• Noida Car Loan

    You can avail a car loan in Noida at attractive interest rates starting from 9.05% which can be repaid in a maximum of 84 equated monthly instalments (EMIs). Processing fee ranging between zero and Rs.25,000 may be applicable on the car loans in Noida.
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    Noida Car Loan – Overview

    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.

    Interest Rate Offered by Top Lenders 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

    How to Get a Car Loan at a Low Interest Rate in Noida

    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:

    • Credit Score: Before applying for a car loan with a bank or financial institution in Noida, the applicant will have to make sure that their credit score is well above average. Agencies like CIBIL, which is an authorized credit information company that operates out in India, can help determine your credit score. You can also find out your credit score on BankBazaar. A credit score of 750 and above is considered to be a good credit score by the lenders.
    • Choose Wisely: There are several banks and lenders that offer car loans at different interest rates in Noida. However, it is advisable that the applicant take their time to make their decision. An easy way to do this would be to compare aspects of a car loan like interest rate, processing fee, tenure, etc. of various car loans offered by different banks in Noida. Banking websites like BankBazaar provide all the information that a car loan applicant would require.
    • Assess Your Needs: It is important that the applicant ensures that they do not apply for a car loan that causes a financial strain on the applicant’s monthly income. It should be noted that a car is a depreciating asset and applying for a large car loan amount would not be wise if you do not have the monthly income to pay for the EMIs.

    Eligibility Criteria to Avail a Car Loan in Noida

    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
    Maximum Age
    • Salaried – 60 years at the end of the loan tenure
    • Self-employed – 65 years at the end of the loan tenure
    Minimum Annual Income Rs.3 lakh
    Business or Job Stability
    • Salaried – Worked for at least 2 years out of which 1 year should be with the current employer
    • Self-employed – Should be in the same line of business for at least 2 years
    Other Requirements Should have a telephone/mobile connection

    Documents Required to Avail a Car Loan in Noida

    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:

    Documents Salaried Self-employed
    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

    FAQs on Noida Car Loan

    1. How do I apply for a car loan?

      2. 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.

    2. What is the tenure of a car loan that is offered by a bank?

      3. 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.

    3. What happens if I default on an EMI payment?

      4. 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.

    4. Can I apply for a car loan to buy a used car?

      5. Answer: Yes, you can. Used Car Loans are applied for quite often as people have begun purchasing used cars more often than new cars.

    5. Are there any tax benefits that come with a car loan?

      6. Answer: Unlike home loans, car loans do not offer any tax benefits.

     

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