Top Car Loan Providers
| Bank | Rate of Interest | Processing Fee |
| HDFC Bank | 7.25 – 7.65% onwards | 0.5% of the loan amount |
| Axis Bank Car Loan | 9.05% p.a. onwards | Minimum of Rs.3,500 and maximum up to Rs.5,500 |
| Indian Bank Car Loan | 8.45% p.a. onwards | 0.230% of the loan amount (Maximum of Rs.10,236) |
| Private Car Loan | 8.70% p.a. onwards | Min Rs. 2,500 and Max Rs. 5,000 |
| Canara Bank Car Loan | 7.70% p.a. onwards | 0.25% of the loan amount, subject to a minimum of Rs.1,000 up to Rs.5,000 |
| Union Bank of India Car Loan | 7.80% p.a. onwards | 0.25% to 0.50% of the loan amount |
| Federal Bank Car Loan | 8.90% p.a. onwards | 0-3% |
Details on car loan interest rate including other charges are given above:
Car Loan Benefits
In India, aside from the issue that paying such a tremendous total of money may upset one’s financial plan, enormous buys with fluid money could put you on the Income Tax office’s radar too. However, when you get a car loan to pay for your car, you figure out how to hold your investment funds for other current and future costs.
One of the best car loan benefits in India is that the loan is secured against the car itself; along these lines, you don’t need to mortgage your property or have different resources for getting a car loan.
You additionally get the opportunity to utilize your car while you are overhauling the car loan term, so a couple of years down the line, you have added to your unique reserve funds and have the chance to possess the car once you have paid the loan.
Features of a Car Loan
You all can enjoy interest rates as low as 7.25% per annum and repayment tenure of up to 7 years. You will be able to get your dream car with Dialabank. You’ll be able to get funding from 80 percent to 100 percent of the on-road price of the car.
- The Interest Rate will be 7.25% p.a. onwards.
- The processing fee starts from 0.50% of the loan amount.
- Loan Tenure from 1 year up to 7 years.
- Pre-closure Charges vary from bank to bank.
- Guarantor requirement varies from bank to bank.
Eligibility Criteria and Documents Required
Documents required for the car loan and other eligibility are discussed below.
Car loan eligibility criteria are different for different banks. The standard criteria are as follows:
- Age: The age of the applicant needs to be between 21 years and 65 years.
- Net Monthly Income: The minimum monthly earning of the applicant should be Rs. 25,000.
- Employment Status: At least one year of employment with the same employer.
- Type of Employment: Applicant should be salaried (working for a government institution or a private company) or Self-Employed for at least three years.
- Car’s Value: If the car being bought is new, the loan amount ranges between 85% and 90% of the on-road market price of the car. For a used car, this price is up to 80% of the car’s current market value.
- Credit History: A good credit history can make it much easier to obtain a car loan. A CIBIL Score of 750 or higher will expedite the disbursement of your dream car loan.
The documents required for a car loan are as followed:
| Identity Proof | Residence Proof | Income Proofs |
| Driving License | Copy of Electricity Bill/Water Bill/Telephone Bill | Salary Slips for the last three months |
| PAN/ Aadhaar | Copy of valid Passport/Aadhar Card/Driving License | Copy of Form 16 or Income Tax Returns for the last two years |
| Voter ID | Copy of Voter ID card | Bank account statements of the last 6 months |
| Valid Passport | If self-employed, submit P&L account, Balance sheet |
Things to Remember While Availing a Car Loan
| Step by Step Process | Action Required | Conclusion |
| Applying for Car Loan | Make comparisons between the choices available | Finding deals that are best suited to your requirements |
| Submitting the Proof of Income |
Salary Slip of the past 3 months Account Statement of earlier 6 months IT- Returns (last 2 years) |
Ensuring your repaying capacity |
| Submitting Proof Of Identity and Address | KYC Documents ( Aadhaar Card, Voter Card, Ration Card, PAN Card, etc.) | Ensuring your Indian Citizenship |
| Credit Record | PAN Card | The bank checks credit history to make sure you’re not a ‘risky borrower.’ |
| Vehicle details | Sales Receipt of the car purchased from the showroom | Confirming the price of the car |
| Car Insurance Proof and DL | Attach a copy of car insurance and Driving License | Establishing the legal requirements are fulfilled or not |
Following are some of the best car loan products you can opt for in 2021:
| Bank | Key USP | Features |
| HDFC | Loans for Luxury Cars |
|
| Private Bank | 100% On-Road Financing |
|
| State Bank of India | Designed for professionals and agriculturalists with no Income Proof |
|
| Axis Bank | Small Loans |
|
| Federal Bank | Free Personal Accident Insurance |
|
| Canara Bank | Low-Interest Rates for Used Cars and New Cars |
|
How to Calculate your Car Loan EMI?
