Car Loans in Dehradun

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: 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