All that you need to know about Car Loans in Hyderabad | Letzbank

Like the number of cars that are launched in a year there are a number of car loans offered in the market. The car loans of today’s world are meant to meet the need of the car for people of all ranges and all walks of life. Car finance is available for every type of car which can be used car, new car, taxi – right from basic models of Maruti to Mercedes Benz India has a lot to offer for a lot of people. Hyderabad is a place you can see from a basic car to a top of XUV on road. The city being spread over a large area of 650 Km ² it is easier to commute with your family when you own a car- which would help you save a lot of cost on nagging autowalas and the running around for bus or  a train from one to another and getting tired before you even reach your destination.  If you can’t afford a car – take a loan which is the easiest way to purchase anything in today’s fast paced world.

·         Loans offered to avail a Car can be availed at every other bank in Hyderabad especially if you are eligible. Banks offer upto 100% finance on Car Loan in the market that is when you are planning to purchase a new car. However the finance value of the car loan for a used car can only be decided based on the estimated value of the car as assessed by the evaluator.

·         The interest rate for the purchase of a car also varies from bank to bank – the car loan rate of interest starts from 10.25% for purchase of a new car. Kotak offers the same rate of interest on the car loan for used car whereas the other banks offering is a on higher side specially when it comes to used car.

·         For purchase of new or old car the loan tenure remains around 60 to 84 months depending on your choice.

·         Some banks offer a processing fee of a standardized 2500 to 3000 rupees whereas the other banks would charge upto 2% of the processing fee on a car loan.

·         Some banks offer nil charges on foreclosure and towards pre-partpayment whereas others may charge upto 7%

Letzbank offers emi calculator which is a handy to used tool. EMI calculator will enable you to know what would be the Emi based on the loan amount you  want to borrow from the bank. You also get to know the rate of interest on the car loan along with various stages of your car loan. The tool gives results based on your input. On liking the car loan offer you can apply for car loan in Hyderabad online itself and save your time to run around a bank to obtain an approval. Your Kyc can be e-saved in the document locker to make your next transaction easier than earlier. Now that you know all about car loans in Hyderabad – Shoot your applications and drive home your Car.