Visakhapatnam Car Loan
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Visakhapatnam, the largest city of Andhra Pradesh, is one of the most populated metropolitan cities in the country. Private cars are a preferred mode of transport for residents of the busy city.
There are number of banks and non-banking financial institutions in the city that offer car loans to residents of Visakhapatnam. In this article, let us look at the particulars of car loans offered by a few lenders that have a presence in Visakhapatnam.
Lowest Car Loan Interest Rates in Visakhapatnam
Bank | Interest rates | Minimum income | Processing fee |
8.60% p.a.to 9.25% p.a. | Rs.25,000 per month | Rs.1,000 to Rs.5,000 | |
10.25% p.a. to 12.25% p.a. | As per the lender's terms and conditions | Rs.5,000 to Rs.10,000 | |
8.85% p.a. to 11.60% p.a. | Rs.25,000 per month | Up to Rs.4,720 | |
8.95% p.a. to 13.40% p.a. | As per the lender's terms and conditions | Up to Rs.5,000 | |
9.30% p.a. | Rs.2.5 lakh to Rs.4 lakh p.a. | Nil | |
9.95% p.a. | Rs.40,000 per month | 0.229% of the loan amount | |
9.25% p.a. | As per the lender's terms and conditions | Rs.500 plus taxes | |
9.75% p.a. | Rs.20,000 per month | Rs.1,500 to Rs.2,500 | |
8.60% p.a. to 11.50% p.a. | Rs.1.8 lakh?to Rs.2.4 lakh | Up to Rs.5,500 |
*Note: Keep in mind that the above-mentioned details may vary based on the type of car loan scheme you apply for.
Tips to Get a Car Loan in Visakhapatnam at a Low Interest Rate
When you approach a lender for a car loan, the lender offers you an interest rate based on a number of factors such as your credit score, your relationship with the bank, the tenure of your loan, etc. It is advisable to opt for a car loan with a low interest rate since it will keep the cost of your loan down. Listed below are a few tips that will help you get a low interest rate when applying to a bank for a car loan in Visakhapatnam:
- Maintain a Good Credit Score: Your credit score indicates your creditworthiness and repayment ability as a borrower. Although car loans are secured loans, lenders will check your credit score before approving your loan application. If you have a low credit score, your application may be rejected or you may be charged a high rate of interest for the loan. On the other hand, if you have a credit score over 750, there is a higher chance that you will not face any hassles in finding a lender who is willing to you offer you a car loan at an affordable rate of interest.
- Compare Car Loans: The interest rates charged by lenders will vary based on their respective terms and conditions. If you are looking to borrow a car loan at an affordable rate of interest, you should compare the various loan options available in the market. It is best to compare interest rates through an online aggregator like BankBazaar before you apply for a particular car loan. In addition to the interest rate, it is also advisable to check the other charges and fees levied by different lenders.
- Negotiate With Your Lender: Applicants who meet the lender's eligibility criteria may be able to negotiate for a lower rate of interest. If you are applying to a bank or financial institution that you have a relationship with, you may be able to negotiate for a lower rate of interest. Also, if you have an excellent credit score, you can ask your lender to reduce the rate of interest on your loan.
- Choose a Shorter Loan Tenure: Certain lenders decide the interest rate for a car loan based on the tenure of the loan. It is seen that lenders sometimes charge a higher interest rate for short-term loans, and lower interest rates for long-term loans. That said, it is advisable to opt for a shorter loan tenure since the total amount of money that you will have to pay as the interest over the course of the loan repayment term will be lower.
- Make a Down Payment: A number of car loan providers, today, offer financing for up to 100% of the value of the car, especially in the case of new vehicles. However, you should keep in mind that if you borrow a higher sum of money, you will need to pay a higher interest to the lender, and vice versa. For this reason, it is advisable to make a large down payment when taking a car loan.
Get your brand new set of wheels through a car loan that offers affordable interest rates, quick application, and pocket-friendly repayment structures.
Eligibility for Applying for a Car Loan in Visakhapatnam
Your car loan application will only be considered if you meet the lender's eligibility criteria. The general eligibility criteria for car loans are as follows:
Criteria | Salaried individuals | Self-employed individuals |
Age | 18 years | 21 years |
Income | Rs.1.8 lakh to Rs.3 lakh | Rs.2 lakh p.a. - Rs.3 lakh p.a. |
Work Experience | 2 years minimum | 2 years minimum |
*Note: The eligibility criteria will vary from lender to lender, based on their terms and conditions.
Documents Required
When you apply for a car loan, you will need to submit a few documents along with your application form. Keep in mind that the documents that you will need to submit may vary as per the nature of your employment. Listed below is a generalised list of documents that you can expect your lender to ask for at the time of application:
- Identity proof
- Income proof
- Proof of residence
- Bank statements
- Income tax returns
- Age proof
- Recent passport-size photographs
- Signature verification proof
- Rate list or pro-forma invoice
Borrowing a car loan is a significant financial decision. Thus, you should ensure that you do your due research before applying to a particular lender for a car loan.
FAQs
- Can I pre-close my car loan?
Yes, most lenders allow borrowers to pre-close their car loan. However, you may be charged a pre-closure fee by the lender.
- How do I apply for a car loan?
You can apply for a car loan through online or offline channels. A number of lenders, today, allow prospective borrowers to apply for car loans through their official websites. You can also directly walk into the lender's branch to apply for a loan. Prospective borrowers can also compare car loans offered by different lenders through a third-party financial services website like BankBazaar and submit their application through the website.
- For what type of vehicles do lenders offer car loans?
Most lenders offer car loans for new and used vehicles. Banks and financial institutions offer car loans to individuals who wish to purchase passenger cars, sports utility vehicles, and multi utility vehicles. Certain lenders may also offer car loans for imported cars.
- Can I sell my vehicle after taking a car loan?
If you wish to sell a vehicle that was purchased on loan, you will need to first preclose your loan by paying the outstanding loan balance. Post this, you can obtain an NOC from the lender and sell your vehicle.
- Do lenders offer car loans to self-employed professionals?
Yes, most lenders offer car loans to salaried and self-employed professionals. However, it is advisable to check the eligibility criteria before submitting your car loan application.
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