Mysore is one of the prominent cities in the state of Karnataka. It is a city regarded as the cultural capital of Karnataka. If you are a resident of Mysore, you have plenty of options to consider while getting a car loan. Most of the top lenders in the country have operations in the city. You may check out the products offered by these lenders and pick the right one suitable for your needs. You may use BankBazaar website or mobile app to compare the features of multiple lenders before making an informed decision.
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|
|Canara Bank||8.60% p.a. to 9.25% p.a.||Rs.25,000 per month||Rs.1,000 to Rs.5,000|
|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|
|Federal Bank||9.75% p.a.||Rs.20,000 per month||Rs.1,500 to Rs.2,500|
|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|
|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|
|Allahabad Bank||9% p.a.||Rs.25,000 per month for salaried employees; Rs.15,000 per month for pensioners||Nil|
If you are looking for a car loan in Mysore, there are some simple steps you can follow to get the lowest possible interest rate. Since car loans are secured through the value of the vehicle, lenders charge lower interest rates for these loans compared to other loans. By following the steps given here, it is possible to bring down the cost of your car loan even further:
Get your brand new set of wheels through a car loan that offers affordable interest rates, quick application, and pocket-friendly repayment structures.
Some of the general eligibility criteria outlined by car loan lenders 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.
Car loan applicants in Mysore have to provide the following documents to get a car loan:
If you are thinking of applying for a car loan, you need to consider the following factors before you start the application process:
Most lenders in the market charge a processing fee before they disburse the loan amount. This charge varies among lenders in the market, and it is typically 1% to 2% of the loan amount. Some lenders might also levy documentation charges upon their customers. You need to check with the lender to get a full understanding of all the charges involved.
Most lenders in the market are quite flexible when it comes to payment modes for their customers. You can pay the monthly amount through cash or cheque. However, the best way to repay a loan is through the auto-debit facility or standing instruction. When you sign up for this facility, make sure you have adequate money in your account on the installment repayment date.
Car loans are secured through the value of the vehicle. In case of a default, lenders recover their loan amount by possessing the vehicle. Hence, lenders do not usually ask for security from the applicant. However, lenders may sometimes ask for additional security if your credit score is too low.
No. Lenders do not typically allow customers to sell the vehicle before the loan is paid off successfully. Only when the loan is paid fully, the ownership is transferred to the borrower. Hence, it is not possible to sell the car before paying the loan.
The most common reason for car loan rejection is poor credit score. If you have not maintained your score above 750, it could lead to rejection of your application. It is better to check your credit report through the BankBazaar app to get a full understanding of the reason for rejection.
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