Car Loans in New Delhi

Car Loan in New Delhi

New Delhi—the place needs no introduction. Delhi or Dilli, famously known as 'Dilwalo ki Dilli' is the capital city of India and is known for its rich cultural heritage and lifestyle. Delhi is often referred as Mini India because the place is a melting pot of culture and religion.

Of the many religions and cultures that prevail in the area with peace and harmony. People from around the country have made Delhi their home due to the opportunities posed by the city. New Delhi is the seat of politics, commerce, IT, education, business and health.

With the growing demand for cars due to is ease of convenience, the application for car loan has been increasing over the period in the city. If you are looking for a car loan in New Delhi, the following information will help you find the right lender.

Features: car loan in New Delhi

1. Tenure – 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 used 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. Security – 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 New Delhi

Following are the eligibility criteria that one must meet to get a car loan in New Delhi

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.

Fees and Charges: car loan in New Delhi

Benefits of car loans in New Delhi

New Delhi is home to both leading banks and automobile manufacturers. Having these two combinations, it works in the customer's favour to get a car at the cheapest price from both the parties. With online facilities, the borrower can easily apply online for a car loan and select a comfortable repayment option based on the credit profile.

Documentation: car loan in New Delhi

Important documents to be submitted while applying for car loans in New Delhi

• 3 Passport size photographs
• Completed loan application
• 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 New Delhi?

There many ways one can apply for a car loan in New Delhi

1. The Dealer : You can find dealers in the showrooms where you buy the car who facilitates the car loans for you.

2. Bank/NBFC website : You can go online and visit any of the banks or NBFC that provide car loan and apply for it.

3. Bank/NBFC Branch : The borrowers can visit the branches of the lender and apply for the car loan.

4. Manufacturer: Some of the manufacturers also provide up to 100% on car loans.

5. 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.

How to choose a car loan in New Delhi

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

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 New Delhi 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.

Car Loans in New Delhi FAQs