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Car Loan in Rajkot
Rajkot from the Saurashtra region in Gujarat is an industrial hub gaining world prominence, due to its industrial background and economic activity is also a hub for the sales of automobiles especially cars, it is not an unusual sight to see many number of cars plying the streets of Rajkot; of course, most of them could have been purchased by using a car loan
What is a car loan?
Everyone has a dream of buying a car and with the introduction of new cars in the market, the prices are sometime too steep to reach for the commoner. 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.
Documentation: car loan in Rajkot
Important documents to be submitted while applying for car loans in Rajkot
- 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
What are the advantages for taking a car loan in Rajkot
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 Rajkot
| Age | Minimum 21 years |
|---|---|
| Maximum 75 years | |
| Employment Type | Salaried or Self-employed |
| Employment status | Employed/In-business for at least 3 yrs. and at least 2 years with current employer/business |
| Maximum loan amount | On an average financial institution pay up to 90% of the loan |
| Minimum Income | Rs. 10,000 per month |
| Tenure | Minimum – 12 months |
| Maximum – 60 months | |
| Credit Score | Preferred 750 |
| Nationality | Indian |
How to apply for car loan in Rajkot?
There many ways one can apply for a car loan in Rajkot but applying for your car through CreditMantri can help can give you a lot of benefits.
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 Rajkot 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.
Which Is the Best Bank for car loan in Rajkot?
There is no direct answer for this question, it really depends on the applicant because it really depends on the credit profile of the applicant, if the applicant has a great credit profile then the lender could provide a better interest rate. Ultimately 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, loan tenure etc.
Car Loans in Rajkot FAQs
1. Where can I get the cheapest car loan interest rates in Rajkot?
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.
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 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.
4. What are the banks that provide car loans in Rajkot?
Rajkot being an industrial and economic hub has all the major banks and NBFCs in the city and its environs and most of them provide car loans as a product.