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Get car loans in India that are best matched to your credit profile
Popularly known as the Manchester of South India due to the presence of cotton production and textile industries, Coimbatore is a major city in the Indian state of Tamil Nadu. Being the second largest city in Tamil Nadu after Coimbatore, it is one of the fastest growing tier-2 cities in India. The city is a major hub for textiles, industries, commerce, education, information technology, healthcare and manufacturing in Tamil Nadu. With the growing demand for automobiles, the number of people applying for a car loan is increasing day by day.
Coimbatore is home to some of the leading banks and other NBFCs in India. If you are looking for a car loan, it is important you know some of the features of the loan.
What is a car loan?
Car loans are provided by banks and other private lenders to buy a car of the borrower's choice. Car loans can be repaid in Equated Monthly Installments (EMI). Based on the eligibility criteria of the borrower, the lender determines the loan amount, interest rate and other items on the loan.
Coimbatore is home to leading public and private banks. You can get the following benefits on the car loan in Coimbatore
Let us look at some of the common features of the car loans which are given in Coimbatore,
1. Flexi loans – Most banks provide loans at flexible tenures which the borrower can choose making it easier for the them to repay the loan.
2. 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.
3. Loans for pre-owned cars – Most of the banks and private lenders provide loans for used cars. The loan amount will depend on the car type, resale value and model but it still eases out the financial situation of a borrower.
4. 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.
To get a car loan in Coimbatore and to drive home your dream car you need to meet the eligibility criteria of the banks and also have the necessary documentation
Age criteria: 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 Coimbatore, 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.
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 Coimbatore
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 Coimbatore 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 matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. Hence, the chances of your car loan application getting approved is higher.
You can follow the steps given below while choosing a car loan
A car loan EMI calculator helps you find the EMI amount to be paid and total amount with interest. The results are generated instantly by giving inputs such as loan amount, interest rate and tenure. It is quick and the results are accurate. You can also check for various combinations of loan amount and interest rate.
There are many leading banks and NBFCs which offer car loans in Coimbatore 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. 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.
2. Where can I get the cheapest car loan interest rates in Coimbatore?
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.
3. 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.
4. What are the leading banks that provide car loans in Coimbatore?
The banks that provide car loans are
Axis Bank, HDFC Bank, SBI, ICICI Bank, Bank of Indian, South Indian Bank, Canara Bank, Lakshmi Vilas Bank, Bank of Baroda, IOB, UCO Bank, Federal Bank, Indian Bank, IndusInda Bank,
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