1. Car loan: basic details
A car loan is specially made to assist you when you need money to buy a new or a used car. Like any other loan it is has loan tenure, interest rate applicable and monthly repayment mode. A car loan is a secured loan where the bank pays for your car which is usually 80% of the car purchase amount. The bank considers your car as the collateral against the car loan, and can hypothecate it if you fail to repay the bank. In Noida there are various banks that offer car loan schemes. The interest rates for car loan in Noida are different for each bank. The documentation for car loan in Noida needs to be submitted in order to apply for the loan in Noida.
2. Reasons to apply for Noida car loans
One of the easiest ways to buy a car is taking out a car loan. This will reduce your financial worries so that you can solely focus to buy the car of your desire. How car loans benefit us:
- You do not have to worry about managing finances to buy your car since, the bank is making the purchase for you.
- Repaying the bank on-time will only enhance your credit history, for this will only increase the chances of getting your loans approved by the bank.
- Since you have to pay the bank in monthly installments this will ensure that you still keep your savings intact and keep you financially strong.
- A monthly mode of repayments will ensure your financial well-being as you can organize your finances in a better way.
3. Further information about car loans
When you apply for this loan, you should be well prepared. This means that you should thoroughly check all your incomes and expenses. Why is this necessary? This will give you a clear picture of how much loan is required and how will you how much can you afford to repay monthly. The car loans in Noida have an interest rate on their repayments like any other loans. The interest rates are based on the loan tenure and your credit history.
4. Noida Interest Rates
The Interest Rates for a car loan in Noida is 9.35% onwards. Few good examples of banks providing car loans in Noida at good interest rates:
- Andhra Bank: Interest rate is 10.25%
- Allahabad Bank: Interest Rate is 9.80%
- Bank of India: Interest Rate is 9.50%
- Bank of Maharashtra: Interest Rate is 10.10% onwards
5. Banks in Noida and their car loan schemes
Different Noida banks offer car loan schemes that can suit your needs. Let’s have a look into the rates and charges of banks offering car loans:
1. Canara Bank:
- Interest Rate is 9.80% onwards
- Maximum loan amount is 9.80%
- There are no processing fees
2. Andhra Bank:
- Interest rate is 10.25%
- Maximum tenure is seven years
- No processing charges or other fees to be paid
- No guarantor required
3. IDBI Bank:
- Interest rate is 9.95%
- No processing fee required
- There are no pre-closure charges
Applying for car loan in Noida is more convenient than ever at our Paisabazaar.com as it hardly takes less than a minute. Simply log in to our Car Loan page and enter the required details. The website will show you a list of suitable loan schemes, simply choose one and click ‘Apply’.