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Being selected as one of the hundred Indian cities to be developed as a smart city by the government, Gwalior is surrounded with three industrial areas and several administrative offices. Gwalior possess different types of architectural buildings, including Italian, Chinese, Russian, Maratha, Mughal and Rajputi. Commercial establishments are on the rise, and with the implementation of metro train project, Gwalior will be one of the most preferred cities in India.
Gwalior is home to some of the leading banks and other NBFCs in India. Are you looking for a car loan in Gwalior and wondering what your options are? You have reached the right place. Read on!
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.
You can follow the steps given below while choosing a car loan
Let us look at some of the common features of the car loans which are given in Gwalior,
1. Tenure – 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. 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.
3. Loans for pre-owned 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.
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.
Following are the fees and charges levied on car loans provided by various lenders in Gurgaon.
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 : will vary with bank
EMI Late payment penalty : 1% to 3% Per Month on the Unpaid Installment
Stamp duty : as levied by the state government
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 : viz. The cost to issue another NOC by the lender: Rs 500
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
Important documents to be submitted while applying for car loans in Gwalior
There many ways one can apply for a car loan in Gwalior
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 itself. You can enquire about the terms and conditions before choosing the lender available there.
2. 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.
3. Bank/NBFC Branch
This a type of offline mode where the borrower can visit any bank or NBFCs branch in Gwalior 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.
4. 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.
There are many leading banks and NBFCs which offer car loans in Gwalior 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
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.
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 Gwalior 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.
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