Car Loans in Jaipur

Car Loan in Jaipur

Jaipur is one of the major popular tourist destinations in India, attracting people from worldwide for its architectural buildings, forts and culture. Additionally, the city is known for its gemstone cutting, manufacturing of jewelry and luxury textiles. With the recently established commercial centers and IT parks, Jaipur is opted by many people to start a business.

Jaipur is home to most of the leading public and private banks in the country. If you are looking for a car loan in Jaipur, the following information will help you choose the best lender in town.

Benefits of car loans in Jaipur

The borrowers can get the following benefits on car loan in Jaipur

• Attractive interest rates
• Flexible tenure
• Up to 100% financing on select models
• Quick processing and approval

How to choose a car loan in Jaipur

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

What is a car loan?

A car loan is one which is used to buy any type of car be it a sedan, hatchback, SUV etc. for own or commercial purposes. They are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). These car loans can be got from any bank and NBFCs who are willing to provide the service based on their eligibility criteria.

Features: car loan in Jaipur

1. Makes it easy to buy a car – Buying a car is not easy nor is it possible for everyone. A car loan is a good way for people to buy a car and pay back the money at a tenure they are comfortable with while enjoying the vehicle.

2. Loans for pre-owned cars – Many banks provide loans for used cars. The loan amount will depend on the car type, make and model but it still eases out the financial situation of a borrower.

3. Flexi loans – Most banks provide loans at flexible tenures which the borrower can choose making it easier for the them to repay the loan.

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.

Eligibility: car loan in Jaipur

Fees and Charges: car loan in Gurgaon

Following are the fees and charges levied on car loans provided by various lenders in Gurgaon.

Loan processing charges : vary 1% to 3% of the loan amount

Documentation charges : 0.5% to 3% of loan amount

Pre-payment charges : 1%-3% at any given point in the loan cycle

There could also be pre-payment charges based on the repayment cycle

No Due Certificate : will vary with bank

EMI Late payment penalty : 1% to 3% Per Month on the Unpaid Installment

Stamp duty : as levied by the state government

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 : viz. The cost to issue another NOC by the lender: Rs 500

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 Jaipur

Important documents to be submitted while applying for car loans in Jaipur

• Completed loan application
• 3 Passport size photographs
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• 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 Jaipur?

There many ways one can apply for a car loan in Jaipur

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 Jaipur 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.

Which Is the Best Bank for car loan in Jaipur?

There are many leading banks and NBFCs which offer car loans in Jaipur like HDFC, ICICI, SBI etc. The best lender is one where you can get the loan amount you want at an interest rate that is comfortable for you and who can disburse the funds as early as possible. It is always better to compare the car loans from different lenders and then look to apply for one that suits all requirements like interest rates

Car loan EMI Calculator

To calculate how much EMI you will pay, you can use the EMI calculator available on CreditMantri website and on the bank/NBFC website. By entering the tenure, interest rate and loan amount you will get to know how much EMI you will pay.

Applying for a car loan Through CreditMantri

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 Jaipur 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.

CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. Hence, the chances of your car loan application getting approved is higher.