Car loan in Bangalore helps fulfil one’s dream of buying a vehicle. Buying a car is a big task which can be made easier by paying through financing. Car loan in Bangalore are provided by the banks or the NBFCs.
The very first time, vehicle buyers generally think that obtaining a Car loan in Bangalore from the car dealer is a good idea. The thinking is to save some amount of work which a good idea is not, in most of the cases. Generally, the car dealers have a profit margin in these kinds of deals. The lending can be obtained from the banks or the NBFCs directly as this will help save some money in comparison to getting finance from a car dealer. Here are the different types of Car loan in Bangalore:
When buying a new vehicle, getting a new Car loan in Bangalore is easy. The new Car loan in Bangalore are provided for the tenure of a minimum 1 year and a maximum of 7 years. New cars, banks provide up to 100% funding to the borrower. The amount of car loan depends on the income of the borrower and the price of the car.
The other most important view of a new car loan is the interest rate at which the finance is available. The Car loan in Bangalore interest rates depend on the following information:
The company where the borrower works.
The interest rates depend on the segment of the car the borrower wants to buy.
The interest rates also depend on the monthly salary of the borrower.
The above criteria differ from financier to financier. The eligibility for Car loan in Bangalore is different for salaried individuals and self-employed individuals.