1. A brief introduction to car loans
Why buy an old car because of less finances? A car loan can help to solve all your financial worries by paying for your car to the car dealer. New or used, you do not have to panic any more to arrange money. Once you are clear about your budget and the particular car, you just have to apply for the car loan and relax while the bank pays the major portion of the car price (usually 80% of the car price). You just have to plan your finances to repay the bank in small EMIs till the end of your loan tenure.
2. Reasons to apply for this loan
Every bank in India provides a car loan at interest rates that vary at every bank. Each loan scheme is distinctly designed to meet the best of your interests. A car loan in Mysore can help you in many ways, some of them are discussed as follows:
- Plan your finances: While your bank pays for your car and you still have your savings intact, you can use your money to save for emergencies or even invest to grow your funds.
- Higher credit score: If you maintain with the pace of bank and repay your installments on time then you maintain a good credit score. A higher credit score help can improve your credit history and thus you are increasing your possibilities of getting your loan approved easily.
- Loan tenure: If you have longer loan tenure to repay your installments, then you get benefits of paying at a lower interest rate.
3. Important things to consider before applying for a car loan
Before you apply, make sure that your budget is stable. There are various banks that offer car loans in Mysore. Here are some of the key features to consider, when applying for a car loan:
- Interest rate: You repay the bank at an interest rate. Before you buy your car with your car loan you should compare all the car loan schemes based on their interest rates.
- Processing fee: It is a nominal fee charged by the bank to process your loan.
Pre closure fee: It is charged by the bank when, you choose to repay your entire remaining loan amount before the tenure ends.
4. Car loan in Mysore and Interest Rates
Interest Rates on car loans in Mysore starts from 9.35%
The banks that have good Interest Rates for car loan in Mysore are:
- State Bank of Hyderabad: Interest Rate is 9.90%
- Indian Bank: Interest Rate starts from 9.95%
- State Bank of India: Interest Rate is 9.95% onwards
- Union Bank of India: Interest Rate begins at 9.90%
You can find many banks in Mysore that can give you a car loan scheme. Here are some examples:
1. Dena Bank:
- Interest rate is 9.60%
- Maximum loan eligibility is Rs 2 Cr
Processing fee is Rs 500
2. Andhra Bank:
- Interest Rate begins from 10.25%
- No pre closure charges
Minimum loan amount eligible is 1L
3. HDFC Bank:
- Interest rate is 9.50% onwards
- Processing fees is up to Rs 2250
- Collateral charges is Rs 450
Paisabazaar.com brings the convenience of applying for a car loans in Mysore in less than a minute. You can roll your eyes over a wide option of car loans in Mysore within few minutes. Simply log in to the website and provide the required details. Click ‘Submit’ and the website will show you a list of car loan options in India. Choose your best car loan scheme and click ‘Apply’. Sit back while your bank gets you the car of your choice.