Ranchi City

1. An introduction to car loans

All set to buy a new car? Done with your financial planning? Let your bank pay for your car. A car loan is a great financial solution to help you buy the car you wished for. A car loan is a secured loan, where the bank pays considering your car as the collateral. Your worries about managing your finances to buy a car end with a car loan. While the bank pays, and all you need to do is pay your EMIs on time.

The banks offering car loan scheme in Ranchi have various interest rates and charges applicable to them. Therefore, you should always avail a loan after doing a detailed study about the charges and the interest rates. You can calculate the loan amount and the EMI with our online Cal Loan EMI Calculator. There are several leading banks in India that offer a car loan in Ranchi. Every bank provides a car loan schemes which can be customized as per your needs.

2. Car loans and its advantages

Applying for a car loan is a lot more convenient at our Paisabazaar.com website. If you are done with understanding your budget, then simply log in to our Car loan page and enter your required details. Choose the best car loan scheme by clicking ‘Apply’.

Car loan in Ranchi allows you to pay for your car in monthly installments. Thus, you can manage your finances even better. You just need to ensure that you have submitted the required documentation for a car loan in Ranchi when you apply. You will also be required to submit your Income proof based on the loan amount you choose.

3. Things to have in mind when applying for the loan

Before taking a loan, people are a bit doubtful because they are secured loans in nature and they might lose the car. But a practice of timely repayments will help you avoid any such scenario. The loan amount depends on the credit history and the loan tenure.


4. Car loan Interest Rates in Ranchi banks

Interest Rates for a car loan in Ranchi varies from bank to bank however, they start from 9.35%

  • Bank of India: Interest Rate is 9.50%
  • IDBI Bank: Interest Rate starts from 9.95%
  • Indian Bank: 9.95 onwards
  • State Bank of India: Interest rate is 9.60%

5. Banks in Ranchi and their car loan schemes

Good car loans in Ranchi can be found in following banks:

1. ICICI Bank:

  • Interest rate is 12.25%
  • No guarantor required
  • Processing fee is up to Rs 5,350

2. HDFC Bank

  • Interest Rate starts from 9.50%
  • Maximum loan tenure is 7 years
  • Processing fees is up to Rs 2,250

3. State Bank of Hyderabad:

  • Interest Rate is 9.90% onwards
  • Processing fee is up to Rs 5000
  • Maximum loan tenure is 7 years
  • No pre-closure charges

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