and the tenure period for this loan is 5 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 16, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience during my car loan has been good and the loan amount whcih they had provided has been sufficient as well. The interest rate whcih they had been charging had been nominal when compared. There has not been any sort of charges which they had made as well.
      Was this review helpful? 1
      , noida
      Reviewed on Nov 15, 2018
    • Tata Finance Car Loan
      "Very quick"
      0.5 4.0/5 "Great!"
      I have taken a car loan with Tata Finance one month ago. They have provided me 95% on road price. The customer service is good. I am satisfied with the rate of interest. I have purchased a TATA DICOR BUZZ. I just paid 34,000 rupees as a down payment and the rest of the amount converted into EMI for 5 years.
      Was this review helpful? 0
      , thane
      Reviewed on Nov 15, 2018
    • HDFC Bank Car Loan
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a used car loan with HDFC BANK and it was closed 3 to 5 years ago. I have purchased a Maruti Alto. My experience is good and the rate of interest was 14% which am satisfied. I have charged processing fee but it was nominal. The documentation process was lengthy and it was easy. I have to sign the documents multiple times.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2018
    • HDFC Bank Car Loan
      "Need to reduce ROI"
      0.5 3.5/5 "Pretty good"
      My experience was good with HDFC bank for car loan, the loan amount was based on my requirement and the rate of interest was little high when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 4 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2018
    • IndusInd Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been using my car loan with Indusind bank a long back, i have took this loan from my native and there service was up to the mark and they have charged nominal rate of interest to me and through showroom only i got this car loan and there customer support team is good they are very co-operative with me and i have closed this loan .
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2018
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with Axis bank, i have taken celerio car they have given me sufficient loan amount and there rate of interest they have charged me 12% it is nominal for me and there processing fee they have charged me nominal only.
      Was this review helpful? 1
      , faridabad
      Reviewed on Nov 14, 2018
    • HDFC Bank Car Loan
      "Good card"
      0.5 5.0/5 "Blown Away!"
      My credit card was taken with HDFC BANK , i am holding this card for past 1month . I have not use this card so it is very early to comment . There is joining fee at the time of getting the card . The credit limit is good when compared to other cards. Overall experience was good .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 14, 2018
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my car loan with Axis bank , the call amount they have given me sufficient and i have take my Nissan Renault car from this loan and there rate of interest they have charge me was nominal and the processing fee which they have given me is nominal, and the tenure period they have given me is up to 3 years.
      Was this review helpful? 1
      , secunderabad
      Reviewed on Nov 14, 2018
    • SBI Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      It has been a good experience i had with them where the loan amount whcih they had given has been sufficient and the loan has been arranged by the car dealer. The interest rate with them has been nominal when compared with the market rate and there has not been any charges which has been made by them.
      Was this review helpful? 4
      , pune
      Reviewed on Nov 14, 2018
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