1. Car Loan: An Introduction
There are various Indian banks that offer car loans to people from various walks of life. These car loan schemes are designed to help you purchase the new or used car that you wish for irrespective of the type of car you desire. With a Bhubaneshwar car loan, you can buy yourself a brand new and reliable car to provide a comfortable travel experience to your family and yourself. Like all other loans, you have to submit the requisite documentation for a car loan when you apply for one. A Bhubaneshwar car loan is a secured loan, which means that you can lose your car to the car loan provider if you fail to make timely EMI payments.
2. What are the key benefits of a car loan scheme?
Buy a new or even a used car involves a substantial financial investment on the part of the buyer. A Bhubaneshwar car loan will help you buy your dream car easily without having to worry about the finances. This is because your car loan will cover up to 80% of the vehicle cost and all you need to pay upfront is the down payment amount.
Buying a car with the help of a car loan would mean that you are liable to make equated monthly payments or EMIs. This helps you to plan your finances in advance and in a more organized manner.
3. Key Features of Bhubaneshwar car loan schemes
Below are some of the key features of a car loan in Bhubaneshwar:
- Tenure period- your monthly rates are based on the tenure period you choose. A longer period would feature lower EMI payments as compared to shorter car loan tenure.
- Good credit history- a higher credit score can lower the Interest Rate for Bhubaneshwar car loans so you will have to pay less as interest on the amount borrowed.
- Timely repayment- this is particularly important as a car loan is a secured loan, hence, to avoid repossession of your car by the bank, it is important that you pay your EMIs on time for your Bhubaneshwar car loan.
4. Leading Bank Interest Rate for Bhubaneshwar car loan schemes
You are definitely spoilt for choice as every bank in Bhubaneshwar offers a car loan scheme no matter what your budget or income level. The current Interest Rates on car loans for some leading banks/NBFCs in Bhubaneshwar are as follows:
- Bank of India: Floating Interest Rate starts from 9.50%
- Dena Bank: The floating interest rates begin from 9.60%
- Capital First: Interest Rate usually ranges from 13% to 14.50%
- Allahabad Bank: The floating Interest Rate is from 9.95% onwards
5. Leading options to apply for a car loan in Bhubaneshwar
The following are some of the leading car loan schemes in Bhubaneshwar that you may choose from:
- Central Bank of India:
- Interest rate of 9.75% and above
- Processing fees start from 0.5% of loan amount sanctioned
- Other fees can range from Rs 2000 to Rs 20000 depending upon loan quantum
- Oriental Bank of Commerce:
- Interest Rate starts from 9.70%
- Maximum loan tenure is 7 years
- No processing charges or other fees
- Axis Bank:
- Interest Rate on car loan starts from 9.65%
- No guarantor required.
- You can take a car loan for a maximum tenure of 7 years.
- Pre-closure charges applicable as specified by Axis Bank
6. Apply for a Car Loan Online
Applying for a car loan in Bhubaneshwar or any city, for that matter, is very easy as you just need to log on to Paisabazaar.com and apply online. The entire process will take less than 2 minutes and you will have the option of conducting extensive research on the available options before zeroing in on a Bhubaneshwar car loan option that works for you.
If you are not sure of the loan amount or how much EMI you can afford, don’t worry, we have you covered! Use our free tools such as the Car Loan EMI calculator and Car Loan Eligibility calculator that are available on the Paisabazaar website before you choose the specific Bhubaneshwar car loan variant that works for you.