About Hyundai Verna

Hyundai Verna is popular in India since its launch in 2006. Over the years the car has undergone several upgrades. In India, presently there are 14 variants of the Hyundai Verna. This petrol car is known for its good fuel efficiency, making it a popular choice for city and highway driving alike.

Thinking to buy Hyundai Verna? With a loan for a Hyundai Verna car, it is easy and simple to get your own Hyundai Verna. The best thing is, almost all banks offer very attractive Hyundai Verna car loans. Just make sure you compare all the benefits and features of different Hyundai Verna car loan options.

Hyundai Verna Car Loan: Features & Benefits

The loan terms, interest rates, and repayment plans vary with different bank offers. But there are some general features and benefits you must consider

Hyundai Verna Car Loan: Features

Here are some common salient features of Hyundai Verna car loans:

1. Loan amount: You can get a car loan for up to 100% of the car's ex-showroom price.

2. Repayment tenure: Car loans have a repayment tenure of up to 7 years.

3. Interest rate: The interest rate for car loans is usually fixed and ranges from 7% to 10% depending on the lender, your credit score, and other factors.

4. Down payment: A down payment of 10-20% of the car's ex-showroom price is usually required.

5. Prepayment charges: Some lenders may charge prepayment fees if you decide to pay off your loan before the tenure ends.

6. Processing fees: Lenders may charge processing fees of up to 2% of the loan amount.

7. Credit score: Your credit score will be a crucial factor in determining your eligibility for a car loan and the interest rate you'll be offered.

8. Collateral: The car itself serves as collateral for the loan, so if you default on payments, the lender can seize the vehicle.

Hyundai Verna Car Loan: Benefits

Here are some benefits of getting a Hyundai Verna car loan:

1. Affordable payments: Car loans allow you to purchase a vehicle without having to pay the entire amount upfront, making it more affordable to own a car.

2. Flexibility in loan amount: Lenders offer a range of loan amounts, which allows you to choose a loan that suits your budget and requirement.

3. Credit building: A car loan can help you build your credit score if you make timely payments on the loan.

4. Tax benefits: Car loans also offer tax benefits, as the interest paid on the loan is tax-deductible.

5. No need to compromise: With a car loan, you can purchase the car of your choice without having to compromise on features or quality due to budget constraints.

Before taking the final decision, go through all the details and read all the terms and conditions carefully.

Hyundai Verna Car Loan Eligibility Criteria

To avail of a car loan in India for Hyundai Verna, individuals must meet specific eligibility criteria. These criteria vary from lender to lender, but some general parameters are:

1. Age: Applicants must be at least 21 years of age, and the maximum age limit varies from 60 to 70 years, depending on the lender's policies.

2. Income: Applicants must have a stable and regular income source, either through salaried employment or self-employment, to be eligible for a car loan.

3. Credit Score: A good credit score is necessary to avail of a car loan. Generally, a score of 750 and above is considered good.

4. Employment Stability: Applicants must have a stable employment history of at least one year in the case of salaried individuals and three years in the case of self-employed individuals.

5. Residential Status: To get a car loan in India for a Hyundai Verna car, you will have to be an Indian citizen.

6. Residency: You will need to live at a certain address for at least 1 year to get a car loan with that residential address.

Meeting these eligibility criteria ensures you get a Hyundai Verna car loan easily.

Documents Required for Hyundai Verna Car Loan

When you are applying for the Hyundai Verna car loan you will need the following documents to submit:

1. Identity proof: PAN card, Aadhaar card, passport, driving license, etc.

2. Address proof: Voter ID card, passport, utility bills, etc.

3. Age proof: Birth certificate, 10th or 12th mark sheet, passport, etc.

4. Income proof: Salary slips, bank statements, income tax returns, Form 16, etc.

5. Employment details: Appointment letter, employment contract, etc.

6. Vehicle-related documents: Proforma invoice, registration certificate, insurance policy, etc.

7. Signature Verification Proof: Banks provide separate forms for applicants to fill up along with their signatures.

8. Bank Statement: You need to provide your 3-6 month bank statement.

9. Business Ownership Proof: If you are self-employed then you need to provide your business details including office address proof, maintenance bill, utility bill and a mandatory copy of the business registration licence.

The exact list of documents may vary depending on the lender's requirements and the applicant's profile.

Hyundai Verna Car Loan EMI Calculator

Hyundai Verna car comes with an ex-showroom price (Delhi) range of ? 10.90 Lakh to ?17.38 Lakh. The on-road price almost ranges from ?12.74 Lakh to ?20.18 Lakh.

For a loan amount of ?12.12 Lakh the Hyundai Verna EMI starts at ? 25,616 per month for a loan tenure of 5 years at an interest rate of @9.8 percent. The Equated Monthly Instalment (EMI) is a sum of the principal amount and interest.

The monthly EMI is fixed through the loan tenure and repaid monthly. To calculate your Hyundai Verna Car loan EMI use the formula mentioned below

P x R x (1+R) ^N / [(1+R)^N-1], here

P = Principal amount of the loan

R = Rate of interest

N = Number of monthly instalments

You can calculate with this formula or can use any available car loan EMI calculator.

Hyundai Verna Car Loan Interest Rate, Fees, and Charges

The interest rates, fees, and charges for a Hyundai Verna car loan in India may vary depending on the lender's bank. However, here's what some general rates that look like:

1. Processing fees: Banks and other financial institutions charge processing fees for a car loan, which usually range from 0.5% to 4% of the loan amount.

2. Interest rates: The interest rate for a car loan may vary from lender to lender, but generally, it can range from 6.80% to 11.5% per annum.

3. Foreclosure charges: If you want to prepay your car loan before the end of the loan tenure, most banks don't charge anything. But some banks may charge a foreclosure fee ranging from 2% to 7% of the outstanding loan amount.

4. Late payment charges: If you miss a car loan payment deadline, banks may charge a late payment fee, which usually ranges from 1% to 4% of the overdue amount.

5. Other charges: Apart from these charges, lenders may levy other charges such as documentation charges, stamp duty, etc.

Down payment required for Hyundai Verna Car Loan

Normally to get a Hyundai Verna car loan you need to pay a down payment. In general, you need to pay a down payment of 10%- 25% of the car's on-road value. It depends on the individual's eligibility of repaying the loan.

Depending on your credit score and other factors, you can get a Zero down payment car loan for your Hyundai Verna Car. ICICI Bank provides car loans up to 100% of the on-road price of the car.

How to get Hyundai Verna Car Loan?

Now how to get a car loan? Here are the steps to get a Hyundai Verna Car Loan:

• Check your eligibility: Check your eligibility for the car loan by considering factors like income, credit score, and employment status.

• Select a lender: Research and compare different lenders to find the best car loan that suits your requirements.

• Submit the application: Fill out the car loan application form and submit it to the lender.

• Provide necessary documents: Provide necessary documents like identity proof, income proof, and address proof to the lender.

• Verification and approval: After verifying the documents and checking your credit score, the lender will approve your loan application.

• Down payment: Pay the down payment as per the terms and conditions of the lender.

• Disbursement: After the down payment, the lender will disburse the loan amount to the dealer or seller.

• Repayment: Repay the loan in Equated Monthly Installments (EMIs) for the tenure agreed upon with the lender.