1. Car loan – a brief overview
A car loan can help you buy your favorite car and not let you compromise just because you lack money or you are financially not ready. Be it a new car or your favorite old car straight from the garage after all the repairing and servicing. A Ludhiana car loan can solve all your financial worries to buy a car. Once you apply for a car loan at our Paisabazaar website and you loan gets approved, the bank pays for your car to your car dealer. After you get your car, you need to repay the bank in equated monthly installments at interest rates as low as 9.35%. However, different banks offer car loan schemes at different interest rates. You should apply for your loan after doing a detailed research about the interest rates for car loans in Ludhiana.
2. How can this loan help you?
By applying for a Ludhiana car loan, it becomes very convenient to buy a car as you can buy your favorite car. The mode of repayments with a car loan in Ludhiana is in the form of equated monthly installments i.e. EMIs. This makes managing your finances a lot easier than before as you don’t have to pay in whole amount. A car loan in Ludhiana is the best option when you want to buy a car as you can get your new vehicle without having to pay a huge amount from your savings.
3. Car loan features
Every car loan has some common important features like the car loan amount, the interest rate over it for repayment and the loan tenure. Your interest rate and loan tenure are flexible and is dependent on your credit score. If have a good credit history with a higher credit score, then you can enjoy lower interest rates on your EMIs. With a higher credit score, you are more likely to get your loan approved easily. Before applying for your car loan in Ludhiana, you should check the interest rates as this will ensure that you get the best deal possible.
4. Interest Rates that you can get in Ludhiana banks
Interest Rates for a car loan in Ludhiana can vary bank to bank and different for different borrowers.
- Bank of India: Interest rate starts from 9.50%
- State Bank of Bikaner and Jaipur: Interest rate is 10.10% onwards
- Union Bank of India: Interest rate is 9.90%
- State Bank of Patiala: The interest rate up to 10.45% (Max)
5. Banks that offer favorable car loan schemes
Various banks offer car loans in Ludhiana, so you can check them:
1. Oriental Bank of Commerce:
- Interest Rate is 9.95%
- Maximum loan eligibility is 85% of the on-road price.
- There are no fees at all
2. Indian Bank:
- Interest rate is 9.95%
- Maximum loan tenure is 7 years
- Processing fee is 0.229%
- No guarantor required
3. IDBI Bank:
- Interest Rate is 9.95%
- No processing fee
- Pre closure fee is up to 1%
The application process on our website is simple and a 2 minutes process. You simply log in, enter your details, provide your requirements, choose your bank, provide the copies of the documents and click ‘Apply’. You are done with your car loan application.