1. Car Loan: An Overview
A car loan is a great way of buying a car (new or used/second-hand) without having to panic about arranging the full amount. Once you have a budget in mind, just apply for the car loan and let the bank pay major portion of the car’s price (around 80% of the car’s value usually). All you need to do is just pay a small bit upfront and then make monthly repayments (EMI payments) to the bank until the end of your loan tenure (usually a maximum of 7 years).
There are several banks that offer car loans in Bhopal, so you must check the various car loan documentations available to you before zero in and apply for a car loan with a specific lender. The interest rate applicable to a car loan usually varies on the basis of the loan tenure and longer the loan tenure is, the lower shall be the Interest Rate on the car loan.
2. Benefits of a car loan
By applying for a Bhopal car loan, it is very easy to purchase a new car for yourself as you can choose to buy one from amongst your favorite car models so that you get the best of comfort and benefits for yourself as well as your loved ones. Since the mode of repayments with a Bhopal car loan is in the form of monthly installment payments (EMIs), therefore, it is easier for you to plan your finances accordingly. Buying a car is often a long-term investment as we don’t buy cars every day. Thus it is really important to plan according to your unique requirements and consider the long-term cost implications of the vehicle you are purchasing. A car loan in Bhopal is the best option when you want to buy a new vehicle as you can get a new car while ensuring that you don’t empty your savings or liquidate your investments completely.
3. Features of car loan in Bhopal
You should check the interest rates and the lender’s processing charges when comparing the options of a car loan in Bhopal. This will ensure that you get the best deal possible. In order to improve your chances of a successful application, before applying for a car loan, you should ensure that you have a good credit history. You are more likely to get a car loan in Bhopal at a lower interest rate and higher amount if you have a higher credit score.
4. Interest Rates in banks of Bhopal
Interest Rates in Bhopal for car loans start from 9.35%. Few examples of banks that offer car loans in Bhopal at affordable interest rates are as follows:
- Federal Bank: Interest Rate starts from 9.75%
- Allahabad Bank: Interest rates from 9.80% onwards
- Canara Bank: Interest Rate begins from 9.80%
- Bank of Maharashtra: Floating Interest Rate is 10.10% and above
5. Car loan schemes that you can get at Bhopal Banks and NBFCs
Below are the interest rates, few key features and applicable charges of leading banks in Bhopal that offer you a car loan:
- Andhra Bank:
- The Interest Rate is 10.25% and above
- No need for a guarantor when you apply for a car loan
- No additional fees are payable on Andhra Bank car loans
- Oriental Bank of Commerce:
- Interest Rate on car loans starts from 9.70%
- Maximum loan tenure can be 7 years
- You don’t have to pay any or minimum processing fees on your car loan
- No guarantor needed for an OBC car loan
- State Bank of Bikaner and Jaipur:
- Floating Interest rate starts from 9.95% onwards
- No additional fees or charges
- Maximum tenure is for a SBBJ car loan in Bhopal is 7 years
How to apply for car loan on Paisabazaar
- Log on to Paisabazaar.com and click on the Car Loan icon/menu link
- Select the car type you are planning to buy — new or used car.
- Enter some key personal details such as city of residence, loan amount, loan tenure, employer type, etc.
- Compare the various offers displayed on screen by Paisabazaar’s car loan eligibility tool
- Choose the bank/NBFC options you like from the list provided and click “Apply” in order to submit your car loan application electronically.