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Car Loan in Mysore

Located at the foothills of the Chamundi Hills, Mysore is the land of heritage, culture and wildlife. The celebration of Dasara festival attracts tourists from around the world to witness the cultural and religious grandeur of the city. With the arrival of various manufacturing industries, Mysore is being sought after by many as a dwelling place.

With the growing demand for automobiles, more number of people prefer a four-wheeler over other mode of transport. It is easy to get a car loan in the city with the right information.

Benefits of car loans in Mysore

You can get the following benefits on the car loans in Mysore

  • Attractive interest rates
  • Flexible tenure
  • Up to 100% financing on select models
  • Quick processing and approval

Features: car loan in Mysore

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. 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.

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.

Eligibility: car loan in Mysore

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

Fees and Charges: car loan in Mysore

Following are the fees and charges levied on car loans provided by various lenders in Mysore.

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

Documentation: car loan in Mysore

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

  • 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

How to choose a car loan in Mysore

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

You can find the EMI to be paid by using the car loan EMI calculator. You will have to give inputs of the loan amount, interest rates and tenure to get the desired EMI result. You can check multiple varients and get the EMI results.

Which Is the Best Bank for car loan in Mysore?

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

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

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. How to apply for a car loan in Mysore?

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 Mysore 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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