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Get car loans in India that are best matched to your credit profile
What is a car loan?
Car loan is a credit product which essentially means that the borrower can take money from the bank and purchase a car, it is a secured loan unlike personal loans. The car loan can be paid back in parts or EMIs based on the interest rate agreed with the lender. Car loans are popular credit products and most of the lenders in Varanasi provide this product for borrowers.
Nobody really knows how old Varanasi is, the American writer Mark Twain remarked that the city could be older than history, tradition and even legend. A major religious city in the state of Uttar Pradesh, it is also a place for multiple industries including power, handicrafts, music, textiles and handicrafts. The city has witnessed growth over the years and many people in the city of Varanasi take loans like car loans to meet their needs.
Let us look at some of the common features of the car loans which are given in Varanasi,
Makes it easy to buy a car – people looking for loans can borrow using car loan from any lender and not seek informal credit
No collateral – no type of collateral is required for the car loans in the city of Varanasi
Loans for used cars– If you are looking to buy second hand cars, loans are available for the reasons
Important documents to be submitted while applying for car loans in Varanasi
Age: applicants between the age of 21-75 are eligible for car loans
Nationality: only Indians can avail car loans from banks
Minimum Salary: a minimum salary of 10,000 is expected
Employment Type: applicant can be salaried, or self employed
Tenure: Car loans start from one year and extending up to five years.
Credit History: Banks usually consider a credit score of 750 and above as a good credit score.
The exact criteria for loan eligibility might be different , do check with the lenders for the exact criteria.
There many ways one can apply for a car loan in Varanasi, you can create a credit profile on the CreditMantri website; the creation of credit profile is simple and involves only few steps. The CreditMantri profile gives the applicant an idea about the where he stands with respect to credit, starting with the credit score which is a representation of past loans and credit cards.
Based on the credit profile you have created, you will be matched to different credit products including car loans for which you have better chance at qualifying for the loan. Once you have applied to the lender through the sites and submitted the required documents, you can start repaying the loan in the form of EMIs
The loan selection process can be split into steps
The best bank would be the one that gives you the best rates for your requirement be it interest rate or loan amount, this could ideally vary from one person to another.
1. Do I need collateral to get a car loan in Varanasi?
No collateral is required for the car loans which are given in the city
2. What is the typical tenure of a car loan
Car loans are short term loans, only some of the lenders provide up to seven years
3. Will my car loan be rejected due to bad credit score?
Yes a car loan could be rejected due to a poor credit score, we can see many cases in the recent past where the applicant has met all the other requirement but does not have a credit score, these cases have been rejected. It is important you need to look at improving a low score if you have one presently, if you do not have a credit score yet then you should get one soon.
4. What are the banks that provide car loans in Varanasi?
All the major banks have their presence in Varanasi, some of which are
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
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.