Best Car Loan in India - Union Bank of India ? - For Individual Purchase - Need Help
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Hi dimers, need help regarding Loan for a new car purchase this month or next month in Hyderabad.
The on road price of the car is 24 lakhs. can go for 10 or 20 percent down payment. no issue in that. Cred App is showing CRIF score of 798. where to check cibil?? what will banks check?
I have checked various website and found Union Bank of India good.
My Requirements: - Lowest EMI or/and interest rate possible
1) No Down payment or up to 20 percent also okay.
2) Will pay part payment like 3 or 4 lakhs when ever possible to reduce my emi.
3) longest duration possible... only IDFC is giving 10 years in india... all others 7 years only.. but thats ok.
4) union bank of india has no charges for pre closure or pre payments
5) will never miss loan dates.... so no issue in penalties... dont want to buy with 100 % cash because of Income tax notices can come up to 10 years also.
Will add few more points shortly.
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Thank you so much for your input.
Will check once... Also loan processing fee is very high for few banks. Let's wait for some more dimer replies.
I got 15lk car loan, for 8.85% interest, 7 years, 798 cibil, expecting full file charge refund soon.
Indian Bank:
1) 1000 plus gst processing fee..
2) no pre closure charges, no info about part prepayments
3) interest rate starts from 8.75 for EV vehicles as per website.
4) down payment is 10 to 15 percent, they call it margin i guess.
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Banks check cibil score, you can check it on paytm/one score or many other apps.
Recently one of my relatives took auto loan from Bank of India as they found it to be lowest among ICICI, HDFC, Kotak, BOI, and SBI.
They got loan sanctioned without any cibil (although interest rate was higher for applicants without cibil).
Also BOI charged no processing fee while all other bank where charging around 2-3%.