The Equated Monthly Installments (EMI) that you will pay depends on some key factors. These are:
- The amount of the loan
- The car loan rate of interest that applies
- The period of the loan
- The processing fees (if any)
The higher the amount of your loan, the higher will be the amount of your EMI. EMI amount is also inversely proportional to the loan tenure. To find the best offers between an affordable and low-interest EMI and duration, you should check our car loan EMI calculator.
Car Loan EMI Payment Methods
Your car loan can be paid off in one of three ways.
- Standing Instruction (SI): Standing Instruction is the best mode of repayment if you already have an account with the lender. Your EMI will be deducted automatically from the lender’s account you stipulate at the end of the monthly cycle.
- Electronic Clearing Service (ECS): Use this mode if you have a car loan but do not have an account and would like your EMIs to be debited automatically from this account after the monthly cycle.
- Post-Dated Cheques (PDCs): Post-dated EMI cheques from your bank account can be submitted to your nearest Banks Loan Centre. A new set of PDCs must be submitted as soon as possible. Please keep in mind that Post-Dated Cheques will only be accepted at non-ECS locations.
It is recommended that you use either the SI or ECS mode of payment because they are faster and less prone to error than PDCs.
Compare Best Car Loan Interest Rates in India for 2021
|
Bank Name |
Car Loan Interest Rates |
Processing Fee |
|
Bank of Baroda Car loan |
7.25% p.a. onwards |
0.50% of the loan amount up to a maximum of Rs.10,000 plus GST |
|
Canara Bank Car Loan |
7.30% p.a. onwards |
0.25% of the loan amount, subject to a minimum of Rs.1,000 and a maximum of Rs.5,000 |
|
Axis Bank Car Loan |
8.70% p.a. onwards |
Minimum of Rs.3,500 and maximum of Rs.5,500 |
|
Federal Bank Car Loan |
8.50% p.a. onwards |
Contact the bank |
|
SBI Car Loan |
7.70% p.a. onwards |
Rs.1,000 plus GST onwards |
|
Private Bank Car Loan |
7.90% p.a. onwards |
0.5% of the loan amount |
Car Loan – Checklist to Follow While Applying for it
Most people want to drive their own vehicle, but they have the financial means to do so all at once. Car loans fill in the gaps by encouraging you to buy your dream car by only paying a fraction of its expense in EMIs per month. If you’re looking for a car loan, keep these seven things in mind to get a decent offer.
Interest rates on car loans start at 7.25% a year and go up from there, based on the car model, repayment capability, company, and other factors. Since many banks offer discounted car loan interest rates to their regular borrowers, check with the current bank first for those discounts and then equate them to the rates provided by other lenders on online lending marketplaces. Until making a final decision, make sure to check out the deals provided by dealer financing firms or captive vehicle finance companies.
- The shorter the loan term, the better
The majority of lenders have auto loans on terms of up to seven years. If you can, use a shorter term to save money on interest. However, since a shorter loan term means higher EMIs, make sure your loan term does not deplete your total liquidity or commitments to multiple life goals.
- The lower the loan sum, the better
While certain loans can fund up to 100% of the expense of your car, choose a smaller loan balance to save money on interest. However, do not use your emergency fund or redeem your long-term savings by doing so since this may have a negative effect on your financial wellbeing in the future. Plan ahead of time to invest and raise enough funds to make a substantial down payment and reduce the loan’s pressure.
- Choosing the Right Car Loan
Purchasing a vehicle is a significant decision. There are various considerations to consider when choosing the best style, model, and functionality. Fresh car loans, used car loans, and loans against cars are the three categories of car loans that banks often sell.
You’ve decided on a vehicle and calculated the budget. Make sure, though, that the budget covers annual operating costs. The rate of interest is the next factor to remember before taking out a car loan. Borrowers who already have a contract with a bank usually get loans at lower interest rates. Any banks sell loans with interest rates as low as 8%–9.5% a year. The bank would fund up to 80% of the cost of the vehicle.
