Car Loans in Visakhapatnam

Car Loan in Vishakapatnam

What is a car loan?

Not everyone can afford a car from their own pocket and for those who are unable to do so can avail credit products like car loan which essentially means that the borrower can take money from the bank and purchase the car. The loan is repaid 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 Vishakapatnam provide this product for borrowers.

About Vishakapatnam

Vishakapatnam, often nicknamed the jewel of the east coast; is the largest city in the state of Andhra Pradesh, it is worthy of note that Vishakapatnam or Vizag is the only natural harbor on the eastern coast and also one of the fastest growing cities in the country. Apart from the growth through the export and harbor terminals, the city also has seen all round growth through IT, pharma and power industries. These industries give the residents a stable way of life and purchasing power.

Eligibility for Car Loans in Vishakapatnam

As in every city, the people of Vishakapatnam also need to cross the eligibility criteria before getting their car loan disbursed

Credit History: All lenders look into a credit score which are provided by credit bureaus, which is the numerical representation of your credit history. Banks usually consider a credit score of 750 and above as a good credit score.

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

Nationality: The applicant should be an Indian national

Minimum Salary: The applicant must have a minimum salary of 10,000 INR

Employment Type: The nature of employment can be salaried, or self-employed

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

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

Car Loan in Vishakapatnam: Features

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

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 – for a car loan is already a secured loan and hence no collateral is required

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

Car Loan in Vishakapatnam: Documents Required

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

• Completed loan application
• Last six months bank account statements
• Proof of residence (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

Applying for a car loan Through CreditMantri

Applying for a car loan through CreditMantri is simple and efficient because the applicant is able to be matched to your credit profile. You can create your credit profile for free on the CreditMantri website and on the app. After creating the credit profile you will be matched to relevant car loans from lenders in the city of Vishakhapatnam and applicants can pay it at the car showroom directly or can avail different financial plans.

Loan rejections would be less than applying directly on the online sites of the car loan lenders would be due to the data and the algorithm that CreditMantri uses to create the credit profile.

Those who do not have a credit score too can start building their credit history and people with problem accounts can resolve making it the best place on the internet to get approach for loans and credit cards.

How to choose a car loan in Vishakapatnam

The loan selection process can be split into steps

• Select the car that you want to buy
• Calculate the monthly installment through the CreditMantri Car Loan EMI Calculator
• 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 Vishakapatnam?

From what we have seen the best bank is the one that gives you maximum benefit in the form of tenure, interest rate and loan amount and banking services. Such an ideal bank is based on how you have borrowed before which is essentially your credit profile. If you do not have a credit score too then banks might be unwilling to lend to you. You must start building your credit history to get best offers from lenders of your choice.

Car loan EMI Calculator

The EMI calculator on CreditMantri is easy and simple to use, the user has to give the loan amount, interest rate and tenure as the inputs and get the EMIs

Car Loans in Visakhapatnam FAQs

Fees and Charges: car loan in Vishakapatnam

The following are the charges that are generally part of the car loans, do check with the lender on the exact charges