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Get car loans in India that are best matched to your credit profile
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.
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.
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.
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
Important documents to be submitted while applying for car loans in Vijayawada
The loan selection process can be split into steps
The best bank would be the one that gives you the best profile
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
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
The following are the charges that are generally part of the car loans, do check with the lender on the exact 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
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