Catholic Syrian Bank Car Loan Interest Rates

Factors Affecting Catholic Syrian Bank Car Loan Interest Rates

A few of the factors that affect the interest rate offered to you are explained below:

1. Guarantee: If an individual with good means or substantial income or existing relationship with Catholic Syrian Bank vouches for an applicant, he/she would be considered positively for the car loan. This also gives the borrower the added advantage of negotiating for a lower rate of interest.
2. Loan Duration: Longer the payback period, higher will be the interest rate and vice-versa. Generally, borrowers prefer to avail a longer tenure so that the EMI amount can be reduced. However, this increases your expenses since longer tenures means higher rate of interest rate.
3. Debt-to-Income Ratio: The lower your debt-to-income ratio the better your chances are for claiming an attractive rate of interest. This is because the bank will be assured that you have a good repayment capacity and are therefore creditworthy. In such cases banks are willing to negotiate a lower rate of interest on the loan amount borrowed as there is minimal risk of defaulting on the loan.
4. Credit Score: A high credit score will influence the bank to lower the rate of interest that is applicable on the loan quantum of your choice. If an applicant has a credit score which is 750 or above, he/she is considered eligible for a car loan by most creditors and has a higher chance of being offered with a low rate of interest.
5. Existing Customers: Those who are existing customers of Catholic Syrian Bank have a higher probability of getting a car loan quickly, at lower rates of interest. Catholic Syrian Bank offers various car loan benefits for established customers of the bank and for those who have any deposits in Catholic Syrian Bank who apply for a car loan.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score