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Get car loans in India that are best matched to your credit profile
Navi Mumbai is a planned township of Mumbai situated in the Indian state of Maharashtra. It is becoming the destination of choice for immigrants for its location, affordable housing and low pollution levels.
The usage of cars is on the rise in the city and various lenders offer car loans at competitive interest rates. Find out more about the car loans in Navi Mumbai.
A car loan is the finance provided by the banks and NBFCs 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.
Interest rates, tenure and loan amount are few things a borrower must compare and analyze with various lenders to get the best deal on the car loans.
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 pre-owned cars – Most of the banks and provideivate lenders provide loans for used cars. The loan amount will depend on the car type, resale value 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.
You can get the following benefits on the car loans in Nashik
To get a car loan in Navi Mumbai 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 Navi Mumbai, 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.
Important documents to be submitted while applying for car loans in Navi Mumbai
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
One can apply for a car loan in Navi Mumbai through the following ways
1. Dealer and manufacturers
2. Public and private banks
3. Customer care of the lenders
4. Online website portals
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 Navi Mumbai 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.
You can follow the steps given below while choosing a car loan
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 variants and get the EMI results.
1. 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.
2. Where can I get the cheapest car loan interest rates in Navi Mumbai?
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.
3. 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.
4. What are the banks that provide car loans in Navi Mumbai?
The banks that provide car loans are
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