Nashik is one of the largest cities in Maharashtra and has a number of banks and financial institutions that cater to the credit needs of the resident population. If you reside in Nashik and are looking to purchase a car, you can apply for a car loan to any lender in your city. Lenders offer competitive interest rates to residents of Nashik and provide flexible repayment tenures.To help you avail a car loan at the best interest rate, we have listed the particulars of a few car loans offered by different lenders in your city. Make sure to compare the details of the loans offered by different lenders and apply for a car loan that best matches your requirements.
| Bank | Interest rates | Minimum income | Processing fee |
|---|---|---|---|
| State Bank of India | 9.30% p.a. to 9.80% p.a. | Rs.2.5 lakh to Rs.4 lakh | Nil |
| ICICI Bank |
|
As per the lender’s terms and conditions | 2% of the loan amount or Rs.15,000 |
| Axis Bank | 9.25% p.a. onwards | Rs.1,80,000 p.a. onwards | Rs.3,500 to Rs.5,500 |
| HDFC Bank | 9.75% p.a. to 10.60% p.a. | Rs.3 lakh p.a. onwards | 0.4% of the loan amount onwards |
| IDBI Bank | 9.3% p.a. onwards | Rs.2,40,000 | Rs.1,000 plus taxes |
| Federal Bank |
|
Rs.20,000 per month | As per the lender’s terms and conditions |
| Canara Bank |
|
Rs.3 lakh p.a. | 0.25% of the loan amount |
| Punjab National Bank | 9.05% p.a. onwards | Rs.20,000 per month |
|
| Bank of Maharashtra | 9.2% p.a. onwards | Rs.3 lakh to Rs.4 lakh | As per the lender’s terms and conditions |
| Karur Vysya Bank |
|
As per the lender’s terms and conditions | Rs.3,000 to Rs.7,500 |
*Note: The particulars of the loan may vary based on the type of car loan scheme you avail
The interest rate that you are charged by a lender when taking a loan can significantly impact the overall cost of the loan. If you are charged a low interest rate, the amount that you will need to pay as interest over the course of the loan tenure will be lesser, and vice versa. Given this, it is essential to secure a car loan with a low interest rate. Thus, we’ve listed a few tips to help you get a low interest rate when applying for a car loan:
In addition to the interest rate, banks and financial institutions that offer car loans also levy other charges such as the loan processing fee, documentation charges, penalty charges, pre-payment charges, etc. While it is important to pick a car loan with a low interest rate, it is equally important to check the other fees and charges levied on the loan. These charges can cause the cost of your car loan to increase, even if you are charged a comparatively low interest rate. Thus, it is in your best interest to read through the terms and conditions of the loan and ensure that you are aware of all the charges that are applicable.
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For your car loan application to be considered, you will need to meet the eligibility criteria set by the lender. The eligibility criteria usually vary from lender to lender. That said, we have listed generalised eligibility criteria that most lenders will require you to meet to get a car loan in Nashik:
| Criteria | Self-employed | Salaried individuals |
|---|---|---|
| Age | 21 years | 18 years |
| Income | Rs.15,000 to Rs.25,000 per months | Rs.25,000 per month |
| Work Experience | 1 – 2 years | 2 – 3 years |
*Note: The exact documents that you will need to submit will vary based on the lender’s documentation requirement and the nature of your employment.
In the case of car loans, the vehicle that you purchase on loan will be hypothecated to the lender and used as the collateral. Lenders will not ask you to submit any other collateral or security. In most cases, loan applicants are also not required to have a guarantor. However, certain lenders may require you to have a guarantor or a co-applicant if your income falls under the lender’s minimum income criteria or if you are an NRI.
Yes, most lenders will allow you to prepay the loan amount. However, a penalty may be charged if you make pre-payments. The penalty could range from 1% of the prepaid amount to up to 4%, if not more.
Most lenders will require you to obtain a No Objection Certificate from them before selling your vehicle. You will only be able to obtain a No Objection Certificate after you pre-close the loan by paying the outstanding loan balance.
Yes, most lenders allow loan applicants to cancel their loan even if the application has already been approved. However, the lender may levy a loan cancellation fee if you cancel your loan application. In addition to this fee, you may have to pay for the stamp duty charges, interest accumulation charges, etc. You can contact the lender to know more about the cancellation process.
In addition to the interest rate that you will be charged on the loan amount, you may have to pay other charges such as the cheque bounce charge, duplicate statement issuance charges, penal interest, pre-closure charges, part-payment charges, stamp duty, documentation charges, issuance of credit report fee, registration certification collection charge, etc. The charges that are levied on car loans will vary from lender to lender. It is advisable to familiarise yourself with the various charges and fee that the lender levied before applying for a loan.
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