Buying a new car in Bangalore has never been easier. Personal Loan Bangalore provides easy and quick car loan services to its customers. We have collaborated with various banks in Bangalore to provide best deals to our customers to get car loan.
Any entrepreneur with a legitimate business with reasonable earnings can apply for a business loan. The banks mainly decide on the amount to be given on the basis of following criteria:
The banks decide the eligibility for car loan on the basis of following criteria
|Bank||Rate of Interest||Processing fee||Prepayment charges||Loan amount||Tenure|
|HDFC Bank||11.50% to 13.75% depending on the segment of the vehicle||Rs.3,175 /-for loan up to Rs. 2.5 lakhs
Rs.4,325/- for over Rs. 2.5 lakhs to Rs.4 lakhs
Rs. 4,830/- for over Rs. 4.01 lakhs to Rs.5 lakhs
Rs.5,225/- for over Rs.5.01 lakhs up to Rs.10 lakhs
Rs5,875/- for RS 10 lakhs plus
|6% of the principal outstanding within 1 year from 7th EMI
5% of principal outstanding for preclosure within 13-24 months from 1st EMI
3% of principal outstanding post 24 months from 1st EMI
|Up to 100% funding||7 years|
|SBI||10.45% for men
10.40% for women
|0.51% of the loan amount, Minimum of Rs.1020/- and maximum of Rs.10, 2000/-. Waived till 31.12.2014||Nil||Up to 85% of the on road price of the car||7 years|
|ICICI Bank||10.75% to 15.00% depending on the segment of the vehicle and loan tenure|| || ||Up to 100% of the e showroom price of the car||up to 7 years|
|Axis Bank||11.50%||Rs.3500/- to Rs.5500/-||5% of the principal outstanding after 180 days of disbursement 10% of the principal outstanding up to 180 days of disbursement||Up to 95% of the ex-showroom price||Up to 7 years|
When you apply for a car loan, you can get up to 85% funding in the form of a car loan (on the ex showroom price). However, the amount of funding varies from bank to bank. One more important factor that will decide the loan amount that you can apply for is your ability to repay the borrowed amount.
There is no upper age limit as such when you apply for a car loan. The only important thing is to have a reliable source of income when you are applying for the loan. This generally means that those who are above the retirement age are not eligible to apply. But, there are private banks that don’t have this restriction as their eligibility criterion.
Usually car loan applications are processed faster. Within a week of applying to the bank, you can expect a concrete response from the bank in terms of the status of your application.
The amount of car loan will differ from one applicant to another. Accordingly, the EMI or monthly instalment to be paid back will also differ. You can opt for an EMI amount that you are comfortable to handle. This can also vary in accordance to the repayment tenure that you can choose.
Ideally, we would advise you to repay your other loans before you apply for a car loan. This is because doing so improves your credit score which in turn strengthens your application. However, if your loan is relatively recent, repaying it soon may not be a viable option. In such cases if applying for a car loan is important, you need to have a concrete repayment plan to show the bank.
Processing fees are applicable for a car loan. These fees can differ from bank to bank. It is best advised to clarify such details from the bank’s representative before you submit your application to the bank.
Even when you are buying a used car, you are eligible to apply for a loan. You can ask the used car dealers for the banks that they have been approved by and accordingly choose the one you want to submit your loan application to.
Paying the EMI on time is important when you apply for a car loan. In case you miss an EMI, the bank is authorized to levy a negligence fee. Repeatedly missing EMI’s also spoils your overall credit ranking and therefore should be avoided. Ideally, set reminders or schedule auto debits to avoid this situation.
The applications are processed really fast to ensure that our customers don’t have to face any delays.