1. What is a car loan?
Planning to buy a car (new or a used)? Car loans are the best personal finance product. With the help of a car loan, you do not have to worry about managing your finances after buying the car as the bank pays for the car you choose to buy. You just need to have a deeper understanding of your budget and apply for a car loan from a good bank. Almost every bank offer car loans in Patiala. Choose the best after doing a research about the Interest Rates for a car loan in Patiala.
5 quick and easy steps for applying for a car loan in Patiala at Paisabazaar.com:
- Find your eligibility using our Car Loan Eligibility Calculator
- Choose the car that fits your budget
- Submit completely filled online application form
- Choose the car loan scheme as per your requirements
- Click ‘Apply’
It couldn’t get any simpler!
Car loans in Patiala are secured loan where the bank pays for your car purchase considering your car as the collateral. Therefore, it is obligatory to repay the loan amount as per the repayment mode (usually in monthly installments). The repayment process is very easy and that you have to pay the loan tenure with the applicable interest rates. If you live a financially disciplined life, then this should be a hassle free experience of Patiala car loans.
2. When and why you should apply for this loan?
A Patiala car loan provides the chance to help you buy the car you couldn’t have bought with your own money. However, it is the best to buy the car with a car loan even if you have the budget to make the car purchase with your own money. A car loan gives you your favorite car drive with your loved ones along with still keeping your savings intact.
3. Car loan details that you should have on your mind
Timely repayment, follow the golden rule and you would never be in a dilemma of losing your car. Banks can offer you car loan only after keeping your car as the collateral, this means in case you fail to pay you installments, then the bank can repossess your car to recover the loan amount. Therefore, plan accordingly before applying for a car loan in Patiala.
4. Interest Rates in banks of Patiala
The Interest Rates in Patiala for a car loan are different in each bank. Let’s have a look at the Interest Rates in Patiala:
- Dena Bank: Interest Rate is 10.10%
- Allahabad Bank: Interest Rate is 9.80% onwards
- Central Bank of India: 9.75% onwards
- IDBI Bank: Interest rate starts from 9.75%
5. Banks of Patiala and their car loan schemes
1. Axis Bank:
- Interest Rate for car loan is 9.56% onwards
- Maximum loan tenure is 7 years
- Processing fees can go up to Rs 5.350
2. Federal Bank:
- Interest Rate is 10.90% onwards
- Maximum loan amount is Rs 2.5 Crs
- Processing fee is up to Rs 2,500
3. Bank of India:
- Interest rate is 9.50%
- Processing fee is up to Rs 500
- Guarantor required