1. The meaning of car loan
A car loan is a secured loan which can help you buy your car by paying the car amount to the seller on your behalf. These loans have a monthly repayment mode for the EMIs. Since car loans are secured loans, therefore in any case if you fail to pay your EMIs, then the bank holds the right to seize your car. With the help of a car loan in Faridabad you buy a either a brand new car or even a used car as per your preference.
2. Good sides of car loans
A car loans allows you to pay for your car in monthly installments, so you don’t have to pay the huge car purchase amount from your savings. This way you even get your car and maintain your saving balance. There are various banks that offer car loan, so when you apply for Faridabad car loan; you have to make sure you do a proper research before choosing one.
3. Car loan information that you need to know
There are some things that you should know when applying for the Faridabad loan. Since it is a secured loan, you have to be very sure before availing this loan. If you fail to make the EMI payments, then the bank concerned has the rights to seixe your car and put it for auction.
A good credit history will help you to get your approved very easily. The interest rates for car loans in Faridabad vary from bank to bank. You can get the knowledge about the interest rates and your eligibility on our website for free using our car loan eligibility calculator.
Before applying for a car loan in Faridabad, it is recommended that you make a detailed plan of your finances.
4. Interest Rates for car loans in Faridabad
You can find various Interest Rates for a car loan in Faridabad banks. Some examples of banks offering car loans are:
- Dena Bank: Interest Rate is 10.10%
- Capital First: Interest Rate starts from 13%
- Allahabad Bank: Floating Interest Rate is 9.80%
- Bank of Maharashtra: Floating Interest Rate is 10.10%
5. Banks in Faridabad and their car loan offers
Various banks offer a car loan scheme in Faridabad:
1. Bank of India:
- Interest Rate is 9.50%
- A guarantor is required
- Processing fees of Rs 500 + ST
2. Canara Bank:
- Interest Rate starts from 9.80%
- Seven years is the maximum tenure that you can get
- Processing fee is 0.25% on the loan amount
- You will have to bring a guarantor
3. IDBI Bank:
- Interest rate is 9.95%
- There are no processing fees or any similar charges
- You don’t have to bring a guarantor
- Pre closure charges of up to 1%
Visit out Paisabazaar.com website to apply for a car loan in Faridabad. Just fill in your personal details, car details that you wish to buy and your loan requirements. Our wesite will show you many car loans as per your requirements. Select one of the car loan choices in Faridabad by clicking “Apply”.