Bangalore also referred to as the Silicon Valley of India or the start-up capital of India; is a mega city. It is one of the top four GDP contributors for India with an annual GDP of $83 billion and is one of the major economic centres. Land of ISRO (Indian Space Research Organisation), Infosys and Wipro, it ranks third city with one of the highest net worth residents. Last but not the least, Bangalore is known to be the most vegan friendly city as declared by PETA – India.
Car Loan Popularity In India
Car Loans have topped the loan market ever since low budget vehicles for consumers became a reality. With the introduction of Tata Nano, more and more automobile companies got inspired to introduce low budget cars in the Indian auto segment. Even low income groups can now be able to get a car with the help of flexible car loan options that offer zero down payment and low interest rates at times. Most banks have also started offering car loans for extended tenures to ensure that the monthly EMI sets in a way that fits every budget.
Car Loans In Bangalore
Bangalore is one of the highest populated cities and the cost of purchasing a car here is higher than other states because of the high road tax. This is also why pre-used cars are highly popular in Bangalore. Maruti Swift, Hyundai i10, Honda City, etc. are some of the popular car segments that are the first choice of many people in Bangalore.
Car Loan Features and Eligibility in Bangalore
- Age –While the age limit criteria may vary from bank to bank, you can be eligible for a car loan in Bangalore if your age is between 25-58 years.
- Income – You should earn a minimum of Rs. 2,40,000 to be eligible for a car loan in Bangalore.
- Employment – You must be employed in your current company for a minimum of 1 year.
- Loan Amount – Some banks offer 100% finance towards car loan for ex-showroom price of the car, whereas the other would provide around 85% finance in case of a new car. Used car finance is also available, finance for which depends on the estimated value of the car as estimated by the bank evaluator.
- Interest rate – Interest rate for car loan starts from 10.25% which may be a little on the higher side in case of purchase of a pre-owned car.
Car Loan Documents Required In Bangalore
People living in Bangalore need to submit these documents to avail the car loan:
- Identity Proof – Any valid government ID such as a PAN Card, Voter Id, Driving License, Passport, etc.
- Income Proof – Last three months of salary slip or balance sheet with computation of income that a CA verifies or IT returns for the past two years and P&L account.
- Address Proof –Ration Card, Voter ID Card, Electricity bill, telephone bill, etc.
- Last six months bank statements.
Car Loans in Bangalore @ Letzbank
Letzbank helps you get the best car loan in Bangalore through its tie-ups with various banks that offer exciting offers for Letzbank customers. Car Loans processed online directly at Letzbank website can get you the benefit of service fee waiver. Letzbank offers car loans for many car types – be it a new car, used, refinanced and commercial cars, Letzbank has a wide range of car finance options. For a look into the various banks that are offering car loans at Letzbank, kindly visit Letzbank.