Who are the best car loan providers? Car Loan

Buying a car is a dream come true for many. The car is a luxury and most of us can’t afford to buy it for a single payment. This will drain our savings and not leave us much to take care of our other financial needs.

There are many lenders available in the market to help you achieve this dream. Auto loans enable you to borrow the money you need to buy a car. There are many banks that offer great features for car loans.

If you are planning to buy a new car and borrow a car for it, there are a few things to keep in mind:

Car loans are offered at a lower rate than unsecured loans like personal loans

Some lenders will pay 80% to 90% of the on-road value while some banks will pay you 100%

You may be able to get a loan for a period of 7 years.

When choosing a car loan, it is best to look around and consult with a few lenders before making a decision, as each lender has its own characteristics when approving a loan and setting interest rates and conditions.

7 Things to Know Before Deciding on the Best Bank for You to Apply for Your Car Loan

Your budget

Loans for new cars or second-hand cars are available for both options.

Things to look for when evaluating a bank’s car loan offers:

Expected EMI that you want to pay or can pay.

The interest rate is being charged by the bank.

Less documentation process.

Debt repayment period.

If you are clear about these points, you can easily choose the right offer for you.

If you have a salary account in a private bank like HDFC Bank, you can negotiate at a good rate and get a loan very quickly. The downside is that all private banks have pre-payment charges for their auto loans and are charged at fixed rates. SBI’s auto loans are their benchmark. MCLR is associated with and there are no prepayment charges but their process is not effective and you will need a lot of patience to work with the bank.

My friend had a bad experience borrowing a car from a foreign bank operating in India. When he was unable to pay the three monthly installments due to the huge amount of money spent on his father’s operation, he was not able to pay the monthly installments on time. He asked for time. But Frazin Bank did not accede to his request and one day while he was going to a wedding with his wife and children, he was confronted by the arrested agents, who blocked his car and told him to get off with his family members! !! He feels deeply humiliated! This has been done in front of the wife and children !! The confiscators seized his car and left him! After that, she cancels her program and rents a cab and returns to her home.

If you are looking for car finance, HDFC Bank is here to provide you with the most suitable car loans, adjusting to your needs with the interest rates starting from as low as 7.20% p.a., And a repayment duration of up to 7 years and more. For the ease of the customers, they can take a loan for 90 or even 100% of the on-road price of the car from HDFC Bank.

HDFC Bank Car Loan Eligibility Criteria For Salaried Person

  • A minimum gross monthly income of Rs. 25,000 is required for a salaried person
  • Photo ID and Age Proof
  • Signed Application Form With Photograph
  • Residence Proof
  • Previous 6-Month Bank Statement
  • Previous 3 Months’ Salary Slip
  • Form 16 or Income Tax Returns (Optional)

HDFC Bank Car Loan Eligibility Criteria For Self-Employed Personal

  • Photo ID and Age Proof
  • Signed Application Form With Photograph
  • Residence Proof
  • Previous 6-Month Bank Statement
  • Previous 3 years Income Tax Returns with computation of Income
  • Previous 3 years CA Certified/Audited balance sheet and Profit and Loss Account

How to Apply for HDFC Bank Car Loan

You can visit the HDFC Bank website directly to apply for a car loan. You can either visit the nearest HDFC Bank branch or their official website and apply for a car loan. You can also get in touch with the team of Abpaisa .com to receive support on the complete car loan process.

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