Car Loans in Srinagar

Car Loan in Srinagar

Srinagar is one the summer capital of Jammu and Kashmir and is also one of the largest cities in the state. Known for its beautiful locales and lakes, it is also a popular tourist destination for visitors across the world. To get to these lakes and valleys, the people of Srinagar most of whom have been employed in the tourism sector utilize cars of different kinds. Usually all-terrain vehicles and you could expect a lot of car loans taken to purchase these cars. This post will help you know people in Srinagar can get car loans.

What is a car loan?

Any loan that is taken for the purpose of buying a car is termed as a car loan. A car loan can be used to buy any kind of car used to buy any type of car be it a sedan, hatchback, SUV etc. for own or commercial purposes. The car loan can be paid back in Equated Monthly Installments or EMIs. 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 Srinagar

1. Makes it easy to buy a car – with a car loan buying any kind of car becomes easier. This is a dream for many and 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 Srinagar

Fees and Charges: car loan in Srinagar

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

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 Srinagar

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

• 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 Srinagar?

The following passages will help you know how you can get a loan from CreditMantri

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 Srinagar 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.

How to choose a car loan in Srinagar

• Select the car of your choice
• Check out the price and other specifics
• Calculate the EMI to be paid on the CreditMantri calculator
• Create a profile on CreditMantri for free and check your credit score
• Based on the analysis of your credit profile and the options available to you, you can apply to the lender that is suitable for you.

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 Srinagar FAQs