Nagpur Car Loan Services with Fast Processing and Low EMI Plans
Confused which car loan to take in Nagpur? Want to know which are the lowest and latest interest rates? Wondering about your eligibility criteria? Get to know all this and more with information from more than 25 leading banks and NBFCs in Nagpur. Get instant quotes or approvals right here to make your car loan process faster and easier.
Nagpur, previously known as Nagpore, is the third largest city in Maharashtra. Among the fastest growing cities in the world, Nagpur ranks fifth. Famous for its orange trade centres and tiger reserves, this winter capital of Maharashtra is favoured in terms of liveability. Being the thirteenth largest city in the country based on its huge population, it's not surprising to encounter 24/7 traffic due to a large number of two-wheelers and four-wheelers plying through the city roads. These days owning a car has become a necessity more than a luxury. What's more, there are several lenders, both banks and non-banking financial institutions that readily offer auto financing for all types of cars at competitive interest rates.
Lowest Car Loan Interest Rates in Nagpur
Bank | Interest rates | Minimum income | Processing fee |
9.10% p.a. | Rs.2.4 lakh p.a. | Nil | |
8.60% p.a. to 11.50% p.a. | Rs.1.8 lakh to Rs.2.4 lakh | Up to Rs.5,500 | |
9.95% p.a. | Rs.40,000 per month | 0.229% of the loan amount | |
8.95% p.a. to 13.40% p.a. | As per the lender's terms and conditions | Up to Rs.5,000 | |
9.25% p.a. to 9.30% p.a. | Rs.2.5 lakh to Rs.4 lakh p.a. | Nil | |
10.10% p.a. to 11.35% p.a. | Rs.25,000 per month | Up to Rs.5,310 | |
8.60% p.a. to 9.25% p.a. | Rs.25,000 per month | Rs.1,000 to Rs.5,000 | |
9.75% p.a. | Rs.20,000 per month | Rs.1,500 to Rs.2,500 |
*Note: The interest rate, processing fee, and income requirement may differ with the type of car loan that you choose.
Tips to Get a Car Loan in Nagpur at a Low Interest Rate
Settling for the first car loan offer that you come across is not an effective way to reduce your financial burden. Here are some tips that you can follow to get car loans at reasonable interest rates.
- Pay a part of the cost from your pocket: Banks look favourably upon those applicants who put a down payment on the car of their choice and apply for a car loan to cover the remaining cost.
- Improve your credit score: As credit scores are determined based on a person's financial history such as debt payments and credit card bill payments, it represents the creditworthiness of that individual. Lenders offer low interest rate car loans to borrowers with a credit score above 700.
- Calculate your debt-to-income ratio: If you maintain a 30:70 debt-to-income ratio, there are fewer chances of you defaulting on the loan. Hence lenders will not hesitate to offer car loans at favourable interest rates.
- Compare car loans from top lenders: With a growth in the retail loan industry, it can be hard to narrow down your choice to a car loan offer that is right for you. Turns out, it's not that difficult to make comparisons of different car loans based on their features and benefits when you have third-party websites like BankBazaar to make the process easy.
- Negotiate with your lender: When you apply for a loan at a bank that you already have good banking relations with, don't hesitate to negotiate for a better interest rate on your car loan.
Besides the above-mentioned tips, it is also important to calculate the total cost of your car loan so that you can be better prepared to make the repayment on time. Use the car loan EMI calculator that is available online to find out the monthly cost of your car loan.
Eligibility for Applying for a Car Loan in Nagpur
Finding out if you are eligible for a car loan will help you avoid loan rejection. Here is a list of common eligibility criteria for salaried and self-employed applicants across lenders.
Criteria | Self-employed | Salaried |
Age | Minimum 21 years old | Minimum 21 years old |
Income | Rs.1.8 lakh p.a. | Rs.25,000 per month |
Work Experience | Minimum 3 years stable business | Minimum 1 year in a job |
*Note - The eligibility criteria will differ from lender to lender, therefore contact the bank or NBFC for more details.
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
- A copy of the PAN card, Passport, Voter's ID, or Aadhaar card as identity proof.
- A copy of the phone or electricity bill as residence proof.
- The last 3-6 months' bank statements and salary slips as income proof of salaried applicants and ITR and profit and loss statement as income proof of self-employed applicants.
- Invoice or price quote of the car to be purchased from the dealer
*Note - You may have to provide more documents if required as it depends on the chosen lender.
FAQs
- How do I check the status of my car loan?
There are 3 ways by which you can check the status of your car loan - visit the branch office at which you had applied for the loan, get in touch with the customer care department of the lender and provide your application number to get the status of car loan, or log in to the official website of the lender to find out the loan status.
- Can I preclose my car loan?
Some lenders give you the option of car loan preclosure. If that's the case, you will have to pay preclsoure charge levied by the lender. There are certain conditions that have to be met in order to avail this option. Get in touch with your lender for more details or better yet always find out such important features of a car loan prior to applying.
- Can the bank foreclose my loan if I fail to make regular EMI payments?
Yes. If you have failed to make more than 6 consecutive EMI payments, the lender can seize the hypothecated car to foreclose your loan. Furthermore, you will have to pay foreclosure charges for defaulting on your car loan payments.
- What are the various car loan fees and charges I will have to pay?
Processing fees, documentation charges, and stamp duty make up the service charges while late payment fees, prepayment fees, and foreclosure charges make up the penalty fees. The fees and charges vary with lenders.
- How does a car loan EMI calculator help me?
The benefits of using a car loan EMI calculator are threefold.
- When you use a car loan EMI calculator to calculate the expected cost of your car loan, you will get an amortisation table with a detailed repayment schedule. This table will contain important details such as the principal amount, EMI, interest, and outstanding balance.
- Depending on the overall cost of your car loan, you can choose a lender who offers you an affordable car loan deal with a suitable loan tenure and low interest rate.
- Similarly, depending on the monthly cost of your car loan, you can prepare a financial budget that will help you maintain a low debt-to-income ratio.
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