Interested in financial products
Processing

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

3220

Max Tenure

7 yrs

Best Rate

10.00%

Sorry! We couldn't find any offer matching this category.

Car Loan in Meerut

An ancient city with settlements dating back to the Indus Valley civilization, Meerut is situated in the Indian state of Uttar Pradesh. Known as the "Sports City of India “and many sports goods manufacturers operate out of the city, the city is famous for being the starting point of the 1857 rebellion against British colonial rule. Traditionally known for its handlooms, Meerut is also famous for its publishing industry. It continues to be an important centre of education, health, culture, commerce, finance, design, art, and tourism.

Cars have become the most comfortable mode of transportation for people of all ages. If you are looking for a car loan in Meerut, 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 for own or commercial purposes. The loans generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). These car loans can be obtained from any public and private banks who are willing to provide the service based on their eligibility criteria.

Eligibility: car loan in Meerut

Following are the eligibility criteria that one must meet to get a car loan in Meerut

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 Meerut

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. 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.

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. 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.

Fees and Charges: car loan in Meerut

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 Meerut

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

  • 3 Passport size photographs
  • Completed loan application
  • 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

How to apply for car loan in Meerut?

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

1. The Dealer : You can find dealers in the showrooms where you buy the car who facilitates the car loans for you.

2. Bank/NBFC website : You can go online and visit any of the banks or NBFC that provide car loan and apply for it.

3. Bank/NBFC Branch : The borrowers can visit the branches of the lender and apply for the car loan.

4. 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 Meerut 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.

Which Is the Best Bank for car loan in Meerut?

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

How to choose a car loan in Meerut

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

Car loan EMI calculator helps you find the EMI amount and total amount to be paid with interest quickly. You may have to give inputs of loan amount, interest rate and tenure to generate the EMI result

Car loan in Meerut – FAQs

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

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.

×Thank you! Your comment will be reviewed and posted shortly.

Write a review

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.