Noida, or New Okhla Industrial Development Authority, is a leading industrial centre located in Uttar Pradesh and is a fast-growing city providing opportunities for several different companies, BPOs, industrial offices, etc. This has brought in a large influx of people and these people often purchase four-wheelers of their own to commute in the city. But sometimes, individuals find it difficult to come up with capital required to purchase their dream vehicle. In these cases, individuals often approach a bank or financial institution to avail a car loan to make their purchase. Car loans are offered at affordable interest rates which vary across banks that are operating in Noida.
|Name of the Bank||Interest Rate||Processing Fee|
|ICICI Bank||9.30% to 12.85%||Rs.3,500 to Rs.8,500|
|Axis Bank||9.05% to 11.30%||Rs.3,500 to Rs.5,500|
|State Bank of India||8.80% to 12.05%||Nil|
|Indian Bank||9.10%||Up to Rs.10,236|
|HDFC Bank||9.50% to 10.25%||Rs.3,000 to Rs.10,000|
|IDBI Bank||9.20% to 9.90%||-|
|Federal Bank||9.25%||Rs.1,500 to Rs.2,500|
|Canara Bank||8.70% to 11.30%||Rs.1,000 to Rs.5,000|
|Allahabad Bank||8.60% to 10.85%||Up to Rs.8,696|
|Andhra Bank||8.80%||Rs.1,000 to Rs.25,000|
There are a few things that need to be followed when applying for a car loan to ensure the lender gives the applicant the best rate of interest possible:
The eligibility criteria for car loans offered by various banks in Noida vary with several factors like if the applicant is salaried, self-employed individuals and professionals (partnership firms), self-employed individuals and professionals (private limited companies) or self-employed individuals and professionals (sole proprietorship). Some of the basic eligibility criteria that need to be met by an applicant are given below:
|Who Can Avail||Salaried, self-employed individuals and professionals of partnership firms, private and public limited companies, and sole proprietorships|
|Minimum Age||21 years|
|Minimum Annual Income||Rs.3 lakh|
|Business or Job Stability||
|Other Requirements||Should have a telephone/mobile connection|
The documents that are required by the bank or lender are needed to establish the authenticity of the applicant and the details they have provided. The documents that a car loan applicant will have to submit are listed below:
|Proof of Identity||Passport/PAN Card/Aadhar Card/Driving License/ Voter’s ID||PAN Card/ Aadhaar Card/ Passport/Voter’s ID/Driving License|
|Address Proof||Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy||Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy/ Sales Tax Certificate|
|Income Proof||Form 16 and latest salary slips||Latest Income Tax Returns/Audited Balance Sheet/Profit and Loss Account|
|Others||Bank statement for the last 6 months||Bank statement for the last 6 months|
Answer: You can apply for a car loan on the main website of the bank or you can even visit a baking portal like BankBazaar where you can compare various car loan options that are offered in Noida. You can even apply for a car loan by visiting the nearest branch of the bank.
Answer: Banks generally offer car loans for a period of 1-5 years. The loan tenure depends on the type of car that’s being purchased – the make and model of the car. Banks and lenders also offer car loans for a period of 7 years.
Answer: A car loan applicant should make it their duty to ensure they do not miss out on any EMI payments. If you do miss out on a payment, get in touch with the bank and explain why you have missed out on your payment. Banks and lenders will not deem you as a defaulter immediately. But if this is repeated time and again, your credit score can get seriously affected.
Answer: Yes, you can. Used Car Loans are applied for quite often as people have begun purchasing used cars more often than new cars.
Answer: Unlike home loans, car loans do not offer any tax benefits.
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