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What is a car loan?
The growth in the number of cars on the road can be taken as a sign of a growing nation, post liberalization the Indian market has been taking in a lot of new models which have been manufacterd both within the country and abroad. The means to get the cars are not available for all and for many it is the car loan which is the best credit product to realize their dreams. As the name suggests car loans are credit products provided by banks and other lenders to borrowers for the purpose of buying a car, this happens to be a secured loan. The choice for the passenger car has increased and so has the number of lenders providing this loan product. The loan generally structured as installment loans which the borrowers will repay in the form of Equated Monthly Installments (EMI). The borrower must meet the lending criteria of the borrower to get approved on the loan, this is applicable for all top lenders.
Gujarat’s former capital city and current largest city; Ahmedabad is an important economic and industrial nerve center of the Indian subcontinent. In the end of the 2000s Forbes magazine has named Ahmedabad as one of the fastest growing cities in the world, it is also going to be developed as a smart city under the smart cities vision of the Government of India.
To get a car loan in Ahmedabad and to drive home your dream car you need to meet the eligibility criteria of the banks and also have the necessary documentation
Age of the applicant should be between 21 and 75 years, the applicant should be an Indian national. In terms of salary should have a minimum of 10,000 INR and the employment type of the applicant can be salaried or self-employed.
To get the best car loan offer in Ahmedabad, most banks also look into the credit score of the applicant, as per general guidelines any score on any credit bureau above 750 is considered a very good and creditworthy by the banks.
Tenure: Car loans usually are shot terms loans starting from as a short as even one year and extending up to five years.
Do check for the exact eligibility criteria from the lenders directly however you can check your credit health and get an idea about eligibility on CreditMantri by creating a credit profile.
Let us look at some of the common features of the car loans which are given in Ahmedabad,
Makes it easy to buy a car – a cost of the car is such that most cannot afford it by downpayment and a loan could be that tool that would help in attaining the goal
Flexi loans – Tenures are not fixed and can be chosen as per the applicant's requirements hence making it easy
No collateral – no additional guarantor or collateral is required for the car loan in the city of Ahmedabad
Loans for used cars – Sometimes you may be looking at options to buy a used car, banks provide options for these requirements too
Will vary from bank to bank for example
Fixed Prepayment charges
Prepayment at any given time – 1% to 3% (or)
Varying prepayment Charges based on repayment cycle
Important documents to be submitted while applying for car loans in Ahmedabad
There many ways one can apply for a car loan in Ahmedabad
1. Applying for a car loan Through CreditMantri
You can create your credit profile for free by a simple registration and verification through mobile on the CreditMantri website or app. The credit profile gives a comprehensive view of your credit health along with information about your past borrowings, it also comes with your credit score and details as to how you have handled credit in the past. Through the CreditMantri profile you can also opt for a detailed credit health report which gives you account level analysis of your credit accounts, payment behaviour and other added features.
The next step after creating the credit profile on Creditmantri would be to check out the offers that are available based on your lenders. You will be matched to relevant car loans from lenders in the city of Ahmedabad. Loan rejections would be less than applying directly on the online sites of the car loan lenders would be due to the data and the algorithm that CreditMantri uses to create the credit profile.
The loan selection process can be split into steps
From what we have seen the best bank is the one that gives you maximum benefit in the form of tenure, interest rate and loan amount and banking services. Such an ideal bank is based on how you have borrowed before which is essentially your credit profile. If you do not have a credit score too then banks might be unwilling to lend to you. You must start building your credit history to get best offers from lenders of your choice.
Give the inputs of the tenure, interest rate and loan amount and you will instantly get to know how much EMI you will pay. You can also use the EMI calculator on the CreditMantri site
1. Do I need collateral to get a car loan in Ahmedabad?
No collateral is required for taking a car loan in Ahmedabad, as the auto loans and car loans are secured loans and the car itself acts as a collateral. Mostly no guarantor is also not required for getting car loan too.
2. What is the typical tenure of a car loan
Car loan are usually availed between one year and five years. Some lenders are able to provide for seven years too.
3. Will my car loan be rejected due to bad credit score?
A credit score is an important component in getting your loan amount approved. Banks usually look for 700 plus on the credit bureau as a good credit score. Banks are also apprehensive to lend to those who have never borrowed before.
4. What are the banks that provide car loans in Ahmedabad?
All the major banks have their presence in Ahmedabad, some of which are
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application