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Car Loan in Ghaziabad

Ghaziabad is a large and planned industrial city often referred as the Gateway of Uttar Pradesh. The population is higher in the city due to its rapid growth in the industrial industry. Major economic activities in the city are electric and electronic goods, tobacco productions, ceramics, pottery, transportation equipment, dairy products and industrial machinery.

Ghaziabad is home to some of the leading banks and other NBFCs in India. Are you looking for a car loan in Ghaziabad and wondering what your options are? You have reached the right place. Read on!

What is a car loan?

Any loan that is taken for the purpose of buying a car is termed as a car loan. A car loan can be used to buy any kind of car used to buy any type of car be it a sedan, hatchback, SUV etc. for own or commercial purposes. The car loan can be paid back in Equated Monthly Installments or EMIs. These car loans can be got from any bank and NBFCs who are willing to provide the service based on their eligibility criteria.

Eligibility Criteria for Car loans in Ghaziabad

AgeMinimum 21 years
Maximum 75 years
Employment TypeSalaried or Self-employed
Employment statusEmployed/In-business for at least 3 yrs. and at least 2 years with current employer/business
Maximum loan amountOn an average financial institution pay up to 90% of the loan
Minimum IncomeRs. 10,000 per month
TenureMinimum – 12 months
Maximum – 60 months
Credit ScorePreferred 750
NationalityIndian

Features: car loan in Ghaziabad

1. 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.

2. 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.

3. Interest rate – Interest rates are fixed based on the credit profile of the 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.

Fees and Charges: car loan in Ghaziabad

Loan processing charges1% to 3% of loan amount
Documentation charges0.5% to 3% of loan amount
Pre-payment charges

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

  • Within 4 months to 6 months from the 1st EMI – 10% of principal outstanding
  • Within 7 months to 12 months from the 1st EMI - 6% of principal outstanding
  • 13-24 months from 1st EMI - 5% of principal outstanding
  • Post 24 months from 1st EMI - 3% of principal outstanding
No Due Certificate / No Objection Certificate (NOC)Will vary from bank to bank mostly NIL
EMI Late payment penalty1% to 3% Per Month on the Unpaid Installment
Stamp dutyAt actuals as levied by respective State Govt.
Cheque bounce / EMI return chargesRs.100 to Rs 500/-
Loan cancellation charges:Varies from bank to bank
Legal, repossession & incidental chargesAt actuals
Duplicate NOCRs. 500/- onwards
PDD collection chargesUp to Rs.450/-
Cheque/ECS swapping chargesRs 250/- onwards
Amortization schedule chargesRs 200/- onwards
Special NOC chargesRs 250/- onwards
Loan rebooking/reschedule chargesRs 500/- onwards

Documentation: car loan in Ghaziabad

Important documents to be submitted while applying for car loans in Ghaziabad

  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

How to apply for car loan in Ghaziabad?

There many ways one can apply for a car loan in Ghaziabad

1. 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.

2. Bank/NBFC website

Visit the official website 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 is one the easiest ways to get the car loan instantly.

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 Ghaziabad 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.

How to choose a car loan in Ghaziabad

You can follow the steps given below while choosing a car loan

  • Analyze your current financial status
  • Check your credit score
  • Choose the car of your choice
  • Decide on the margin and loan amount
  • Choose a tenure that is comfortable for repayment

Car loan EMI Calculator

To calculate how much EMI you will pay, you can use the EMI calculator available on CreditMantri website and on the bank/NBFC website. By entering the tenure, interest rate and loan amount you will get to know how much EMI you will pay.

Which Is the Best Bank for car loan in Cochin?

There are many leading banks and NBFCs which offer car loans in Cochin 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

Car loan in Ghaziabad – FAQs

1. Where can I get the cheapest car loan interest rates in Ghaziabad?

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 can I apply for a car loan through CreditMantri?

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 Ghaziabad 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.

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