Car Loans in Varanasi

Car Loan in Varanasi

What is a car loan?

Car loan is a credit product which essentially means that the borrower can take money from the bank and purchase a car, it is a secured loan unlike personal loans. The car loan can be paid back in parts or EMIs based on the interest rate agreed with the lender. Car loans are popular credit products and most of the lenders in Varanasi provide this product for borrowers.

About Varanasi

Nobody really knows how old Varanasi is, the American writer Mark Twain remarked that the city could be older than history, tradition and even legend. A major religious city in the state of Uttar Pradesh, it is also a place for multiple industries including power, handicrafts, music, textiles and handicrafts. The city has witnessed growth over the years and many people in the city of Varanasi take loans like car loans to meet their needs.

Car Loan in Varanasi: Features

Let us look at some of the common features of the car loans which are given in Varanasi,

Makes it easy to buy a car – people looking for loans can borrow using car loan from any lender and not seek informal credit

No collateral – no type of collateral is required for the car loans in the city of Varanasi

Loans for used cars– If you are looking to buy second hand cars, loans are available for the reasons

Car Loan in Varanasi: Documents Required

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

• Address proof (photo copies of recent Telephone Bills/ Electricity Bill)
• 3 years IT returns documentation for professionals and self employed
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
• 3 latest passport size photographs
• A fully filled loan application
• Recent 6 months bank account statements

Eligibility for Car Loans in Varanasi

Age: applicants between the age of 21-75 are eligible for car loans

Nationality: only Indians can avail car loans from banks

Minimum Salary: a minimum salary of 10,000 is expected

Employment Type: applicant can be salaried, or self employed

Tenure: Car loans start from one year and extending up to five years.

Credit History: Banks usually consider a credit score of 750 and above as a good credit score.

The exact criteria for loan eligibility might be different , do check with the lenders for the exact criteria.

How to apply for car loan in Varanasi through CreditMantri

There many ways one can apply for a car loan in Varanasi, you can create a credit profile on the CreditMantri website; the creation of credit profile is simple and involves only few steps. The CreditMantri profile gives the applicant an idea about the where he stands with respect to credit, starting with the credit score which is a representation of past loans and credit cards.

Based on the credit profile you have created, you will be matched to different credit products including car loans for which you have better chance at qualifying for the loan. Once you have applied to the lender through the sites and submitted the required documents, you can start repaying the loan in the form of EMIs

How to choose a car loan that is right for you in Varanasi

The loan selection process can be split into steps

• Choose the car that fits your requirement
• Check your current credit profile and look for lenders who give you the best offer for your profile
• With the amount required you can now apply for the car loan lender who gives the best loans

Which Is the best bank for car loan in Varanasi?

The best bank would be the one that gives you the best rates for your requirement be it interest rate or loan amount, this could ideally vary from one person to another.

Car Loans in Varanasi FAQs

Fees and Charges: car loan in Varanasi