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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  • Ghaziabad Car Loan

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  • Get to know the latest car loan interest rates from nearly 28 banks in Ghaziabad through BankBazaar. It is important to compare banks before choosing a car loan. Interest rates can change and vary from bank to bank. Get all the latest interest rates, processing fees, and quick quotes or approvals for your Ghaziabad car loan right here. Drive home in your dream car in no time at all.
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    About Car Finance: Personal Car Finance is a complete subsector of personal finance, with numerous different products available. These include a straightforward car loan, hire purchase, personal contract hire (car leasing) and Personal Contract Purchase. Therefore car finance includes but is not limited to vehicle leasing. These different types of car finance are possible because of the high residual value of cars and the second hand car market, which enables other forms of financing beyond pure unsecured loans.

    Documentation needed to apply for an Ghaziabad Car Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Ghaziabad Car Loan Interest RatesUpdated on 23 Jul 2019

    Ghaziabad Car Loan Details
    Interest Rate (Monthly reducing balance) 10.5% - 12.75%
    Processing Fees Rs. 500 to Rs, 5,000
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% to 4% on outstanding loan amount
    Guarantor Requirement No guarantor required

    Benefits of owning a car

    Owning a car of your choice is no longer just a dream, it can become reality with low-interest rate car loans from top banks and NBFCs in the country. Whether you want to go on weekend road trips or weekday commutes to the office, having a car of your own can come in handy. No matter how small or big the size of your family, you can choose a car that suits your travel needs. From Sports Utility Vehicles (SUVs) and Multi-Utility Vehicles (MUVs) to hatchbacks and sedans, you can get car loans to purchase a car of your choice from the top carmakers in the market. You no longer have to worry about expensive taxi fares and rental car fees. You don’t have to go through the inconvenience of borrowing a car from a friend or a family member to get to places around the city.

    Car loan application process

    Take a look at the step-by-step guide to apply for a car loan in Ghaziabad:

    • Pick a car of your choice: There are several online and offline car dealerships that offer a range of cars from the top brands to suit the varying needs of the customers. From petrol and diesel cars to hybrid and electric cars, you can choose a car that best suits you and your driving needs. Banks and NBFCs offer new and used car loans at attractive interest rates in order to help consumers realise their automotive dreams. Therefore, pick a car of your choice and look for a reliable lender to obtain an auto loan.
    • Compare car loans: Banks and non-banking finance companies offer car loans at competitive interest rates. To ensure you choose the right car loan, visit a third-party comparison website and compare various car loan offers across the top lenders. Pick a car loan offer with a low interest rate, zero processing fee, suitable loan tenure, and flexible repayment options.
    • Check car loan eligibility: Borrowers who meet the car loan eligibility criteria set by the lender have higher chances of loan approval. The standard eligibility criteria for a car loan includes a minimum net income of Rs.3-4 lakh, at the least 2 years work experience in the same field, a credit score of 750 or above, and the applicant’s age should be between 21 and 65 years. Before applying for a car loan, visit the lender’s website and enter your personal detail such as name, gender, age, income, and occupation into the car loan eligibility calculator in order to find out the quantum of loan you are eligible for.
    • Apply for car loan online/offline: Car loan application form can be downloaded from the lender’s website or obtained for the nearest bank branch. The duly-filled and signed application form should be submitted to the bank along with the necessary documents such as identity proof, age proof, address proof, and income proof.
    • Car loan approval: The lender will verify the details furnished by you and approve or reject the application depending on your car loan eligibility. To increase the chances of car loan approval, as mentioned above, check your car loan eligibility beforehand and work on improving your credit score. Making a large down payment can improve your chances of loan approval. Choose a loan amount that is within your repayment capacity.

    Upon car loan approval, the loan amount will be disbursed to your bank account or the dealership at which you are purchasing the car within a matter of a few hours.

    Car Loan Repayment

    Car loans are repaid in fixed monthly installments over a specified loan tenure called Equated Monthly Installments (EMIs). The borrowers pay monthly EMIs that consists of principal and interest. The loan tenure for car loans usually ranges from 1 to 7 years in the case of new car loans and 1 to 5 years in the case of used car loans. The rate of interest on car loans is determined by the lender. The interest rate differs depending on the type of car loan - new or used car loan and the loan tenure - short or long loan repayment period. Some lenders offer lower interest rates to existing customers.

