Car Loan Bhimavaram

Best Banks for Car Loan in Bhimavaram

Car Loan Bhimavaram Features

A car is a dream for every person; everyone wants that their family can go places altogether under a single roof without the hassle of dust, sunlight, rain, etc. An overall car is a safe option for traveling with proper comfort and many facilities, so everyone wants to own a car.

But owning a car isn’t that simple as it doesn’t come in a few pennies. A standard Hatchback car can cost you a minimum of 5 lacks, and it is not possible for everyone to manage this big amount altogether.

But here we make owning your car simple by the help of Car Loan where just by fulfilling a few processes you can have your dream cat at your home.

Car Loan Bhimavaram Interest Rate

To check Car Loan Interest Rate for all major banks you can visit: Car Loan Interest Rates

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Car Loan Bhimavaram Documents Required

Documents required for car loan are as followed:

For salaried:

• Proofs like Aadhar card, Pan Card, or passport copy is required.
• Income Proof: Latest 3-month salary slip with form 16 is required 
• Ration card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy is required to apply for the loan.
• Bank statement of the last 6 months.

For self-employed:

• Proofs like Aadhar card, Pan Card, or passport copy is required.
• Income Proof: Latest Income tax returns required 
• Ration card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy is required to apply for the loan.
• Bank statement of the last 6 months.

Car Loan Bhimavaram Eligibility Criteria

The car loan eligibility requirements are as followed:

For salaried:

• The minimum age car loan eligibility to apply for the loan is 21 years.
• The maximum age of the applicant to apply for the loan maturity is 65 years.
• 1 year in current employment and also a minimum of 2 years of employment must be for the salaried applicant.
• The annual income should get more than Rs.3lakhs and also for the standard cars, the applicant should get more than 3 lakhs of income.

For self-employed:

• The minimum age car loan eligibility to apply for the loan is 21 years.
• The maximum age of the applicant to apply for the loan maturity is 65 years.
• The applicant should have at least 3 years in business. so that the applications will get approval quickly and also the applicant should submit income tax return(ITR) files.
• The net annual income should be more than 4lakhs also for the standard cars, the applicant should have more than 3lakhs of income.

Car Loan for Major Car Manufacturers in Bhimavaram

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Processing Fees & Prepayment Charges on Car Loan Bhimavaram

CIBIL Score Required for Car Loan in Bhimavaram

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CIBIL score plays a key role while getting the loan. If your CIBIL score is between 750-900. You will get quick loan approvals. If the CIBIL score is less than 700 then your application will be pending. Make sure you check your CIBIL score before you apply for the loan. If you pay your EMIs in time then your CIBIL score will be increased. If you do not repay your EMI your CIBIL score will be reduced. The applicant has to pay monthly EMIs according to there schedule of the bank.

Car Loan Bhimavaram Contact Number

For instant help and any more queries, you can call 9878981166.

Pre Calculated EMI Table for Car Loan Bhimavaram

Car Loan EMI Calculator

About Bhimavaram

FAQs about Car Loan Bhimavaram

✅ Can I get a loan to purchase a used car in Bhimavaram?

Yes, you have to use your credit history and previous arrangement with the prospective bank or any other lender in Bhimavaram to negotiate the interest rate on your car loan. Regularly paying your past loans/credit cards EMI with your prospective bank or any other lender will help you get a car loan with a lower interest rate.

✅ What is the typical tenure of a car loan in Bhimavaram?

A car loan can last anywhere between one to five years. The higher the EMI, the shorter your loan term, and the opposite is valid for longer car loan terms. Currently, only limited lenders are offering car loans on terms of up to seven years in Bhimavaram.

✅ Do I need a loan guarantor or co-borrower in Bhimavaram?

If you are unable to meet the lending institution’s eligibility standard, such as monthly salary, age, or credit score, a loan guarantor or co-borrower is required. You can even apply for a car loan of your own.

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