A car loan is exactly what you need when you want to purchase a car (whether new or used). Buying a new car is a big financial investment and obviously needs a lot of planning. Before deciding which car to buy, first see how much loan you are eligible for. Use our online Car Loan Eligibility Calculator to know the loan amount you can comfortably pay without affecting your financial budget and life goals. In Amritsar, like any other city in India, car loans can help you buy your dream car without any hassle.
To buy a car it is best to opt for a car loan. A car loan provides the amount which is requested by you to buy your car. You just need to pay your monthly EMIs on time to avoid any hassle. There are various banks that are offering car loans. In order to apply, you just need to submit documentation for a car loan in Amritsar.
Advantages of a car loan
A car loan aids us in becoming self-dependent. But more importantly it takes off the burden associated with a car purchase – financing! With a car loan, you don’t have to worry about to arrange the money as the entire amount will be paid up by the lender and you can repay over a course of 5-7 years. This arrangement eases the pressure off you by allowing you to focus on just the EMI amount and the entire car value. Taking a car loan in Amritsar will provide you a vehicle of your choice without any financial issues. The bank will pay for your car and all you need to do is pay timely to the bank.
- Savings intact: with a car loan, you don’t need to empty your savings account. Therefore, you are financially ready to deal with an emergency
- Improvement in credit score: timely repayment of the loan can improve your credit score and history.
- Repayment deadline is based on loan tenure: A longer tenure means lower EMIs but high total interest amount. However, shorter loan tenure means higher EMIs but low total interest outflow.
Car Loan Interest Rates in Amritsar
Interest Rates on car loans in Amritsar start from 9.35%. Below is a short list of leading banks and car loan interest rates:
- ICICI Bank: between 9.50% and 10.75%
- HDFC Bank: 9.50% onwards
- Andhra Bank: 10.25% onwards
- Dena Bank: 9.85% for women and 9.95% for others
1. Andhra Bank:
- Interest Rate is a 10.25% onwards
- Maximum loan tenure is 7 year
- There are no fees that you have to pay
- No guarantor is needed
2. Federal Bank:
- Interest Rates are from 10.90% to 12.25%
- Maximum tenure that you can take is 7 years
- Pre-closure fees amount 2% of the loan value
3. IDBI Bank:
- Interest Rate is 9.95% onwards
- There are no processing fees or other charges
- Tenure can go up to 7 years
Process to apply for car loan
To apply for a car loan in Amritsar, simply click here. Once you enter the required details, our intuitive tool will show you the list of offers that match your profile. Select the one that best suits your needs.