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  • Nasik Car Loan

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  • Financing your dream car in Nashik is now easy with the wide variety of car loans available. Whether you want a new car or a used car, BankBazaar has all the information you need on the latest interest rates, eligibility criteria, processing fees, etc. Make the right choice by comparing car loans from more than 25 different banks right here.
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    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.

    Lowest Car Loan Interest Rates in Nashik

    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
    • New Car Loan: 9.30% p.a. onwards
    • Used Car Loan: 14.25%
    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
    • New car loan: 9.20% p.a.
    • Used car loan: 15% p.a.
    Rs.20,000 per month As per the lender’s terms and conditions
    Canara Bank
    • Women: 8.95% p.a. to 9.50% p.a.
    • Others: 9% p.a. to 9.60% p.a.
    Rs.3 lakh p.a. 0.25% of the loan amount
    Punjab National Bank 9.05% p.a. onwards Rs.20,000 per month
    • Government Employees: Nil
    • Others: Rs.1,000 – Rs.1,500
    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
    • New Cars: 9.65% p.a. to 11.65% p.a.
    • Pre-Owned Cars: 12.75% p.a. to 16.75% p.a.
    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

     

    Tips to Get a Car Loan in Nashik with a Low Interest Rate

    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:

    • Maintain a Good Credit Score: Loan providers usually check your credit score before approving your loan application. Individuals with good credit scores are likely to get charged lower interest rates. Thus, you should check your credit score before applying for a car loan. If your credit score is low, it is advisable to take the necessary measures to improve your credit score. Ideally, to get a loan at a reasonable interest rate, you should have a credit score over 750.  
    • Look for Special Schemes: Certain lenders have special loan schemes, wherein select borrowers, such as women borrowers, applicants who are employed in a particular organisation, individuals who have already opened an account with the lender, etc., can benefit from a lower rate of interest. Therefore, you should check the various loan schemes that are offered by different lenders.   
    • Compare Loans: To get a loan with the best terms and an affordable interest rate, you should compare the various loans offered by different lenders. You can do this effortlessly through an online aggregator such as BankBazaar.com. On BankBazaar.com, you can check your eligibility and compare the car loans offered by different lenders on a single webpage. Once you find a loan that is well-suited to your requirements, you can directly apply for the loan through BankBazaar.com.  
    • Check the Loan Term: Certain lenders fix the interest rate for a loan based on the tenure that you opt for. If you opt for a shorter tenure, you may be charged a higher interest rate, while those who opt for a longer term may be offered a lower interest rate. Keep in mind that although the interest rate charged for a car loan with a long tenure may be lower, you will still have to pay more as interest over the course of the loan tenure.  
    • Negotiate for a Better Rate: If you have a good relationship with the lender, have a good credit score, or have previously taken loans from a certain lender, you may be able to negotiate for a better rate of interest. Lenders are likely to charge lower interest if they know you have a good repayment history.  

    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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    Eligibility for Applying for a Car Loan in Nashik

    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
     

    Documents Required

    • Proof of age 
    • Proof of identity 
    • Address proof 
    • Proof of income 
    • Bank statements 
    • Rate list or Pro-forma invoice 
    • Signature verification proof 

    *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.

    FAQs

    Am I required to provide a collateral/security or have a guarantor to apply for a car loan?

    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.

    Can I prepay the loan amount if I wish to close my loan earlier?

    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. 

    Will I be able to sell my car during the loan repayment tenure?

    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. 

    Can I cancel my loan application after the lender has approved it?

    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.

    What are certain charges that are applicable on car loans?

    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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