Ahmedabad City

About car loans

If you are planning to buy a car (whether new or used), car loans are a very helpful personal finance product. With a car loan, you don’t need to worry about arranging money for the car’s full payment upfront. That part is handled by the bank. You just need to find out your budget, the car that fits the budget and apply for a loan. Almost every bank in India offers car loan in Ahmedabad.

Applying for car loan is a simple 5-step process:

  1. Find your loan eligibility by using our Car Loan Eligibility Calculator
  2. Find the car that fits your budget
  3. Fill in the loan application details here
  4. Select the loan offer that meets requirements
  5. Click Apply

It can’t get easier than this!

Car loans in Ahmedabad are secured loans. After you get the money, you will be in obligation to repay it with the monthly rates. The repayment process is simple and that you have to pay within the tenure period with the applicable interest rates. If you are financially well organized, it should go without any problems.

1) How can you benefit from taking a car loan?

A car loan in Ahmedabad gives you an opportunity to get the car that you couldn’t buy with your own budget. A car loan helps you extend your horizon by enabling you to buy a car you couldn’t (or wouldn’t) pay for in entirety in one go.

Interest Rates are different with every bank, which you can check while applying for a car loan in Ahmedabad. Keep in mind that the tenure affects your monthly rates, so it’s best to choose longer loan tenure.

2) Some things that you should know about car loans

Follow the golden rule of timely repayment. Since a car loan is a secured loan, therefore, it simply means that bank can settle failure of repayments by repossessing your car.

However, this might be your case if you have good control of your finances. All you have to do is plan before applying for car loan in Ahmedabad and check if you can stand the repayment.

The credit history also plays a vital role. With a higher credit score, you get loan @ lower interest rates and you are more likely to be a trustworthy borrower.

Compared to other loans, a car loan is the best solution for you.

3) Interest Rate examples

The Interest Rates in Ahmedabad for car loans are somewhere between 9.35% and 23.00%.

Here are some examples of Interest Rates:

  • Capital First: 13% to 14.50%14.50%, to 17.00%
  • Federal Bank: Floating interest rate can vary from 10.90% to 12.25%
  • Andhra Bank: Interest rate of 10.25%
  • Allahabad Bank: Floating Interest Rate of 9.80%

4) Where to apply for Ahmedabad car loan scheme?

The most popular banks that can offer you a car loan scheme are:

1. HDFC Bank:

  • The Interest Rate is 9.50% onwards
  • Collateral charges of Rs 450 Tenure up to 7 years

2. Bank of India:

  • Floating Interest Rate for this car loan is 9.50%
  • Maximum tenure up to 7 years
  • Processing fees Rs 500 (additional charges may apply)
  • Guarantor required

3. Canara Bank offers car loans:

  • Floating Interest Rate from 9.80% to 9.85%
  • Processing fees will be 0.25% on the loan amount
  • Tenure up to 7 years
  • No pre-closure charges

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