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Car Loan in Dehradun
Located in the Doon Valley on the foothills of Himalaya, the beautiful city Dehradun is famous for its picturesque landscape and pleasant weather conditions. Holding plenty of architectural buildings, the construction boom began in Dehradun after it was made the capital of Uttarakhand. The last two decades saw an exponential growth in commercial and information technology due to the establishment of STPI and SEZs.
The usage of cars is on the rise in the city and various lenders offer car loans at competitive interest rates. Find out more about the car loans in Dehradun.
What is a car loan?
A car loan is the finance provided by the banks and NBFCs to purchase a car of the customer’s choice. The car loans are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). Most of the banks and NBFCs provide finance for up to 90% of the value of the car purchased. The rest has to be borne by the borrower.
Interest rates, tenure and loan amount are few things a borrower must compare and analyze with various lenders to get the best deal on the car loans.
How to choose a car loan in Dehradun
You can follow the steps given below while choosing a car loan
- Analyze your current financial status
- Check your credit score
- Choose the car of your choice
- Decide on the margin and loan amount
- Choose a tenure that is comfortable for repayment
Eligibility: car loan in Dehradun
To get a car loan in Dehradun and to drive home your dream car you need to meet the eligibility criteria of the banks and also have the necessary documentation
Age criteria: Age of the applicant should be between 21 and 75 years, the applicant should be an Indian national. In terms of salary should have a minimum of 10,000 INR and the employment type of the applicant can be salaried or self-employed.
To get the best car loan offer in Dehradun, most banks also look into the credit score of the applicant, as per general guidelines any score on any credit bureau above 750 is considered a very good and creditworthy by the banks.
Tenure: Car loans usually are shot terms loans starting from as a short as even one year and extending up to five years.
Do check for the exact eligibility criteria from the lenders directly however you can check your credit health and get an idea about eligibility on CreditMantri by creating a credit profile.
Features: car loan in Dehradun
2. Tenure – Buying a car could be a difficult thing for few people. A car loan is a good way for people to buy a car and pay off the loan at a tenure they are comfortable with while enjoying the vehicle.
3. Loans for pre-owned cars – Most of the banks and private lenders provide loans for used cars. The loan amount will depend on the car type, resale value and model but it still eases out the financial situation of a borrower.
3. Interest Rates- The rates on the car loans are fixed based on the credit profile of the borrower.
4. No collateral – car loans are a form of secured loan as the car purchased acts as the collateral. No additional collateral or guarantor is required in most cases.
Fees and Charges: car loan in Dehradun
| Documentation charges | 0.5% to 3% of loan amount |
|---|---|
| Loan processing charges | 1% to 3% of loan amount |
| Pre-payment charges | Will vary from bank to bank for example Fixed Prepayment charges Prepayment at any given time – 1% to 3% (or) Varying prepayment Charges based on repayment cycle
|
| No Due Certificate / No Objection Certificate (NOC) | Will vary from bank to bank mostly NIL |
| EMI Late payment penalty | 1% to 3% Per Month on the Unpaid Installment |
| Stamp duty | At actuals as levied by respective State Govt. |
| Cheque bounce / EMI return charges | Rs.100 to Rs 500/- |
| Loan cancellation charges: | Varies from bank to bank |
| Legal, repossession & incidental charges | At actuals |
| Duplicate NOC | Rs. 500/- onwards |
| PDD collection charges | Up to Rs.450/- |
| Cheque/ECS swapping charges | Rs 250/- onwards |
| Amortization schedule charges | Rs 200/- onwards |
| Special NOC charges | Rs 250/- onwards |
| Loan rebooking/reschedule charges | Rs 500/- onwards |
Documentation: car loan in Dehradun
Important documents to be submitted while applying for car loans in Dehradun
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Completed loan application
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for last six months
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees
How to apply for car loan in Dehradun?
There many ways one can apply for a car loan in Dehradun
1. The Dealer
Most showroom owners or car dealers have tie ups with lots of NBFCs and Banks whose representatives you can meet at the showroom itself. You can enquire about the terms and conditions before choosing the lender available there.
2. Bank/NBFC website
You can go online and visit any of the banks or NBFC that provide car loan and apply for it. You will need to fill up the necessary details asked on the website. A bank/NBFC representative will come to your home to collect the necessary documents. The loan amount will be disbursed after document verification. This the best way to get an instant eligibility check.
3. Bank/NBFC Branch
This a type of offline mode where the borrower can visit any bank or NBFCs branch in Dehradun to meet with a representative who will give all the details of their car loan scheme. You can also ask any queries you might have to get a complete understanding of what you are agreeing to in taking their loan.
4. Customer care
A potential borrower can also call a bank/NBFC customer care with whom they can get the details and apply for the car loan. A bank/NDFC representative will come and collect the necessary documents from your home. Once the verification process is completed your loan will be disbursed.
Car loan EMI Calculator
You can use the EMI calculator available on CreditMantri website and on the bank/NBFC website to find the EMI to be paid on the car loan. By inputting the tenure, interest rate and loan amount you will get to know how much EMI you will pay. You can vary the inputs for various scenarios and know the EMI in each case. This will help you plan for the loan you want.
Car Loans in Dehradun FAQs
1. Where can I find a car loan interest calculator?
You can visit CreditMantri website or the lending bank website where you will find the option of EMI calculator. Input various interest rates to get the respective EMIs. The interest rate can be obtained by applying for the loan where you will submit basic information like salary, company and job experience details based on which interest rates will be displayed.
2. How to get instant e-approval on car loans?
You need to visit the website of lenders be it banks or NBFCs and apply on their website. After inputting the details asked the bank will immediately give you an update if your loan application is approved or not.
3. Where can I get the cheapest car loan interest rates in Dehradun?
The interest rate depends on your salary, the loan amount you require, credit score and the tenure you opt for. You can negotiate for good terms with a good credit score.
4. How to apply for a car loan through CreditManri?
You can check your eligibility and apply for a car loan by signing up with CreditMantri. By creating their free credit profile on CreditMantri, the user would be matched to car loan lenders in Dehradun based on their credit profile. This eases the process of application as the user can at one place get to see the list of lenders to which they can apply and have a higher chance of car loan approval.