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Car Loan in Hyderabad

Known as diamond and pearl trading centre, Hyderabad holds various traditional bazaars. Major research, manufacturing and financial institutions have been set up in Hyderabad, and it is the fifth largest contributor to India’s overall GDP. The growth of Information Technology (IT) industry has boosted the sectors of trade, commerce, transport, real estate and retail.

The number of people buying cars is on the steady increase. If you are looking for a car loan in Hyderabad, the following information will help you choose the best lender.

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.

Features: car loan in Hyderabad

Let us look at some of the common features of the car loans which are given in Hyderabad,

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. Security – 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 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.

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.

How to choose a car loan in Hyderabad

When choosing a car loan in Hyderabad, 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.

Eligibility: car loan in Hyderabad

To get a car loan in Hyderabad 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 Hyderabad, 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.

Fees and Charges: car loan in Hyderabad

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 Hyderabad

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

  • Completed loan application
  • 3 Passport size photographs
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • 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

Applying 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 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.

Which Is the Best Bank for car loan in Hyderabad?

There are many leading banks and NBFCs which offer car loans in Hyderabad 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 Hyderabad – FAQs

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

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. 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.

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 banks that provide car loans in Amritsar?

The banks that provide car loans are

AXIS Bank Car LoanAndhra Bank Car Loan
HDFC Bank Car LoanBank of India Car Loan
HSBC Bank Car LoanBank of Maharashtra Car Loan
ICICI Bank Car LoanCatholic Syrian Bank Car Loan
IDBI Bank Car LoanCentral Bank of India Car Loan
Indian Overseas Bank Car LoanYES Bank Car Loan
IndusInd Bank Ltd Car LoanCity Union Bank Car Loan
Kotak Mahindra Bank Car LoanCorporation Bank Car Loan
Oriental Bank of Commerce Car LoanDBS Bank Car Loan
State Bank of India Car LoanDhanlaxmi Bank Car Loan
UCO Bank Car LoanFederal Bank Car Loan
Bank of Baroda Car LoanIndian Bank Car Loan
Canara Bank Car LoanJammu and Kashmir Bank Car Loan
Punjab National Bank Car LoanKarnataka Bank Car Loan
Union Bank of India Car LoanKarur Vysya Bank Car Loan
Vijaya Bank Car LoanLakshmi Vilas Bank Car Loan
Syndicate Bank Car LoanNainital Bank Car Loan
Deutsche Bank Car LoanPunjab and Sind Bank Car Loan
Allahabad Bank Car LoanRatnakar Bank Car Loan
DENA Bank Car LoanSouth Indian Bank Car Loan
GE MONEY Car LoanTamilnad Mercantile Bank Car Loan
Magma Fincorp Car LoanUnited Bank Car Loan

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