Navi Mumbai City
1. Car loans explained
Car loans come under secured loans where the bank pays to buy you a new or a used car as per your choice. Later, you repay the bank at specific interest rates as applicable, failure to which bank has the rights to seize your car. A Navi Mumbai car loan can help you to buy, both new cars and used cars (second-hand cars). The ideal way of buying a car can be with a car loan, even if you have the money to purchase it by paying at once. A car loan allows you to pay for the car in small installments monthly so that you manage to keep your savings intact. A Navi Mumbai car loan makes it really convenient to buy a new car of your choice. Like any other car loan even a Navi Mumbai car loan is secure car loan where the banks keep your car as collateral. This process where the bank uses your car as collateral against your loan is called hypothecation.
2. What are the things to consider while applying for a Navi Mumbai car loan
The number of installments that are required to pay off a Navi Mumbai car loan depends on the loan tenure that is chosen by you. A longer loan tenure, the installments that you have to pay will be lower than a shorter loan tenure. A good credit history is important as it improves your chances of getting your loan approved at a lower rate.
Before applying for the loan in Navi Mumbai, you should do a thorough analysis of your budget so that you do not fail to pay your installments on time. Apply for a car loan in Navi Mumbai only when you are confident about your finances and you can buy a car with a car loan without any failure of repayments. Like all the other loans you have to submit all the required documentation for car loans in Navi Mumbai.
3. Other things that you need to know in order to apply
Before you submit the application in any Navi Mumbai bank, you should do a detailed check of your financial condition. It is very important that you have a stable budget and income. This will eliminate any possibility of repayment failure. You can also consult with some professional and get more advice on how to manage your finances.
To make things short, if you are prepared for the loan, nothing bad will happen. This is a basic condition, and people that fail to repay, usually fail because they were unaware of their own financial possibilities.
Loan tenure affects the monthly rates, you should know this. The longer is the tenure, the smaller will be your monthly rates. This is a great thing for your budget, and it will give you even greater financial freedom.
4. The Interest Rates in Navi Mumbai for car loan start from 9.35%. The following banks offer good car loans to the customers:
- Dena Bank: Interest Rate is 10.10% onwards
- HDFC Bank: 9.50% onwards
- Andhra Bank: Interest Rate is 10.25%
- ICICI Bank: Interest Rate starts from 9.50%
5. Banks that can offer you car loan schemes
When you begin your loan search, you will see that almost every Navi Mumbai bank offers a car loan. You should explore some of the following offers:
1. Central Bank of India:
- The Interest Rate is 10.10%
- Guarantor is required
Maximum loan tenure is 7 years
2. Indian Bank:
- Interest rate is 9.95%
- Maximum loan tenure is 7 years
No guarantor required
3. State Bank of Hyderabad:
- Interest rate is 9.90%
- Processing fees are 0.25% of the loan amount
- Maximum loan tenure is 7 years
No pre-closure charges
If still not sure about how much loan amount is enough for you and the applicable interest rate over it you can simply visit our Paisabazaar.com website and use our free tools- Car Loan Interest Rate Calculator and Car Loan Eligibility Calculator. After you get a clear picture of how much loan is enough for you, you can apply online at our Paisabazaar.com website in less than a minute. You just need to provide your personal details and other details about the loan to apply for a car loan in Navi Mumbai. The system of Paisabazaar.com will read your details and show best car loan schemes in Navi Mumbai.