Planning to buy a new car, but short on funds? Don’t worry a car loan can smoothen your ride. Nowadays, a car loan has made it very easy for us to buy the car we want. Earlier, inadequacy of funds was a major hindrance but thanks to car loans, savings or no savings, we can buy a car. However, keep in mind, a car loan is a secured loan so failure of timely repayments would translate into you losing your car to the lender.
Car loan is available in every state and city in India, including Allahabad, Uttar Pradesh. Almost all the leading banks offer car loan in Allahabad.
1) What benefits can a car loan provide you?
Car loans help you avoid the burden of arranging the full amount for buying a car. With the help of a car loan, you no longer need to pay the entire money in one go but can go EMI route and reduce your burden. Therefore, your savings remain untouched. But do ensure you make timely repayments of your loan.
2) How to apply for a car loan in Allahabad
Whether you are in Allahabad or any other city in India, applying for car loan is very easy. Log on to Paisabazaar.com’s car loan product offering and get started. Enter your name, city of residence, car manufacturer you are considering, loan tenure, employer’s name, and income. Once all these details are entered, our platform will display the list of car loan offers that match your profile. Choose the offer you like and click “Apply”.
Documentation for car loan entails all your id, address and income proofs, along with passport-sized photographs. You also need to have a good credit history to ensure your loan application is approved without hiccups. Note that credit history can influence the interest rate lenders offer you.
3) Some Interest Rates that you can find in Allahabad
A car loan in Allahabad with good Interest Rate, starts from 9.35% onwards. Interest Rates in Allahabad for car loans are:
- Allahabad Bank: Floating interest rate of 9.80%
- State Bank of India: Interest Rate is 9.80%
- Union Bank: 9.90% onwards
- Bank of India: Interest Rate starts from 9.50%
4) Where to ask for a car loan in Allahabad?
You can find car loan schemes in various banks in Allahabad:
1. HDFC Bank:
- Interest Rate on car loan starts from 9.50%
- No guarantor required
- Processing fees up to Rs 2,587
2. Andhra Bank:
- Floating Interest Rate up to 10.25%
- Maximum tenure is 7 years
- No processing charges or other fees
- No guarantor required.
3. Dena Bank:
- Interest rates for women are 9.85% and 9.95% for others
- No processing fees
- Maximum loan tenure up to 7 years
- No pre-closure charges