The largest city and capital of Rajasthan, Jaipur is one of the most densely populated cities in the country. The city is connected to a number of prominent cities in India via road. As a result, the number of personal vehicles, such as cars loans has increased greatly in the city. While owning a car is a significant financial commitment, residents of Jaipur can lessen the financial burden by taking a loan from a bank or non-banking financial institution in the city. Given that Jaipur is a capital city, most lenders readily offer car loans to residents of the city. Listed below are certain lenders that offer car loans at reasonable interest rates to residents of Jaipur.
|Bank||Interest rates||Minimum income||Processing fee|
|HDFC Bank||8.85% p.a. to 11.60% p.a.||Rs.25,000 per month||Up to Rs.4,720|
|ICICI Bank||8.95% p.a. to 13.40% p.a.||As per the lender’s terms and conditions||Up to Rs.5,000|
|AU Small Finance Bank||16% p.a.||As per the lender’s terms and conditions||1%|
|Federal Bank||9.75% p.a.||Rs.20,000 per month||Rs.1,500 to Rs.2,500|
|Axis Bank||8.60% p.a. to 11.50% p.a.||Rs.1.8 lakh?to Rs.2.4 lakh||Up to Rs.5,500|
|Indian Bank||9.95% p.a.||Rs.40,000 per month||0.229% of the loan amount|
|Canara Bank||8.60% p.a. - 9.25% p.a.||Rs.25,000 per month||Rs.1,000 to Rs.5,000|
|IDBI Bank||9.10% p.a.||Rs.2.4 lakh p.a.||Nil|
|Andhra Bank||9.2% p.a.||As per the lender’s terms and conditions||Nil|
|State Bank of India||9.30% p.a.||Rs.2.5 lakh to Rs.4 lakh p.a.||Nil|
*Note: The above-mentioned loan details may vary based on the type of car loan scheme that you apply for.
Most individuals who are looking to purchase a car will borrow a car loan to fund their purchase. When you take a car loan, the lender will charge you interest on the borrowed sum of money. The rate of interest that you are charged will affect the cost of your loan. To keep your repayment amount low, it is advisable to opt for a car loan with a low interest rate. Here are a few tips to get a car loan with a low interest rate:
All lenders have pre-specified eligibility criteria, which prospective borrowers are required to meet for their loan applications to be considered. The generalised eligibility criteria for car loans are as given in the table below:
|18 years of age||21 years of age|
|Income||Rs.1.8 lakh||Rs.2.4 lakh|
|Work Experience||3 years||1 year|
Get your brand new set of wheels through a car loan that offers affordable interest rates, quick application, and pocket-friendly repayment structures.
*Note: The exact documents that you will need to submit to the lender will vary based on the nature of your employment.
The time taken by lenders to disburse the loan amount will vary based on their application and verification process. Most lenders, however, will disburse the loan amount within 48 hours, provided that you have submitted all the required documents. If you are a pre-approved customer, your loan application may be approved much quicker.
No, in most cases, a co-applicant is not required to apply for a car loan. However, if your income does not meet the lender’s eligibility criteria, you may need a co-applicant.
The various channels through which you can apply for a car loan are as follows:
This will vary based on the lender’s terms and conditions. Certain lenders will allow you to apply for loans even if you are not an existing customer of the bank, while other lenders will require you to open a bank account with them to be eligible to apply for a loan.
A few fees that are levied by car loan providers are as follows:
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