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Car Loan in Vijayawada

What is a car loan?

Not everyone can afford a car from their own pocket and for those who are unable to do so can avail credit products like car loan which essentially means that the borrower can take money from the bank and purchase the car. The loan is repaid 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 Vijayawada provide this product for borrowers.

About Vijayawada

Vijayawada city is one of the important centers in the country and especially for the state of Andhra Pradesh. On the banks of the river Krishna, lies a growing urban center specializing in agricultural and industrial goods. The presence of companies like BPCL has made it an important point on the power map.

Eligibility for Car Loans in Vijayawada

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.

Car Loan in Vijayawada: Features

Let us look at some of the common features of the car loans which are given in Vijayawada,

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 Vijayawada

Loans for used cars– If you are looking to buy second hand cars, loans are available for the reasons

Car Loan in Vijayawada: Documents Required

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

  • Completed loan application
  • Last six months bank account statements
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • 3 years IT returns documentation for professionals and self employed
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
  • 3 latest passport size photographs

How to choose a car loan that is right for you in Vijayawada

The loan selection process can be split into steps

  • Choose the car that fits your requirement
  • Check your current credit profile and look for lenders who give you the best offer for your profile
  • With the amount required you can now apply for the car loan lender who gives the best loans

Which Is the best bank for car loan in Vijayawada?

The best bank would be the one that gives you the best profile

Car loan EMI Calculator

EMI calculators are helpful for applicants to know what they would be paying every month as EMIs, the car loan EMI calculations can be done on the simple and easy to use EMI calculator

Car loan in Vijayawada – FAQs

1. Do I need collateral to get a car loan in Vijayawada?

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?

An applicant can get rejected based on low credit performance in the past this could be due to delinquent issues, problem accounts such as written off and settled. Therefore it is important to maintain a good credit score which is a summation of how you have performed with respect to credit. Generally a good credit score is 700+ and those who do no have a credit score must try and get one as soon as possible.

4. What are the banks that provide car loans in Vijayawada?

All the major banks have their presence in Vijayawada, some of which are

  • IndusInd Bank
  • Andhra Bank
  • HDFC Bank
  • UCO Bank
  • Yes Bank
  • Axis Bank
  • ICICI Bank
  • Allahabad Bank

Fees and Charges: car loan in Vijayawada

The following are the charges that are generally part of the car loans, do check with the lender on the exact charges

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

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4 / 5 (1 Reviews)
11 Feb 2019

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