Car Loans in Noida

Car Loan in Noida

Noida—considered to be India's greenest city—is in the state of Uttar Pradesh. Home to exotic birds, Noida boasts of some state-of-the-art and cutting-edge educational institutions, hospitals, companies, and shopping malls.

Considered to be a real-estate hub, Noida is fast becoming the destination of choice for migrants all over India. Noida has emerged as a hot spot for IT, ITES, KPO, BPO, and BTO industries with many large companies setting up their base here.

Noida is home to some of the leading banks and other NBFCs in India. Are you looking for a car loan in Noida and wondering what your options are? You have reached the right place. Read on!

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.

Eligibility: car loan in Noida

To get a car loan in Noida 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 Noida, 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 Noida

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 – Most of the banks and provideivate 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. 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.

Benefits of car loans in Nashik

You can get the following benefits on the car loans in Nashik

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

Fees and Charges: car loan in Noida

Documentation: car loan in Noida

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

• Completed loan application
• 3 Passport size photographs
• Statement of Bank Account/ Pass Book for last six months
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• 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 Noida?

One can apply for a car loan in Noida through the following ways

1. Dealer

2. Manufacturers

3. Banks and NBFCs

4. Online website portals

Which Is the Best Bank for car loan in Noida?

There are many leading banks and NBFCs which offer car loans in Noida 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, tenure etc.

Car loan EMI Calculator

To get a better understanding of your loan requirement and how much EMI you will pay, you can use the EMI calculator available on CreditMantri website and on the bank/NBFC website. 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 Noida FAQs