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Capital city of the state of Madhya Pradesh in India, Bhopal is home to various institutions and installations of national importance, including ISRO's Master Control Facility, BHEL IISER, MANIT, SPA, and AIIMS. Industries that have thrived in this city of Central India include, electrical goods, sporting equipment and handicrafts.
With the growing population in Bhopal, the demand for automobiles is on the rise. If you are looking for car loans in Bhopal, the following information will help you choose the best lenders in town.
What is a car loan?
A car loan is the finance provided by the banks and NBFCs to purchase a car of the customer’s choice. The car loans are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). Most of the banks and NBFCs provide finance for up to 90% of the value of the car purchased. The rest has to be borne by the borrower.
Interest rates, tenure and loan amount are few things a borrower must compare and analyze with various lenders to get the best deal on the car loans.
Let us look at some of the common features of the car loans which are given in Bhopal,
1. No collateral – Car loans are a form of secured loan as the car purchased acts as the collateral. No additional collateral or guarantor is required in most cases.
2. Loans for used cars – Many banks provide loans for used cars. The loan amount will depend on the car type, make and model but it still eases out the financial situation of a borrower.
3. Tenure – Buying a car could be a difficult thing for few people. A car loan is a good way for people to buy a car and pay off the loan at a tenure they are comfortable with while enjoying the vehicle.
4. Flexi loans – Most banks provide loans at flexible tenures which the borrower can choose making it easier for the them to repay the loan.
Important documents to be submitted while applying for car loans in Bhopal
Loan processing charges : vary 1% to 3% of the loan amount
Documentation charges : 0.5% to 3% of loan amount
Pre-payment charges : 1%-3% at any given point in the loan cycle
There could also be pre-payment charges based on the repayment cycle
No Due Certificate / No Objection Certificate (NOC) : Will vary from bank to bank mostly NIL
EMI Late payment penalty : 1% to 3% Per Month on the Unpaid Installment
Stamp duty : At actuals as levied by respective State Govt.
Cheque bounce / EMI return charges : Rs.100 to Rs 500/-
Loan cancellation charges: : Varies from bank to bank
Legal, repossession & incidental charges : At actuals
Duplicate NOC : Rs. 500/- onwards
PDD collection charges : Up to Rs.450/-
Cheque/ECS swapping charges : Rs 250/- onwards
Amortization schedule charges : Rs 200/- onwards
Special NOC charges : Rs 250/- onwards
Loan rebooking/reschedule charges : Rs 500/- onwards
There many ways one can apply for a car loan in Bhopal
1. Bank/NBFC website
You can go online and visit any of the banks or NBFC that provide car loan and apply for it. You will need to fill up the necessary details asked on the website. A bank/NBFC representative will come to your home to collect the necessary documents. The loan amount will be disbursed after document verification. This the best way to get an instant eligibility check.
2. The Dealer
Most showroom owners or car dealers have tie ups with lots of NBFCs and Banks whose representatives you can meet at the showroom where you are planning to purchase the vehicle. The dealers can also guide you through the process and the documents required to get the loan.
3. Customer care
A potential borrower can also call a bank/NBFC customer care with whom they can get the details and apply for the car loan. A bank/NDFC representative will come and collect the necessary documents from your home. Once the verification process is completed your loan will be disbursed.
4. Bank/NBFC Branch
This a type of offline mode where the borrower can visit any bank or NBFCs branch in Bhopal to meet with a representative who will give all the details of their car loan scheme. You can also ask any queries you might have to get a complete understanding of what you are agreeing to in taking their loan.
When choosing a car loan in Bhopal, a person first needs to understand their current financial situation. Next, he/she needs to check their credit score. A credit score will only be available if the borrower had taken loans before or if they own a credit card. If the credit score is low the person needs to improve it before applying for the loan to make sure they get the best offer.
Then the customer needs to zero in on the car of their choice. After choosing the car, you need to decide how much you are going to pay and how much loan amount you are going to take. Never take a loan beyond your means. Choose a loan and EMI which you can pay comfortably.
To get a better understanding of your loan requirement and how much EMI you will pay, you can use the EMI calculator available on CreditMantri website and on the bank/NBFC website. By inputting the tenure, interest rate and loan amount you will get to know how much EMI you will pay. You can vary the inputs for various scenarios and know the EMI in each case. This will help you plan for the loan you want.
There are many leading banks and NBFCs which offer car loans in Bhopal like HDFC, ICICI, SBI etc. The best lender is one where you can get the loan amount you want at an interest rate that is comfortable for you and who can disburse the funds as early as possible. It is always better to compare the car loans from different lenders and then look to apply for one that suits all requirements like interest rates
1. Where can I get the cheapest car loan interest rates in Bhopal?
The interest rate depends on your salary, the loan amount you require, credit score and the tenure you opt for. You can negotiate for good terms with a good credit score.
2. Where can I find a car loan interest calculator?
You can visit CreditMantri website or the lending bank website where you will find the option of EMI calculator. Input various interest rates to get the respective EMIs. The interest rate can be obtained by applying for the loan where you will submit basic information like salary, company and job experience details based on which interest rates will be displayed.
3. How to get instant e-approval on car loans?
You need to visit the website of lenders be it banks or NBFCs and apply on their website. After inputting the details asked the bank will immediately give you an update if your loan application is approved or not.
4. How to apply through CreditMantri for car loans?
You can check your eligibility and apply for a car loan by signing up with CreditMantri. By creating their free credit profile on CreditMantri, the user would be matched to car loan lenders in Bhopal based on their credit profile. This eases the process of application as the user can at one place get to see the list of lenders to which they can apply and have a higher chance of car loan approval.
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.