About Hyundai Aura

Hyundai Motors manufactures the Hyundai Aura, a subcompact automobile. It was released in January 2020 and is available in petrol, diesel and compressed natural gas fuel options.

The Hyundai Aura comes in six trim levels: E, S, SX, SX+, S CNG, and SX+ AMT. Depending on the version and fuel type, the automobile costs between Rs. 6.13 lakhs and Rs. 9.28 lakhs

Hyundai Aura Car Loan: Features & Benefits

Here are some of the features and benefits of obtaining a Hyundai Aura car loan:

• High loan amount: Depending on your eligibility, you might acquire a loan for up to 100% of the Hyundai Aura's on-road price.

• Competitive interest rates: Car loan interest rates are often lower than personal loan interest rates. You can shop around for the lowest interest rates and loan terms.

• Flexible repayment terms: Car loans typically include flexible payback terms of up to 7 years. Thus allowing you to select a term that best suits your financial condition.

• No Collateral required- Car loans are often unsecured, which means you do not have to pledge any collateral or security to obtain the loan.

• Easy application process: Applying for a car loan is straightforward and painless. You may do so online or at a lender's branch.

• Quick disbursement: Once your loan application is granted, the loan amount is disbursed to the auto dealer or seller. Thus allowing you to promptly take ownership of the Hyundai Aura.

• Tax advantages: Under Sections 80C and 24 of the Income Tax Act, you may be eligible for tax advantages on the interest paid on the car loan.

  However, it is critical to carefully examine the vehicle loan terms and conditions, which include the interest rate, loan period, processing costs, prepayment penalties, and other fees and charges. Make sure you can afford the monthly instalments before selecting a loan.

Hyundai Aura Car Loan Eligibility Criteria

The eligibility criteria for a Hyundai Aura vehicle loan may differ significantly between lenders, but often include the following factors:

• Age range: 21-65 years old

• Income: a stable source of income, either through a job or self-employment. It should meet the lender's minimum income standards.

• Employment status: You should have been employed or self-employed for at least 2-3 years and have a consistent employment or business record.

• Credit Score: 750 or above

• Credit history: No defaults, late payments, or other bad credit incidents.

• Down payment: A down payment of at least 10%-20% of the Hyundai Aura's on-road pricing is required.

• Documents: You must have all of the required documents, such as identity proof, address proof, income proof, and bank statements, as specified by the lender.

  It is crucial to note that satisfying the eligibility criteria does not guarantee loan acceptance. The lender will also consider your creditworthiness and ability to repay the loan.

Documents Required for Hyundai Aura Car Loan

The following documents are required in order to apply for a loan for Hyundai Aura

• KYC Documents (Valid Identity Proof- Aadhar and PAN)

• Previous 2 years� Income Tax Records (Proof of Income)

• Salary Slip (Required for the Last 3 Months)

• Salaried Account Statements (Required for the Last 6 Months)

• Proof of Signature Verification

  Note- The final list of documents necessary is dependent on the lender you apply with and your profile.

Hyundai Aura Car Loan EMI Calculator

• An EMI (Equated Monthly Installment) calculator for a car loan is an online application that helps you determine the monthly instalments you must pay on your automobile loan. It is a basic tool that calculates the EMI by taking into consideration the loan amount, interest rate, and loan tenure.

You may receive an estimate of your monthly payments for your car loan by using a car loan EMI calculator. You can experiment with different loan amounts, interest rates, and loan terms to observe how the EMI varies. This will assist you in budgeting and determining whether the loan is reasonable for you.

A car loan EMI calculator is simple to use and can help you save time and effort. It also provides an exact estimate of the EMI, allowing you to make an informed decision regarding your car loan.

• Alternatively, you can use the following formula to calculate the EMI (Equated Monthly Installment) of a car loan:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

P denotes the loan's principal amount.

R denotes the Monthly Interest Rate, and

N denotes the Loan duration (in months)

EMI Calculator Features:

• An EMI calculator determines the amount you must pay as EMIs in seconds.

• It helps manage your budget and expenditures by knowing the EMI amount.

• It assists you in determining the loan term that best fits your needs.

Hyundai Aura Car Loan Interest Rate, Fees, and Charges

The following loan offers are the best available offers for Hyundai Aura Car Loan

Axis Bank

Rate of Interest- 8.5%

Processing Fee- Rs. 7000

Repayment Tenure- Flexible

HDFC Bank

Rate of Interest- 8.5%

Processing Fee- Rs. 3806

Repayment Tenure- Flexible

Other Details-

Zero Foreclosure- No fees or penalties for paying off a loan or terminating a loan account before the loan's term expires.

Top-Up Loan- A top-up loan is a loan that is added to an existing loan, such as a home loan, personal loan, or auto loan.

Union Bank of India

Rate of Interest- 7.5%

Processing Fee- Rs. 1000

Other Details- Best ROI in its class (ROI- Return On Investment)

It is critical to read the loan agreement carefully and comprehend the loan terms and conditions, which include the interest rate, loan tenure, and any fees or charges related to the loan. Before accepting the loan offer, make sure you can afford the monthly payments.

Down payment required for Hyundai Aura Car Loan

A down payment on a car loan is a one-time payment made by the borrower towards the purchase of a vehicle. The down payment is usually a proportion of the vehicle's on-road price.

The average minimum and maximum downpayment required for a Hyuandai Aura Car Loan can range from Rs. 1,50,000 to Rs. 2,00,000. The down payment amount varies from one variant to another.

It is crucial to note that a larger down payment can lower your total loan amount and monthly payments, as well as result in cheaper interest charges over the loan's term. As a result, if you can afford it, a larger down payment is recommended. However, don't jeopardise your financial stability by putting down more money than you can safely afford.

How to get Hyundai Aura Car Loan?

The following are the usual stages in applying for a Hyundai Aura Car loan:

1. Research: Investigate and compare vehicle loans from numerous banks and financial institutions to discover the best interest rates and credit terms.

2. Eligibility: Determine whether you fulfil the lender's eligibility standards, which often involve elements such as age, income, work status, credit score, and credit history.

3. Documentation: Gather all required documents, such as identity proof, address proof, income proof, and bank statements, as specified by the lender.

4. Application: Fill out the loan application form and submit it together with the required papers.

5. Verification: The lender will check your creditworthiness by verifying your application and the documentation you submit.

6. Loan Approval: If the lender is pleased with the verification and credit check, the loan will be approved and you will be given a loan offer.

   After you accept the loan offer, the lender will pay the loan amount to the car dealer or seller, and you will be able to take ownership of the vehicle.

   You may also want to negotiate with the lender for a lower interest rate or a longer loan term, which can lower your monthly payments. Consider making a larger down payment to minimise the total loan.