• Gwalior Car Loan

    Gwalior residents can avail car loans at attractive interest rates ranging between 9.05% and 12.85% and repay it in a maximum of 84 equated monthly instalments (EMIs). Processing fees may apply on these car loans that are hassle-free, quickly approved, and require minimal documentation.

    Gwalior Car Loan – Overview

    Gwalior is a city in Madhya Pradesh and one of the cities to be developed as a ‘smart city’. People in the city commute in and around the city for work and personal purposes which is why owning a car in the city is significant. To make it affordable for everyone to buy a car, many top lenders in the country offer car loans to Gwalior residents.

    These car loans can be repaid through EMIs that you can choose as per your affordability and will also depend on the loan amount, tenure, and interest rate. If you wish to assess your affordability, you can calculate the EMIs using an EMI Calculator tool.

    Interest Rate Offered by Top Lenders in Gwalior

    Name of the Bank Interest Rate Processing Fee
    ICICI Bank 9.30% to 12.85% Rs.3,500 to Rs.8,500
    Axis Bank 9.05% to 11.30% Rs.3,500 to Rs.5,500
    State Bank of India 8.80% to 12.05% Nil
    Indian Bank 9.10% Up to Rs.10,236
    HDFC Bank 9.50% to 10.25% Rs.3,000 to Rs.10,000
    IDBI Bank 9.20% to 9.90% -
    Federal Bank 9.25% Rs.1,500 to Rs.2,500
    Canara Bank 8.70% to 11.30% Rs.1,000 to Rs.5,000
    Allahabad Bank 8.60% to 10.85% Up to Rs.8,696
    Andhra Bank 8.80% Rs.1,000 to Rs.25,000

    How to Fetch Lower Interest Rates in Gwalior

    • Choose a shorter tenure – Lenders are likely to offer you lower interest rates if you choose a shorter tenure simply because the loan will be paid off quicker and the risk of lending to you is lower.
    • Keep your credit score high – If your credit score is on the higher side (around 800), chances are that the lender may offer you a lower interest rate. This is because a high credit score indicates a high repayment capacity.
    • Maintain a low debt-to-income ratio – A low debt-to-income ratio simply means that your monthly debt obligations are low and hence, you can afford to pay the EMI for your car loan. Lenders consider this to be a positive thing and are likely to offer you a lower interest rate.
    • Negotiate with your existing lender – Your existing lender may offer you a lower interest rate on the car loan if you negotiate with them. They are likely to acknowledge your request if you have a good repayment record with them, have a high credit score, etc.
    • Explore and compare benefits – Exploring the benefits offered by various car loan providers will help you make an informed decision by allowing you to compare it. If lower interest rate is what you are looking for, you can simply pick the lender that is offering you the lowest interest rate. However, it is advised to consider other factors as well.

    Eligibility Criteria to Avail a Car Loan in Gwalior

    If you have a steady income source and fulfil the below-given criteria, you are eligible for a car loan in Gwalior:

    Who Can Avail Salaried, self-employed individuals and professionals of partnership firms, private and public limited companies, and sole proprietorships
    Minimum Age 21 years
    Maximum Age
    • Salaried – 60 years at the end of the loan tenure
    • Self-employed – 65 years at the end of the loan tenure
    Minimum Annual Income Rs.3 lakh
    Business or Job Stability
    • Salaried – Worked for at least 2 years out of which 1 year should be with the current employer
    • Self-employed – Should be in the same line of business for at least 2 years
    Other Requirements Should have a telephone/mobile connection

    Please note that the eligibility criteria may vary from lender to lender.

    Documents Required to Avail a Car Loan in Gwalior

    To avail a car loan in Gwalior, the documents required may vary from lender to lender and with the type of employment. However, the basic documentation that most lenders will look for, have been provided below:

    Documents Salaried Self-employed
    Proof of Identity Passport/PAN Card/Aadhar Card/Driving License/ Voter’s ID PAN Card/ Aadhaar Card/ Passport/Voter’s ID/Driving License
    Address Proof Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy/ Sales Tax Certificate
    Income Proof Form 16 and latest salary slips Latest Income Tax Returns/Audited Balance Sheet/Profit and Loss Account
    Others Bank statement for the last 6 months Bank statement for the last 6 months

    FAQs on Car Loans in Gwalior

    1. Do I need to provide any collateral for availing a car loan in Gwalior?
    2. Answer: No collateral or security needs to be provided to avail a car loan in Gwalior as the vehicle will be hypothecated to the bank.

    3. I was not able to pay my EMI on time. What will happen now?
    4. Answer: We would suggest you not to miss out on any EMIs in the future as it may affect your credit score causing it to drop. This may, in turn, ruin your chances of getting a loan in the future. Also, the bank can seize your vehicle and auction it to recover the loan amount if you miss out on six EMI payments consecutively.

    5. Can I sell my car before the end of the loan tenure?
    6. Answer: You can sell your car only after you have foreclosed the loan by paying the entire loan outstanding and obtained a No Objection Certificate (NOC) from the lender.

    7. I have a partnership firm. Am I eligible to get a car loan in Gwalior?
    8. Answer: Yes, partnership firms are eligible for a car loan, provided they fulfil other eligibility criteria specified by the bank.

    9. My credit score is 740. Will I get a car loan with this score?
    10. Answer: 750 is the minimum score that most lenders look for before offering you a car loan. With your score, lenders may be reluctant to offer you a car loan. However, you can approach the lender directly and see if they can offer you a car loan with your score. Chances are that they may agree to offer you a car loan but at a slightly higher interest rate. This will lie at the bank’s discretion.

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