How to select a Car Loan bank?

1. Car Loans India

2. How to select a Car Loan bank?

3. A car loan is the most common and convenient solution for buying a new or a used car. • That is the reason why more than 80% of buyers apply for car loan in India. Before selecting a bank or a loan firm, it’s important to search or investigate around for the best available options. • We have several banks and financial institutions which are offering loans, and each one of them claims to be better than the rest. • And this makes choosing a right bank for a car loan even more difficult. So to help you choose the better car loan bank in India, here’s what you need to take care of.

4. Eligibility and ease: Banks have strict eligibility criteria than the private finance companies. • For example, most banks provide loans to the borrowers who have minimum annual income of Rs. 2.4 lakhs, while a private finance company requires minimum income of Rs. 1.5- Rs. 2 lakhs. • However, the car loan taken from a car finance company has to be paid back within a maximum time period of five years. • The banks, on the other hand, offer a maximum seven years of loan period.

5. Interest rate card: The next determining factor is the interest rate. • The banks’ car loan interest rates in India remain same for most customers, while the car loan companies work on a preferential basis. • Loan charges: To select the best bank for car loans in India, it is important to compare the primary cost details of the loan – i.e. processing fee, prepayment charges and late payment penalty. • Processing fee varies from banks and car loan companies. Generally, it depends on the total amount of the loan. • Source: http://loanwalle.com/blog/how-to-select-a-car-loan-bank/

6. Click to know more on Car Loans India : http://www.idbi.com/auto-loan.asp Thank You…