Different individuals have different dreams in life. And, among those many dreams, buying a sparkling car is surely on the wishlist of many, right? But, today with the rise in monthly expenses, it is nearly impossible to do the savings for your wishes. So, what to do? What is the best solution to fulfill your wish, even if you don't have enough finances or savings for the same? Well, my friend, the answer is a car loan. Yes, if you avail the same, you will take a one-step further towards your wish and would be able to get the keys of your favorite vehicle. Yes, my buddy, believe it not, but a car loan allows you to fulfill your most possessed passion in the most hassle-free manner. But, before you go for the same, it is important to pay attention to ICICI car loan interest rate.
Being one of the largest private sector banks, this lender over the years has created its own space in the banking sector, this is the reason that each of its product has been thoughtfully designed to meet the specific needs of all. So, let's have more clarity on the topic below. The bank offers the loan with fixed rates, which means your interest will remain the same till your loan gets repaid. The bank offers the credit facility for new and used cars at competitive rates with flexible tenures. The interest rates range between 10.75%-12.75% p.a. (new cars) and 15.50% (used cars), both on monthly reducing balance for a tenure of 1-7 years. Now, one thing that needs to be mentioned here is the fact that those who are availing this credit facility for the first time, instead of taking an impulsive decision, they should take a calculative decision. What, didn't get the same? Let's just give you more clarity below. Before saying 'Yes' to a lender, it is really crucial for you to know which lender is offering the best deal. And, that can easily be done, if you compare different lenders on various parameters, especially the interest rates. Yes, different lenders offer you the credit facility at different rates, once you started comparing them, you would be able to know which lender to choose, and which one is offering the best deal. You must be wondering how comparing the lenders, rates and the best deal has a connection, isn't it? Well, let me tell you, my friend, it's gonna be an eye-opener for you. Let's just reveal the suspense below. The moment you compare different lenders, you will be able to find the one, which is offering you the credit facility at lowest rates because the higher the rates are the more burden will be on your shoulders. So, always try to find a lender, which offers you the best deal i.e. the credit facility at lower rates so that the less burden will be there on your pocket. Suppose, Rakhi Singhal, a 28-year-old Software Engineer by profession is looking to avail a car loan, thus for the same, she has applied in a bank. After evaluating his profile, two lenders are ready to offer her the loan of ₹6 Lakh for a tenure of 5 years. The catch here is that one is offering the interest rate of 9.50% p.a. and another one is at 12.75% p.a. So, whom Rakhi will choose? Let's find out below. Scenario 1: Loan Amount: ₹6 Lakh Interest Rate: 12.75% p.a Tenure: 5 years EMI: ₹13,575 Interest Outgo: ₹2,14,511 Total Amount Payable:₹ 8,14,511 Scenario 2: Loan Amount: ₹6 Lakh Interest Rate:9.50% p.a. Tenure: 5 years EMI: ₹12,601 Interest Outgo: ₹1,56,067 Total Amount Payable: ₹7,56,067 Moreover, with the help of both the scenarios above, it would be easy for you to understand how a lower interest rate can actually make a big difference in the EMIs, interest outgo and total amount payable towards a car loan. Hence, it would be better that Rakhi will choose the lender offering lower rates as that credit facility will be lighter on her pocket, thus to make his journey memorable. So, now that you know why it is important that you should know about ICICI car loan interest rate before so as to grab the best deal for your favorite car. Article Source: https://wishfin.blogspot.in/2017/02/before-buying-your-dream-car-know-about.html
0 Comments
Everybody wishes to have his/her own dream car. After all, the feeling of driving one’s own car is so special and mind blowing. There are many people who wish to own a car but the lack of finance stops them from buying their favorite car. In case you have figured out which car to buy and you are looking for a helpful lender to offer you a helping hand, then I have some news for you. You can avail a Syndicate bank car loan at attractive interest rates. The bank won't disappoint you and will offer you a good deal which you won’t be able to resist. You can obtain finance from the bank for the purchase of a new as well as used car. Both salaried employees and self-employed individuals can look forward to the bank for their vehicle needs. Carefully examine this article to know all the relevant information about the product offered by Syndicate bank. Eligibility criteria- The first basic step of availing any loan from the bank is to meet the imposed eligibility criteria set by the bank. Check out the eligibility norms set by Syndicated bank for a car loan here-
Quantum of finance-
Interest rate- Before availing any loan product, it is very important to keep in mind the interest rate offered by the bank. Higher interest rates clearly means you will have to pay a higher amount to repay your loan successfully. Syndicate bank offers a car loan to suitable loan applicants at an interest rate of 9.40%. Repayment tenure- The bank offers a flexible repayment tenure ranging up to seven years for a car loan. The tenure provides flexible options to the applicant to repay his/her loan. List of documents required for a car loan- The interested applicant is supposed to complete the documentation work for successfully obtaining finance from the bank. Don’t forget to see the list of documents-
