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Get car loans that are best matched to your credit profile
Home to India’s very famous Haldirams, Nagpur is known as the winter capital of Maharashtra. The city is famous for its oranges, earning it the name of Orange City. Nagpur is the city which is closest to the geographic center of India.
More number of people now prefer to own a car than using the public transport due its ease of convenience. If you are looking for a car loan in Nagpur, you can use the following information to choose the right lender.
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 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.
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.
To get a car loan in Nagpur 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 Nagpur, 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.
A car loan is the funding provided by the public and private banks to purchase a car of the customer’s choice. The car loans are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). Most of the banks and NBFCs provide finance for up to 90% of the value of the car purchased. The rest has to be borne by the borrower.
Before applying for a car loan, compare and analyze the interest rates, loan amount, processing fees and other details from various lenders and choose the best one.
Following are the fees and charges levied on car loans provided by various lenders in Nagpur.
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 Nagpur
When choosing a car loan in Nagpur, 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.
There are many leading banks and NBFCs which offer car loans in Nagpur 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, loan tenure etc.
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 Nagpur 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.
1. Where can I get the cheapest car loan interest rates in Nagpur?
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.
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.