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Known as the Millennium City, Gurgaon is an IT hub in Haryana, India. Rechristened as Gurugram—meaning village of the spiritual teacher—the city is a melting pot of cultures and dreams. From its historical roots to its booming IT culture, Gurgaon has much to offer. Having 36 shopping malls and high-rise buildings, real estate industry is flourishing in the city. With the well-developed transport system, Gurgaon acts as a major city generating revenues in automobiles, outsourcing and IT industry.
The number of people buying cars is on the steady increase. If you are looking for a car loan in Gurgaon, the following information will help you choose the best lender.
What is a car loan?
A car loan is one which is used to buy any type of car be it a sedan, hatchback, SUV etc. for own or commercial purposes. They are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). These car loans can be got from any bank and NBFCs who are willing to provide the service based on their eligibility criteria.
Gurgaon is home to both leading banks and automobile manufacturers. Having these two combinations, it works in the customer's favour to get a car at cheapest price from both the parties. With online facilities, the borrower can easily apply online for a car loan and select a comfortable repayment option based on the credit profile.
1. Makes it easy to buy a car – Buying a car is not easy nor is it possible for everyone. A car loan is a good way for people to buy a car and pay back the money 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. Flexi loans – Most banks provide loans at flexible tenures which the borrower can choose making it easier for the them to repay the loan.
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.
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
The borrower must meet the following eligibility criteria to get a car loan in Gurgaon.
Important documents to be submitted while applying for car loans in Gurgaon
The car loan can be applied through the following ways in Gurgaon. You can find the lender at the showrooms where you are going buy the car who spell out the terms and conditions. You can also apply online at the official website of the lenders. Walk in to the branch of any bank and apply for the car loan.
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 Gurgaon 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.
There are so many popular public and private lenders in Gurgaon who provide car loans. You can choose the lender who offers a better interest rate and flexible tenure that is comfortable for repayment.
When choosing a car loan in Gurgaon, 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.
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.
1. Where can I get the cheapest car loan interest rates in Gurgaon?
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. What are the banks that provide car loans in Gurgaon?
The banks that provide car loans 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