1. Car loan, a short introduction
Need a financial boost to buy a car? We would provide a brief overview of the Vishakhapatnam banks offering car loan. A car loan is the best personal finance product for you. It is no more a huge financial planning to purchase a new car. You should easily buy a new vehicle while you still maintain savings in your account for any future risks.
With a Vishakhapatnam car loan, you can easily purchase the car you planned for without having to pay the whole amount in a lump sum. A car loan has monthly mode of repayments, where you have to pay in small cheques to the banks every month. Applying for the car loan in Vishakhapatnam is a journey of less than a minute at our Paisabazaar.com website. Simply enter your details and the website allows you to choose from a varied list of Car loans in Vishakhapatnam.
2. Reasons to apply for this loan
A Vishakhapatnam car loan allows you to buy your car without having to pay the whole amount of the car at once. There are several banks that are offering car loans and there are different interest rates for the car loans in Vishakhapatnam. Let’s have a look at the benefits of applying for a car loan in Vishakhapatnam:
- Instant Money: While the bank pays for the car, you just need to repay the bank in small installments with the applicable interest rates.
- Higher Credit Score: Repaying your bank on time enhances your credit score, making you a more trustworthy borrower.
- Savings Intact: With a car loan you don’t have to pay for the bank at once, therefore you can manage your finances ensuring that you still have your saving intact.
- Financial Discipline: With a monthly repayment mode, you can organize your finances better, without having to stress about your financial well-being at any given point.
3. Information that you need to know before applying
There are many banks that offer loan scheme in Vishakhapatnam. Like, HDFC bank, ICIC bank, Axis bank, State Bank of India and many more. However, you should do a thorough analysis before applying for a car loan. Firstly you should understand how much loan amount is required and whether it is manageable to repay the bank without any failure. Next, compare all the loan schemes that are available.
The interest rates for car loans in Vishakhapatnam also depend on the loan tenure you choose. If you choose the longer loan tenure means you have to repay in lower EMIs. On the other hand, shorter tenure means higher EMIs.
4. Interest Rates in banks of Vishakhapatnam
Various banks offer car loans at various interest rates for a car loan in Vishakhapatnam. However, they start from 9.35%. Below are interest rates of some banks in Vishakhapatnam with their interest rates:
- Andhra Bank: Interest Rate is 10.25%
- Allahabad Bank: 9.80% onwards
- Bank of Maharashtra: Interest Rate starts from 9.80%
- IDBI Bank: Interest Rate is 9.95%
5. Car loan offers in banks of Vishakhapatnam
There is a great selection of banks that offer car loan schemes in Vishakhapatnam. You will have to check them by yourself, but here are some of the schemes to start with:
1. Oriental Bank of Commerce:
- Interest rates are 9.95% onwards
- No guarantor required
- Maximum loan is Rs 1Cr
2. State Bank of Patiala:
- Interest Rate is 9.95% onwards
- Processing fee is 0.51% of the loan amount
- Maximum loan tenure is 7 years
3. Canara Bank:
- Interest Rate is 9.80%
- No pre closure charges
- Maximum loan tenure is 7 years