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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.
| Bank | Interest rates | Minimum income | Processing fee |
|---|---|---|---|
| Canara Bank | 8.60% p.a.to 9.25% p.a. | Rs.25,000 per month | Rs.1,000 to Rs.5,000 |
| Yes Bank | 10.25% p.a. to 12.25% p.a. | As per the lender’s terms and conditions | Rs.5,000 to Rs.10,000 |
| HDFC Bank | 8.85% p.a. to 11.60% p.a. | Rs.25,000 per month | Up to Rs.4,720 |
| ICICI Bank | 8.95% p.a. to 13.40% p.a. | As per the lender’s terms and conditions | Up to Rs.5,000 |
| State Bank of India | 9.30% p.a. | Rs.2.5 lakh to Rs.4 lakh p.a. | Nil |
| Andhra Bank | 9.2% p.a. | As per the lender’s terms and conditions | Nil |
| Indian Bank | 9.95% p.a. | Rs.40,000 per month | 0.229% of the loan amount |
| Bank of India | 9.25% p.a. | As per the lender’s terms and conditions | Rs.500 plus taxes |
| Federal Bank | 9.75% p.a. | Rs.20,000 per month | Rs.1,500 to Rs.2,500 |
| Axis Bank | 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.
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:
Get your brand new set of wheels through a car loan that offers affordable interest rates, quick application, and pocket-friendly repayment structures.
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.
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:
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.
Yes, most lenders allow borrowers to pre-close their car loan. However, you may be charged a pre-closure fee by the lender.
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.
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.
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.
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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