Owning a car was seen as a luxury, but today it is seen as many things: an investment, utility, style statement, and a way to comfortably navigate India’s challenging driving conditions. When you invest in a four-wheeler, there’s lots you need to consider. For example, is the investment on a car financially viable to him? Will it help him save on commuting costs over the long run? Will it have a good resale value? To evaluate these aspects, a prospective car buyer needs to first understand what type of financing he would be availing for his new car. Getting customized car packages from car dealers can always entice a buyer but he needs to weigh the pros and cons of such a deal. Car dealers tend to charge higher interest rates and also have numerous hidden charges in their packages which will only stretch a customer’s wallet. A safer option for a customer would be to avail a comprehensive car loan package from a bank and avoid all additional expenses.
| Hyderabad Car Loan Interest Rates | |
| Interest Rates | 8.55%-15.50% |
| Processing Fees | Starts at 0.2% of the loan amount or a maximum amount decided by the respective bank |
| Prepayment Charges | Varies for different banks |
| Loan Tenure | Up to 7 Years |
You can take help of the BankBazaar website to grab the best car loan deal. The BankBazaar website provides a list of lenders along with the interest rates and the loan features, which helps you compare your options before making the best choice.
| Age | 18-75 Years Of Age |
| Minimum Net Annual Salary | Rs. 240,000 p.a. |
| Employment Tenure | Minimum of 1 year continuous |
| Income Eligibility | Latest Salary Slip and Form 16 |
The best time to buy a new car is now. Browse through BankBazaar’s exclusive assortment of car financing options that could make your dream come true!
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