Jamshedpur is one of the major cities in the state of Jharkhand. Being a major industrialised city in India, Jamshedpur has a lot of options for people looking for car loans. If you are a resident of the city, you may take a car loan from any of the top lenders in the market. You can use BankBazaar to compare the interest rates and fees of different lenders before choosing a loan product.
Some of the top lenders and their car loan interest rates, fees, etc., are given as follows:
|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|
|Federal Bank||9.75% p.a.||Rs.20,000 per month||Rs.1,500 to Rs.2,500|
|Allahabad Bank||9% p.a.||Rs.25,000 per month for salaried employees; Rs.15,000 per month for pensioners||Nil|
|ICICI Bank||8.95% p.a. to 13.40% p.a.||As per the lender’s terms and conditions||Up to Rs.5,000|
|State Bank of India||9.30% p.a.||Rs.2.5 lakh to Rs.4 lakh p.a.||Nil|
|Union Bank of India||8.70% p.a.||As per the lender’s terms and conditions||0.50%|
|Yes Bank||10.25% p.a. to 12.25% p.a.||As per the lender’s terms and conditions||Rs.5,000 to Rs.10,000|
|Canara Bank||8.60% p.a. to 9.25% p.a.||Rs.25,000 per month||Rs.1,000 to Rs.5,000|
|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|
While there are multiple options for car loans in Jamshedpur, you need to focus on getting a loan with the lowest possible interest rate. The good news here is that car loans are already cheaper than personal loans as they are secured against the value of the car. However, there are still many ways in which you can bring down interest rates even further. Let’s check out the simple tips that can help you get the lowest possible interest rate on car loans.
The general eligibility criteria outlined by most lenders in the market are given as follows:
|Criteria||Salaried individuals||Self-employed individuals|
|Age||21 years||21 years|
|Income||Rs.15,000 to Rs.20,000 p.m.||As required by the lenders|
|Income stability||At least one year in the current job||At least one to three years of business vintage|
*The specific eligibility criteria may change from one lender to another.
Get your brand new set of wheels through a car loan that offers affordable interest rates, quick application, and pocket-friendly repayment structures.
You need to consider the following things while you apply for a car loan in Jamshedpur:
Typically, most lenders in the market finance 80% to 90% of a car’s on-road price. There are also lenders who provide 100% financing of a car’s on-road price. The loan quantum offered by lenders is provided in the loan document. You need to read this carefully before you apply for a loan.
Yes. Most lenders in the market allow their customers to prepay their loan. However, borrowers must pay a small penalty to compensate for the lender’s loss of income. This prepayment penalty is calculated based on the outstanding loan amount. You need to check the percentage for prepayment penalty while checking the loan documents.
The most common reason for car loan rejection is poor credit score. If your credit score is bad, lenders consider it a risk to provide you loans. Hence, it is better to improve your credit score before you apply for a new loan. Your loan application could also get rejected if you have multiple outstanding loans or your debt-to-income ratio is too high. Get your credit report through BankBazaar mobile app to get a better understanding of the reason for rejection.
No. This is not a good idea as it could worsen your credit score. First, you need to understand why your loan application got rejected. Only by knowing this you can fix the issues and become a creditworthy applicant. When you make multiple applications, it will make you seem like you are too desperate for loans. Hence, your credit score will go down even further.
No. Till you pay your existing loan, the ownership of the vehicle will not be transferred to you. You cannot borrow a second loan on the hypothecated vehicle. Similarly, you cannot sell the vehicle before you pay off the loan. You need to get full ownership of the vehicle if you wish to sell or pawn the title of your car.
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