Applying for any loan can be a daunting task given its various components including the principal, interest rates, and repayment schedule.If you’re looking for a car loan in Gurgaon, this page may be able to help you find one that suits your every need. A car is more of a necessity today than it is a luxury. And owning one can be of immense help. And given that there are a plenty of lenders, it can be difficult to narrow down on one.To help you figure out what you need, we’re putting together some of the car financing options provided by some of the top lenders in the city. Take a look at the following information to know how to get the loan that is best suited for your needs.
The following table gives you the list of lenders in Gurgaon that offer car loans with the lowest interest rates. We’ve also compiled the respective processing fees and the minimum income requirements that apply for each lender.
|Bank||Interest rates||Minimum income||Processing fee|
|Axis Bank||New car – 8.60% p.a. to 11.50% p.a. Used car –15% p.a. to 17% p.a.||Rs.20,000 per month||For new car – Rs.3,500 to Rs.5,500 For used car – 1% of the loan amount or Rs.6,000, whichever is lower|
|Corporation Bank||8.90% p.a. to 11.25% p.a.||-||Personal vehicles – 1% of the loan amount subject to a minimum of Rs.1,000 Commercial vehicles – 0.75% of the loan amount subject to a minimum of Rs.2,000|
|HDFC Bank||New car – 8.85% p.a. to 11.60% p.a. Used car – 13.75% p.a. to 16% p.a.||Rs.20,833.33? per month||New car -0.4% of the loan amount (minimum Rs.3,000 & maximum Rs.10,000) Used car - 1.5% of?the loan amount(minimum Rs.2,500 & maximum Rs.5,000)|
|IDBI Bank||9.10% p.a.||Rs.20,000 per month||Rs.1,000 + GST|
|State Bank of India(SBI)||New car – 9.30% p.a. to 9.80% p.a. Used car – 10.75% p.a. to 12.05% p.a.||Rs.20,833.33 per month||For loans of up to Rs.6 lakh – Rs.1,000 +GST|
|ICICI Bank||New car – 8.95% p.a. to 13.40% p.a. Used car – 14.25% p.a.||-||2% of the loan amount subject to a maximum of Rs.15,000|
|Union Bank of India||New car – 8.70% p.a. Used car – 12.10% p.a.||-||0.50% of the loan amount or Rs.15,000, whichever is lower + taxes|
|South Indian Bank||New car – 10.70% p.a.||-||1% of the loan amount subject to a maximum of Rs.10,000|
|J&K Bank||Floating rate - 9.55% p.a. Fixed rate – 12.05% p.a. to 12.25% p.a. Women borrowers – 9.3% p.a.||Employed – Rs.25,000 per month Self-employed – Rs.33,333 per month Retired govt. employees – Rs.16,667 per month||0.50% of the loan amount subject to a minimum of Rs.500|
True, there are a number of lenders in Gurgaon that offer car financing options with attractive interest rates. But how can you make sure that you get the lowest rate in the market?
There are a number of factors that determine what your interest rate will be. In this section, we’re going to take a deeper look into these factors and how they influence your vehicle loan’s interest rate. We’ll also see how you can use them to your advantage to get the best rates in the city.
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When you’re applying for a vehicle loan in this city, there are a few eligibility criteria that lenders expect you to fulfil. Failing to fulfil these criteria can get your application rejected. These criteria may differ from one lender to another. The following table gives you some of the common ones.
|Criteria||Self-employed individuals||Salaried individuals|
|Age||At least 21 years old||At least 21 years old|
|Income||As required by the lender. Usually the same as that of salaried employees.||Minimum income – Rs.20,000/month|
|Work experience||Business stability for at least 3 years||1 year of employment in the present establishment|
Gurgaon is located near Delhi. It is modern in many ways and also has a historic pilgrimage value. It is surrounded by ancient ruins, but at the heart of the city, you will find the concrete jungle complete with all modern amenities. There are a lot of multinational entities that offer jobs to the young generation of today.
If you live here or are planning on moving here, getting a car will help you get around the city a lot faster than most other means of transport. Strapped for cash to buy the car you want? Don’t worry. Check out the car financing options that are available to you in Gurgaon.
With various low-interest car loans being offered by top lenders in the country, you will find that getting a car is easier than you think.
No, there is no specific channel through which you should apply for a loan. Most lenders give you multiple options when it comes to this – through a branch office, online, or by calling the customer care number. You can choose whichever suits you the best.
This would depend on the risk that you want to take regarding interest rates. Floating interest rates are usually cheaper than fixed rates. But they are also susceptible to change as and when the Marginal Cost of funds based Lending Rate (MCLR) changes. MCLR is linked to the repo rate. So, if RBI reduces the repo rate, your interest rate may also reduce. But if the repo rate increases, your interest rate will also increase. Fixed rates, on the other hand, remain constant irrespective of the market changes. Since floating rates tend to be lower, most people prefer them.
While negotiating with your lender can help you get a lower interest rate, there is no certainty that this will happen. You need to convince your lender why you deserve a lower rate. This is where it helps to take a car loan from your current bank. If you have a good relationship with them, there are higher chances of you being successful.
Your EMI is determined by three elements – the principal, the interest rate, and the tenure. During the initial few instalments, the interest component is usually higher since the outstanding principal is also high. Your tenure determines how much interest you pay in total. The longer your loan period, the more interest you will pay.
Your lender may call and remind you to pay if you fall behind on an EMI or two. But if you don’t pay for a long time, the lender will be at a loss and may exercise their right to confiscate your car. Defaults in loan repayment will also adversely impact your credit score.
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