1. An introduction to car loans
Buying a car, whether a brand new one or an upgrade from the current car that you own, requires a sizeable chunk of your savings. But why pay that whole amount at once when your bank can pay for you and you can repay in small installments. This will ensure that you still have your savings intact; while you can drive around with your family around the town in your new car. Almost every bank in Mumbai or any Indian city for that matter has banks that provide good car loan schemes. You can apply for your loan schemes by visiting our Paisabazaar website. The website will help you with the list of banks offering car loans in Mumbai. The Interest Rates for car loans in Mumbai are not too high, but starts from 9.35%. However, your equated monthly installments depend on the loan tenure that is chosen.
2. Why you have to apply for this loan scheme?
A Mumbai car loan can help you to solve your financial worries when you want to buy a new car by paying a major amount of the purchase price (usually around 80%). Since, the bank accepts repayments for a Mumbai car loan in monthly mode; therefore, planning for your finances becomes easier. A car purchase is a long term investment as we do not buy cars so frequently. Thus, it is very important to plan your finances as per your requirement and after detailed research. With a car loan you can enjoy a new car, while you still have your savings intact.
3. Car loan information
Car loan schemes are available in almost every bank in India. But a Mumbai car loan has various features which are different from each other. However, every bank has some common features that should be considered before availing a car loan. Let’s have a quick look into the important features:
- Interest rates: for you repay the bank at an interest rate, therefore it is good to understand their interest rates on repayments and plan your finances.
- Loan tenure: is the repayment deadline based on the loan amount and the interest rates. Longer loan tenure means lower EMIs, wherein shorter loan tenure means higher EMIs.
- Processing fee: is a nominal amount charged by the bank to get your loan approved.
Before you apply for any loan you should check the interest rates applicable on the repayments that you will make. The interest rates for a car loan in Mumbai varies from bank to bank. Below are the rates and the basic charges that are applicable on the loan schemes by different banks:
- HDFC Bank: Interest Rate starts from 9.50%
- Andhra Bank: Interest rates begin from 10.25%
- Allahabad Bank: Interest Rate is 9.80% onwards
- Federal Bank: 9.75% onwards
1. Axis Bank:
- Interest rate is 9.5%
- Processing fees up to Rs 5500
- Maximum loan tenure is 7 years
2. ICICI Bank:
- Interest Rate varies between 9.50% and 10.75%
- Maximum loan repayment tenure is 7 years
- Processing fees is up to Rs 6,153
3. Bank of India:
- Interest rate is 9.50% onwards
- Processing fees up to Rs 500 + ST
- Maximum loan tenure is 7 years
- A guarantor is mandatory
Avail a car loan in Mumbai in less than 2 minutes by comparing the loan schemes by the banks offering car loans in Mumbai. Simply visit Paisabazaar website and provide your required details. Click ‘Apply’ after selecting the best suitable loan scheme for the list of available car loan.