Syndicate Bank Car Loan EMI Calculator- It is very important to consider the EMI amount you will have to pay, while availing a loan from the bank. In case your EMI amount is on the higher side your monthly budget can get disturbed. Now you must be thinking, how can you calculate your monthly installment? After all, that EMI calculation process seems to be confusing and tricky, isn't it? You don’t have to worry about the manual calculation anymore. Syndicate Bank Car Loan EMI Calculator have been specially designed for this purpose. You have to do nothing but just type in your loan amount details along with the rate of interest and tenure period. This will give you instant information regarding your monthly installment and the total interest payable. Let’s make it clearer with the assistance of an example. Suppose Abhishek wants to avail a car loan of Rs. five lakhs from the bank. He approaches the bank and secures an interest rate of 10.35% for a period of seven years. With the help of this magical tool, we can easily find out the EMI amount. The EMI amount will turn out be Rs. 8,391 and the total interest payable will be Rs. 2,04,869. That means Abhishek will have to pay a total amount of Rs. 7,04,869 in order to completely repay the loan amount. Article Source: https://wishfin.blogspot.in/2017/02/bring-home-your-favorite-car-with.html If a thing that most aspire to own in their lifetime, it would probably be a car because of the excitement and buzz that it generates upon its arrival in the market. A new car on the town and it just sets the people in frenzy mode and prompts them to buy the model as quickly as possible. The riches can book the car at the very instance. But when it comes to the lower income segments, things can be different. They may not pay off the full price at one go and thus fail to bring home a car. Therefore, they require a bank or any other financial institution that can provide them an attractive loan offer to pursue their car dream. When the names of lenders doing the rounds, HDFC Bank may sit at the top of your mind, right! A premier private lender with a massive network of over 4,200 branches and 12,000 ATMs, HDFC Bank can just be an ally where you would look to apply for your favourite 4-wheeler, won't you? So, what are you waiting for? Dive into the details of HDFC Car Loan below and see whether it can fit into your budget or not. Why is HDFC Bank the Most Preferred for Car Loan? HDFC Bank has customized its car loan product to cater to specific requirements of different customer categories, be it salaried, self-employed businessmen, self-employed professionals, etc. With a loan for both new and used cars, it has been able to penetrate effectively and thereby ruling the car finance space with the highest share of 26%, leaving behind its competitors- SBI, ICICI Bank, Kotak Mahindra Bank and others. Let's figure out even more details of HDFC Car Loan. Interest Rate-8.15%-15.47% p.a. (New Cars) -14.50%-17.50% p.a. (Old Cars) Maximum Loan Amount-Upto 100% finance on on-road price (New Cars) - Upto 80% of the Valuation Price (Used Cars) Maximum Loan Tenure-Upto 7 Years (New Cars) -Upto 5 Years (Used Cars) Processing Fee- Lower of 0.4% of the loan amount or ₹ 10,000 (New Cars) - Lower of 2% of the loan amount or ₹ 5,000 (Used Cars) Foreclosure Charges-3%-6% of the outstanding principal loan balance on the date of foreclosure (Both New & Used Cars) HDFC Car Loan Eligibility- Borrowers must fulfill the eligibility criteria set by HDFC Bank to get their car loan application approved by the lender. Want to get a sight of those? Take a look at the points below. Salaried, when they apply for a loan, needs to ensure their age is a minimum of 21 years. While at the time of loan maturity, they are expected to be over 60 years of age. Meanwhile, self-employed can apply for the loan at a minimum age of 21 years. However, they are allowed to have a loan tenure which should be equivalent to the time when they attain the age of 65 years. An overall work experience of 2 years with a year of service at the current employer is the basic professional criteria that the bank seeks in salaried professionals. But it's not the only professional detail that bank looks for. It even wants the salaried candidate to earn a significant amount, which has set as a minimum of ₹ 1.8 lakhs annually. If you are falling short of the income parameter, there is an option of adding the income of your spouse or co-applicant. Self-employed, on the other hand, required to be in the same line of business for a minimum of 2 years. While they must earn a minimum of ₹ 1,00,000 to get the nod for a car loan. A post-paid mobile connection or landline is also sought by HDFC Bank for approving a car loan application. These are the common eligibility parameters that HDFC Bank seeks in a car loan applicant. However, the decision of lending depends on your income and repayment capability in line with the car you want to buy. For example-A car loan application of 20 lakhs may not be approved by the lender with an income of even ₹ 40,000 per month. Because the EMIs here will work out to be over ₹ 30,000, accounting for about 80% of the income and thus render the applicant ineligible for such a loan amount. You need to make sure the proposed EMIs remain within 60% of your monthly income to get the nod. HDFC Car Loan EMI Calculator- You can check out the Equated Monthly Installments (EMIs) you have to pay using the car loan EMI calculator. All your work of computing the EMI using the complex mathematical formula can be given a rest with the calculator. You just need to feed loan amount, interest rate and tenure to find the result. For example-A car loan of ₹ 5 lakhs at 9.20% interest rate for 7 years brings forth the EMI, total interest and overall payments of ₹ 8,095, ₹ 1,80,012 and ₹ 6,80,012, respectively. Hope you have read the information carefully and decided upon the option of HDFC Bank in your pursuit of buying a car. Remember, a successful car loan