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  • Jaipur Car Loan

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  • Looking for Jaipur car loan and worried about your eligibility and getting approved? Understand all the latest eligibility criteria, interest rates, processing fees, etc., and get quick approvals or quotes right here on BankBazaar. Comparing car loans before you apply for it will help you make a much better choice for your lifestyle.
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    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.

    Lowest Car Loan Interest Rates in 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.

    Tips to Get a Car Loan in Jaipur at a Low Interest Rate

    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:

    • Purchase a New Car: Although new cars are often more expensive than pre-owned cars, lenders usually charge a lower rate of interest for new cars, which could help you save money over the course of the loan tenure. Thus, if your budget permits, you should consider purchasing a new car.  
    • Maintain a Good Credit Score: A good credit score indicates that you are financial reliable to a lender. Individuals with high credit scores are perceived as more financially reliable and creditworthy. If you have a credit score over 750, it is likely that your loan application will be approved quickly and that you will be offered a reasonable interest rate. On the other hand, if you have a moderate to low credit score, your lender may charge you a high interest rate to offset the risk that they will be undertaking by providing you a loan. Keep in mind that most banks will reject your car loan application if your credit score is too low.  
    • Compare Before You Purchase: Given the number of car loans that are available in the market, it is in your best interest to compare the interest rates charged by different lenders before zeroing in on a car loan offered by a particular lender. When comparing loans, it is advisable to check the interest rate offered, the lender’s eligibility criteria, the processing fee charged by the lender, etc.  
    • Pay a Down Payment: Most lenders offer car loans that will cover anywhere between 80% and 100% of your car’s purchase price. While opting for a car loan with full financing may be easier on the pocket, you should keep in mind that you will have to pay a higher interest for the loan, given that you will be borrowing a larger sum of money from the lender. Thus, if possible, you should aim to pay a down payment when purchasing a car on a car loan.  
    • Check If Your Lender is Willing to Lower the Interest Rate of the Loan: If you have a prior borrowing history with the lender or have a really good credit score, you can ask your lender to offer you a lower rate of interest.  

    Eligibility for Applying for a Car Loan in Jaipur

    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:

    Criteria Self-employed Salaried
    18 years of age 21 years of age
    Income Rs.1.8 lakh Rs.2.4 lakh
    Work Experience 3 years 1 year
     

    Get a car Loan Instantly!

    Get your brand new set of wheels through a car loan that offers affordable interest rates, quick application, and pocket-friendly repayment structures.

     

    Documents Required

    • Car loan application form 
    • Proof of age 
    • Proof of identity 
    • Recent passport-size photographs of the applicant 
    • Address proof 
    • Bank statements of the last 6 months 
    • Proof of income 
    • Rate list or the pro-forma invoice 
    • Signature verification proof 
    • Any other documents requested by the lender 

    *Note: The exact documents that you will need to submit to the lender will vary based on the nature of your employment.  

    FAQs

    How long do lenders take to disburse the loan amount?

    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.

    Am I required to have a co-applicant when applying for a car loan?

    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.

    How do I apply for a car loan?

    The various channels through which you can apply for a car loan are as follows: 

    • At the lender’s branch 
    • Through the lender’s website 
    • Through a third-party website like BankBazaar 
    • By contacting the lender’s toll-free number
    *Note: Not all application channels mentioned above will be offered by all lenders.

    Can I apply for a car loan to a specific bank even if I don’t hold a savings bank account with the lender?

    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.

    What are the various charges that are levied by car loan providers?

    A few fees that are levied by car loan providers are as follows: 

    • Interest rate 
    • Documentation charges 
    • Pre-closure charges 
    • Part-payment charges 
    • Stamp duty charges 
    • Overdue EMI penalty 
    • Processing fee 
    • Loan cancellation charges 
    • ECS/cheque swapping charges 

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