Citibank is a leading global bank that offers car loans to customers who want to purchase a new or used car. The bank provides loans at competitive interest rates and flexible repayment tenures, making it easier for customers to buy their dream car. Customers can avail of a loan amount up to 90% of the on-road price of the car, subject to the bank's terms and conditions.
The loan repayment tenure can range from 1 year to 5 years, depending on the customer's preference and repayment capacity. Citibank provides doorstep service for document collection, fast loan processing, and customized EMI options to make the car loan application process hassle-free.
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1.What is a car loan?
A car loan is a type of secured loan that can be availed to purchase a new or used car. The loan amount, interest rate, and repayment tenure are determined by the lender based on the borrower's credit score, income, and other factors.
2.What is the maximum loan amount that can be availed for a car loan from Citibank?
Citibank offers car loans up to 90% of the on-road price of the car. The loan amount is subject to the borrower's credit score, income, and repayment capacity.
3.What is the tenure of a car loan from Citibank?
Citibank offers car loan tenures ranging from 1 year to 5 years, depending on the borrower's preference and repayment capacity.
4.What is the interest rate for a car loan from Citibank?
The interest rate for a car loan from Citibank depends on several factors such as the borrower's credit score, income, repayment capacity, and the loan amount. Generally, the interest rate ranges from 9.50% to 11.50% per annum.
5.What is the processing fee for a car loan from Citibank?
The processing fee for a car loan from Citibank is up to 2% of the loan amount or Rs. 5,000, whichever is higher.
6.Can I prepay my car loan from Citibank?
Yes, you can prepay your car loan from Citibank. However, prepayment charges may apply as per the bank's terms and conditions.
7.Can I avail of a top-up loan on my existing car loan from Citibank?
No, Citibank does not offer top-up loans on existing car loans.
8.What documents are required to apply for a car loan from Citibank?
The common documents required to apply for a car loan from Citibank include identity proof, address proof, income proof, bank statements, and proof of employment. The specific list of documents may vary depending on the borrower's profile and other factors.
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