journey is contingent upon your income and repayment capacity to a larger degree. So, don't ignore them while applying for a loan. car is a dream that dominates our thought whenever we hustle around in public transport like bus, metro, and other mediums. The convenience and the style statement that emanate from a car is inexplicable, to say the least. To encash this dream, we usually apply for car loan as it allows us to ride our dream 4-wheeler with easy-to-pay installments. These installments constitute a portion of both interest and principal amount payable on a monthly basis. As far as lenders are concerned, there are plenty in the market ranging from small to large players looking to cater your car need. Different lenders have different offers with respect to interest rate, loan amount, processing fee and others. For example- An interest rate difference of 2%-3% on a 7-year car loan of ₹ 5,00,000 can result in an EMI difference of ₹ 1,000-₹ 1,500. While the difference between the overall interest outgo could be around ₹ 60,000 or so. I hope, you are aware of the critical role that interest rate plays in your car loan journey. Similarly, other factors are also important. So, before opting for a car loan, ensure you are clear of each and every factor associated with the same. Summary of Car Loan Offers at Several Lenders HDFC Bank Car Loan-
SBI Car Loan-
ICICI Bank Car Loan-
Kotak Mahindra Bank Car Loan-
So, these were the offers of top car loan financing companies in India. Keep a close eye on the car loan interest rate, processing fee and other charges to be borne before choosing a car loan offer. Now that you have the information on your hand, we hope you would make a sound decision on the car loan. Going on a long drive in your own car is such an exuberant feeling, right? The feeling can’t even be described in words, it can only be felt. Having a car at your disposal eliminates the need to use public transport or private cabs. You no longer have to stand in the crowded metro or wait for your colleague to pick you up, when you have your own car.
So you must be saving some amount from your monthly income to buy a brand new car, right? After all, a certain amount of money has to be given to the dealer as down payment. With so many lenders in the market offering you a car loan, you are bound to get confused. Is the high interest interest rate forcing you to apply a brake on your car dreams? If yes, then you should not bother about it any longer. SBI car loan has been specially designed to meet the aspirations of people who wish to buy a car of their choice. Want to get more information about the product offered by SBI, read this article. I have given brief details about the different types of schemes offered under a SBI car loan. SBI New car loan scheme- Are you thinking of buying a stylish new car? If your answer is in affirmative, then you need to secure this loan as soon as possible from the bank. Anybody, whether a salaried individual or a self-employed individual or an individual engaged in any agricultural activity can avail this scheme from SBI. the age of the applicant should be between 21 to 65 years. You can purchase a passenger car or a multi-utility vehicle or even a sports-utility vehicle with this loan product. Salaried individuals are required to earn an annual income of at least ₹ 2.5 Lakhs if they wish to secure finance from the bank. For self-employed individuals and people engaged in agricultural activity, the net annual income should be at least ₹ 4 Lakhs. The applicants can add the income of the co-applicant in their net annual income. The interest rate for the same lies in the range of 9.20% to 9.25%. The processing charged is 0.50% of the loan amount along with the applicable service taxes. This amounts to a maximum of ₹ 9,100 and a minimum amount of ₹ 450. SBI Loyalty car loan scheme- If you want a scheme that can offer you 100% finance, then you should opt for this one. This scheme has been designed for SBI Home loan borrowers. Applicants falling in the age group of 21 to 65 years can apply for this loan product. Salaried employees of regular public sector undertakings, Central/State government and private companies, self-employed individuals, businessmen and people engaged in agricultural activities are eligible to obtain loan from the bank. Net annual income of both the applicant and co-applicant clubbed together should be at least ₹ 2 Lakhs. The repayment tenure for the same is seven years. The bank charges an interest rate between 9.10% to 9.15% for the same. The processing fee charged is 0.25% of the loan amount sanctioned plus the services taxes applicable. It can be a maximum of ₹ 4,500 and a minimum of ₹ 450. Certified Pre-owned car loan scheme- In case, you want to buy an old car or a second hand car, then this product has been tailor made for you. You just have to ensure that the already used car you are buying is not more than five years old. In order to be eligible for the loan, you should be an individual falling between the age group of 21 to 65 years. Salaried employees of regular public sector undertakings, Central/State government and private companies, self-employed individuals, businessmen and people engaged in agricultural activities can avail a loan from the bank. Net annual income of both the applicant and co-applicant clubbed together should be at least ₹ 2 Lakhs. The maximum tenure period for the scheme is five years. The interest rate for the same is 12.65% and the processing fee charged is 0.50% of the loan amount availed along with service taxes. It can be a maximum of ₹ 9,100 and a minimum of ₹ 450. Documents required to avail a SBI car loan: Completing the documentation work has to be the top priority of any interested loan applicant. Check out the required documents here-
Article Source: https://wishfin.blogspot.in/2017/02/sbi-car-loan-best-affordable-option-to_9.html |
ArchivesCategories
All
|