Car Loan Taxi

About Taxi Car Loan

With the extensive development in the Cab Service industry the demand for Taxi Car loan has also increased. For purchase of taxi car you can easily borrow Taxi Car Loan from any bank or non banking financial organization. Let us see various features of a Taxi Car Loans

Loan Amount:

Taxi Car Loans can be borrowed by the customers who wish to purchase a taxi for his own. The loan that will be granted depends on the eligibility of the customer. You can check your eligibility by making use of eligibility calculator tool at Letzbank. All you will be required to do is to simply fill an online form and submit the desired details and you will know your know your eligibility. Also to ensure that your loan gets a sure shot approval you should have a good credit score, through which the banks will be able to ascertain your credibility to repay the loan. You can check your credit score for free at Letzbank.

Rate of Interest:

When you purchase a Taxi Car the interest rate at which the banks offer you the car loan is relatively higher due to the fact that the vehicle is being borrowed for commercial purposes that would lead to rapid depreciation of the vehicle and therefore the risk taken by the bank to lend you the loan will be higher which leads to a higher interest rate. Banks offer Taxi Car Loan at rate of interest ranging from 9% upto 16% per annum. Also, if you are purchasing a taxi car as an individual buyer the rate of interest would be higher whereas if you are a fleet owner the rate of interest can be bargained upon and reduced through negotiations with your loan provider.

Loan Tenure:

You can borrow a taxi car loan for a loan tenure upto 48 months depending on your capacity to repay the loan.

Processing Fee:

Processing fee of a Taxi Car Loan depends on the lending bank as every bank is independent to decide their processing fee. Some charge NIL processing fees, some charge a fixed amount as processing fee, and some charge a percentage of the cost of the vehicle as processing fee. If you are a reliable customer of the bank the bank may offer you can exemption from processing fee charges.

Fore-closure Charges:

Fore-closure charge is a penalty levied on the borrower if the borrower wishes to close the loan account in the middle of the loan tenure. It totally depends on your bank to decide if they levy a penalty or not which is ascertained at the time of signing the loan agreement. Some banks offer NIL Fore-closure charges whereas others charge upto 6% as fore-closure charges. To apply for Taxi Car Loan you must Search, Compare and then Apply at Letzbank. Applying for Taxi Car Loan online can help you get away with the service fee charges. Once you apply for taxi Car Loan online you can e-save your documents on Document Locker and guard yourself from identity theft.

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