1. When can a car loan be a great choice?
Ready for a new ride? Who doesn’t wish to have a new vehicle in their garage? But wondering how to manage the finances? Simple, take a car loan! Banks and NBFCs offer car loans to people who wish to buy a new car and are either struggling to arrange the money or simply don’t want to disturb their investments. A car loan can help you to upgrade to a new car without disturbing your financial balance. Like all the other loans, you will be required to submit documentation for a car loan in order to apply.
2. The car loan benefits
As you already know, almost every bank can offer you a car loan. Different banks charge a different rate of interests on the loan amount. You can freely choose your interest rates as per your feasibility since the interest rates are directly related to the loan tenure. The longer the loan tenure you choose, the lower shall be your interest rate. A Gurgaon car loan can help you to buy the car that you wished for.
3. Car loan details
The interest rates for a car loan in Gurgaon are majorly dependent on 3 important factors that are your income, credit history and loan tenure. If you have a higher credit score and longer loan tenure, then your interest rates on the loan amount might be lower. Therefore, before applying for a car loan in Gurgaon, you should ensure that you have a clean credit history. You can download your credit report for free by clicking here.
4. Gurgaon Interest Rates for car loan schemes
Interest Rates for a car loan in Gurgaon start from 9.35%. Below are some of the examples:
- State Bank of Hyderabad: 9.95% onwards
- Indian Bank: starting from 9.95%
- IDBI Bank: 9.95% onwards
- State Bank of India: 9.60% onwards
Various banks offer car loan schemes in Gurgaon:
1. Allahabad Bank:
- Interest Rate starts from 9.80%
- No guarantor is needed for application
- Pre-closure fee can amount between 2% and 4%.
2. Bank of India:
- Interest Rate starts from 9.50%
- Maximum repayment tenure can go up to 7 years
- Processing fees are Rs 500 + ST
3. Canara Bank:
- Interest Rate is always between 9.80% and 9.85%
- Processing fees are 0.25% of the loan amount
- No pre-closure charges
In order to apply for a car loan in Gurgaon, you just need to visit our website at Paisabazaar.com. The website provides you free tools – Car loan eligibility calculator and Car loan interest rate calculator. You can check your loan eligibility and the interest rates that are applicable by providing your details. After this, you can select your loan schemes from the list of available car loans in Gurgaon. Simply click ‘Apply’ and sit back.