    It is advisable to maintain a low debt-to-income ratio wherein your car loan EMI doesn’t exceed more than 40-50% of your income so as to avoid defaulting on your car loan repayment. Putting down a large down payment on your car can also bring down the cost of your car loan.

    Car loan fees and charges

    Processing fee: Lenders levy a processing fee which is a small percentage of the principal amount that has to be paid upfront at the time of loan disbursal. Some lenders waive off the processing fee as a discount on special occasions or for special customers.

    Prepayment fee: If you want to prepay your car loan in part or full, lenders levy a fee called the prepayment/preclosure fee which is a small percentage of the prepayment/preclosure amount. The percentage differs depending on the time period during which you make the prepayment. Car loan prepayment is allowed only twice over the loan tenure and only once in a year. You can pay a part or the whole of the loan amount only after 6-12 successful EMIs.

    Foreclosure fee: Lenders allow borrowers to prepay their car loan in full before the end of the loan tenure called foreclosure. They also levy a penalty fee called the foreclosure fee for such as an allowance. Foreclosure fee is a small percentage of the foreclosure amount. However, if the foreclosure amount plus the foreclosure fee is more than the regular EMIs then it is advisable to settle for making additional EMI payments or increasing the percentage of yearly EMIs. This way, borrowers can save on interest.

    Car Loan Interest Rates in Ghaziabad 2018

    Bank Interest Rate Processing Fee Loan Tenure Loan Amount
    State Bank of India 8.90% - 9.40% Rs.1,000 to Rs.1,500 plus GST 7 years Up to 85% of the on-road price of the car
    HDFC Bank 9.00% - 10.25% p.a. 0.4% of loan amount or Rs.10,000, whichever is lower 1 to 7 years Up to 100% financing
    ICICI Bank 10% - 1.75% p.a. Rs.2,500 to Rs.5,000 1 to 7 years Up to 100% of ex-showroom price of the car
    Dena Bank 9.05% p.a. Nil 1 to 7 years Rs.1 lakh to Rs.2 crore
    Axis Bank 8.50% - 11.25% p.a. Rs.3,500 to Rs.5,500 1 to 7 years Rs.1 lakh minimum and maximum up to 100% on-road price of the car
    Bank of India 8.90% p.a. Rs.500 plus GST 7 years Rs.50 lakh to Rs.1 crore
    Canara Bank 8.70% - 9.25% p.a. 0.25% on the loan amount subject to a minimum of Rs.1,000 and maximum of Rs.5,000 7 years Up to 80-90% of the on-road price of the car
    Central Bank of India 8.85% p.a. 0.50% of loan amount subject to a minimum of Rs.2,000 and maximum up to Rs.20,000 7 years Rs.75 lakh maximum

    Note: Interest rates and processing fees are subject to change at the discretion of the banks. Check the official website of the bank for applicable rates and fees.

    Ghaziabad Car Loan FAQs

    Here are some of the frequently asked questions about car loans:

    1. How to calculate car loan EMI?
    2. Car loan EMI can be calculated using the car loan EMI calculator that is available on the lender’s website. It is an online tool that is easy to use and gives instant and accurate results. You have to just enter your proposed car loan amount, interest rate, and loan tenure into the tool. You will get the EMI results in the form of an amortisation table which is a periodic representation of your loan repayment schedule.

    3. Why is it important to calculate car loan EMI beforehand?
    4. Depending on the EMI results, you can find out how much your proposed car loan will cost you on a monthly basis. You can also create a budget that will ensure you don’t default on your car loan. What’s more, you can also make informed decisions on whether or not to prepay the loan or shorten your loan tenure in order to save on interest.

    5. Who are eligible for a car loan?
    6. Salaried employees, self-employed persons, business people, professionals, corporates, firms, societies, agriculturists, central and state government employees, and pensioners can apply for a car loan. They must be aged between 21 and 65 years, have a steady income, and a good credit score.

    7. What happens if you default on your car loan?
    8. The lender has the right to repossess the car if a borrower defaults on his car loan. The car will be put up for auction in order to compensate for the outstanding dues. The borrower can choose to bid for the car in the auction if he or she has sufficient funds to pay for the car after repossession.

    9. How to improve my credit score?
    10. Paying your credit card bills on time, making loan EMI payments on time, and maintaining a balance between secured and unsecured loans can help improve your credit score. Keep in mind, multiple loan rejections, bankruptcy, delayed/skipped EMI payments and credit card bill payments, and defaulting on loans can have a negative effect on your credit score.

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