How to get a Car loan in Bikaner ? : New or Used Car loan in Bikaner 2019

How to get a Car loan in Bikaner ? : Here is the answer. You can easily know about best car loan providers in Bikaner by following this process. The best way to get a new or used car loan in Bikaner, Rajasthan is mentioned below. So, read it carefully.

How to get a car loan in Bikaner?

For most people living in Bikaner, purchasing a car is like adding a very big asset in their road to success. Many dream to purchase it while others actually purchase it. Well, owning a car is not that easy but not that difficult though. Banks make it easier to purchase your dream car, it is not always possible to buy a car with hard cash but loans make it possible. The process of applying a car loan is lengthy but not difficult. A normal salaried person can even apply for a car loan, you just need to know the steps and meet the requirements.

10 steps to get a loan for buying a car in Bikaner

To make matters easier, here are 10 steps which are explained in an easy way for applying car loan in Bikaner. Have a look.

1. Choosing a car

The first and foremost step to apply for the car loan is choosing the right model for you. You cannot apply for a car loan until you have chosen the right car for you. There are over thousands of car under each brand in the market, now it totally depends upon you on how you have set your budget depending on which you’ll purchase the car. There are cars ranging from price to price and from model to model.

used car loan in BikanerIf you are confused about which model to choose or you want to know the details about cars then you can search over the internet as there are many cars website for example, car bazaar to compare models.

2. Knowing the price

After you choose the right car model for you, then you need to know the price of that particular car. To check the price you can directly visit the car showroom and check the price or either search over the internet about car details and price.

used car finance in BikanerCompare the prices with other showrooms and online websites to know the exact price of the car prevailing in the market and also from where you are getting reasonable discounts and interest rates. Once, this process is done you are one step more close to apply for a car loan.

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3. Check cash balance

Once you have known the price and decided that you are going to purchase the car on this price then have a check on your cash balance. You might have save a certain amount to purchase your dream car and you wish to pay half by cash and half by taking a car loan.

best car loans in BikanerTo take a car loan you need to meet some eligibility criteria of the bank based on your salary and how you’re going to pay the loan. Based on the car’s price check your cash balance and depending on the cash you have, apply for the car loan.

4. Deciding the loan amount

After checking your cash balance and knowing the car’s price, decide on the loan amount. Before applying for loan you need to have an estimate about the amount you are going to take and also know whether you can repay back this amount with interest in the long run.

pre approved car loan in BikanerSupposedly, the price of car is 10 Lakhs and you have a cash balance of 4 Lakhs which you wish to pay for the car, then the remaining amount you can take as loan and purchase the car. Don’t just apply for a higher loan amount at first because you never know the future circumstances.

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5. Enlisting all banks

Now when the loan amount is decided, check out for banks from where you’ll apply for car loan. From different advertisements and pamphlets you’ll get to know about different banks offering car loans with unique benefits and interest rates. Check the processing fee, prepayment charges and the time to disburse the loan. Also, check in details about the formalities and documentation for applying the loan.

hdfc car loan in BikanerDon’t think that public sector banks offer more than private sector, it’s always better to compare banks and then go for loans because sometimes a private sector bank offers much more benefits than a public sector bank.

6. Comparing interest rate

While you choose the right bank, keep in mind to compare the interest rate among the banks. If your loan amount is high and the interest is high then it might really be difficult for you to repay the loan in the long run. To avoid such a hassle, there are so banks in Bikaner, public sector and private sector, each bank offers unique benefits on car loans differing from each other.

new car loan in BikanerSome banks may offer interest rate upto 6% or 8% while some banks may offer less interest rate such as 4% or 5%, although these cases are very rare or occasionally, you just need to know the exact time to apply for loan and check out for banks offering less interest rate on your loan amount so to have less burden.

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7. Deciding the loan repayment term

Once you have completed all of the above requirements, decide on the loan repayment term. Decide whether you want to repay the loan in short period of time or whether in the long period of time. Different banks offer different kinds of repayment term like 18 months or 24 months.

icici bank car loan in BikanerOver the internet many banks offers the facility of car loan EMI calculator where you can fill in the details under required loan amount, tenure and interest rate offered after filling in the details you’ll get to know the EMI which you need to pay along with the repayment term.

8. Documentation process

If your income is good then the bank can give you 50% of your monthly income after you take the loan. The required documents needed by bank to apply for car loan are salary slip, form 16, residence proof, pan card and car booking slip. After the documents are checked thoroughly by the bank, then the bank will check on your address, your house and also will review your previous loan history.

hdfc used car loan in BikanerIf all the processes are cleared without any hindrance then the bank will ask you to sign the agreement and then send you the draft. It is always advised to read the “agreement paper” in details before signing.

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9. Visit of Field Investigative Agency Representative

After your documents are submitted, a field investigative agency representative will come to visit and inspect your house to check whether the details provided in your documents match in reality. It is recommended to clear all the queries with the investigator or else he might submit a wrong report to the bank.

get a car loan in BikanerAs a result your loan application just might get rejected. So, make sure to provide him with the necessity details and clear your queries.

10. Booking your car

Finally, once all the process is done and the loan is sanctioned, you are free to visit the seller of the car and purchase your car and also complete all the payment and booking procedure. As soon as all of these are ready, the car is yours completely.

Car finance in BikanerI hope now you have got understood how to get a new or used car loan in Bikaner anytime. There are many best car loan providers in Bikaner who finance car in Bikaner at very good interest rates. So, you can compare car loan interest rates and can get the best car loan in Bikaner from those top car finance companies and banks.

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