1. Car loan: basic details
A car loan can provide you the best comfort of a good car to you and your family. It is a loan that you can borrow from the bank when you want to buy a new car. Basically, the bank pays for your car to your car dealer and then once you get your car you repay the bank in small installments monthly. The car loans in Meerut are specially designed to help your buy cars more conveniently from a Meerut car dealer. Be it an old car or a brand new one, car loan in Meerut will help you to buy your favorite one without having to worry about your finances.
2. The advantages of car loans
Why pay at once when you can pay in installments? A car loan gives you quick money to help you make the purchase, while you repay the bank in EMIs. A car loan can even boost your credit score if you make sure that you pay your EMIs on time without any delay. Taking a Meerut car loan will eliminate the worry of paying such a huge amount at once so that you can keep your savings intact and enjoy the ride of your new car also.
3. Things to know when applying for the loan
Before applying for a car loan in Meerut, there are few important things that you should know about them. Below are the important things to be considered for a Meerut car loan:
- Loan Tenure: the monthly installments that you shall pay will be at an interest rate and your interest rate is proportional with the loan tenure that you choose.
- In Time Repayments: for a car loan is a secured loan, therefore this is particularly important, to avoid repossession of your car by the bank.
- Good Credit Score: a good credit score makes you more likable by the bank and you can get your loan approved at a lower Interest Rate for Car Loan in Meerut.
4. Meerut car loan Interest Rates
Interest Rates for car loans in Meerut is 9.35% onwards. Below is a short list of some leading banks and their car loan interest rates:
- ICICI Bank: Interest Rate goes between 9.50% and 10.75%
- Dena Bank: Interest Rate is 10.10% onwards
- HDFC Bank: Interest Rate starts from 11.50%
- Andhra Bank: Interest Rate is 10.25%
5. Banks that offer car loan schemes in Meerut with their interest rates and other charges:
1. Allahabad Bank:
- Interest Rate for car loan is 9.80%
- Pre-closure fee ranges from 2% to 4%
- Procession fee amounts 0.50% of the loan amount
2. Bank of India:
- Interest Rate is 9.50% onwards
- Maximum loan tenure is 7 years
- Processing charges are Rs 500 + ST
- This scheme doesn’t require a guarantor
3. Canara Bank:
- Interest rate begins from 9.65%
- Processing fee is 0.25% of the loan amount
- Maximum loan tenure is up to 84 months
Apply for a car loan in Meerut in less than 2 minutes at our Paisabazaar website. Just log in to Paisabazaar.com and enter your personal details along with car details. The website will show you a shortlist of suitable car loans in Meerut. Before you click ‘Apply’ you have to provide some documents as a mandatory requirement for the banks that offer car loans in Meerut.