- Examine the financial opportunities
This takes us to the various financing solutions available. You may get funding based on either the ex-showroom or the on-road price (this includes showroom price and the registration fee and accessories). You can also choose the kind of loan you want. Either a fixed interest rate loan or a low-interest loan, which is ideal if you’re on a tight budget.
- Inquire about costs and payments
Keep an eye out for processing costs since different lenders charge different fees, so comparing different loan choices will help you make a more educated decision. Loan transaction fees, documentation fees, credit report fees, registration card collection fees, stamp duty, late payment fees, amortization plan fees, loan termination fees, exchange costs, bounce charges, and so forth are some of the most frequent charges and fees imposed on customers. Before picking a lender, compare the extra fees and costs of different banks.
- Inquire for prepayment
Another crucial thing any borrower can ask their lender is what the prepayment penalties are. When a creditor needs to pay off his loans before the term expires, several banks charge prepayment fees, foreclosure fees, and other fees. In such situations, you can always pick a bank that costs you the least amount of money.
Foreclosing a Car Loan
Banks in India offer car loans for new cars as well as used cars. Consumers who can’t afford to purchase their dream car with their savings can apply for a car loan. Any salaried employee or self-employed individual with a steady income and stable occupation can apply for a car loan from the banks.
An applicant with a good credit score has higher chances of car loan approval than one with a bad or low credit score. Banks consider the creditworthiness of the applicant when processing a car loan application. 750 or above is considered a good credit score.
Equated Monthly Instalments for Car Loan Repayment: While getting a car loan to buy your dream car is easy, there are a few things to bear in mind when doing so. Loan redemption is one of the most significant considerations. Equated Monthly Instalments are used to repay the car loan (EMI). As a result, when applying for a car loan, you can prepare your loan repayment timeline.
Income Tax Benefits on Car Loans Taken to Purchase Electric Vehicles
Section 80EEB allows you to subtract up to Rs 1,50,000 in interest payments. Individual taxpayers are allowed to own an electric car for personal or business use. This deduction would make it easier for those who own an electric car for personal use to subtract the interest they pay on the lease.
Check Latest Car Prices in India
Car Model |
Ex-Showroom Price (Delhi) |
|
Celerio |
Rs.4,41,200 to Rs.5,68,000 |
|
Celerio X |
Rs.4,90,100 to Rs.5,72,000 |
|
DZire |
Rs.5,89,000 to Rs.8,80,500 |
|
Ertiga |
Rs.7,59,000 to Rs.10,12,000 |
|
Swift |
Rs.5,19,000 to Rs.8,02,000 |
|
Wagon R |
Rs.4,45,500 to Rs.5,94,800 |
|
XL6 |
Rs.9,84,689 to Rs.11,51,189 |
|
Ciaz |
Rs.8,31,974 to Rs.11,09,974 |
|
Baleno |
Rs.5,63,602 to Rs.8,96,112 |
|
S-Cross |
Rs.8,39,000 to Rs.12,39,000 |
Check Top Car Dealers in India
|
Name of the Car Brand |
Name of the Outlet and Address |
|
Maruti Suzuki |
|
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Hyundai |
|
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Honda |
|
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Tata |
|
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Toyota |
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Ford |
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Car Loan Features and Interest Rate
In India, the following benefits are there when you take a Car Loan.
*The following is a general viewpoint on the advantages offered by car loans*
Each Bank may have highly specialized and customized offers for their customers.
- It helps you buy the car even if you do not have entire the funds as of now. Most car loans will be provided on the on-road price of the car.
- Some loans will be provided up to 100% of the on-road price, implying there are no down payments. With some banks offering loan amounts in crores, you are not limited in your choice of cars.
- Car loans offered in India have secured loans. The vehicle that you buy is the security against the loan. Getting an automobile loan is usually straightforward when compared with other loan products. Individuals with a slightly low CIBIL score can also hope to take one. However, it depends majorly on the service provider.
- Car loans in India often offer a fixed rate of interest option. This means that you only have to pay a fixed amount for the loan every month. The rate of Interest offered is based on the borrower’s credit score. The starting Car Loan Interest Rate is 7.25% p.a.
Top Car Prices in India 2020
Maruti Suzuki
| Car Model | Ex-Showroom Price |
| Alto | Rs.2,88,689 to Rs.4,09,190 |
| Alto K10 | Rs.3,60,843 to Rs.4,39,777 |
| Celerio | Rs.4,26,289 to Rs.5,38,000 |
| Celerio X | Rs.4,75,198 to Rs.5,52,350 |
| DZire | Rs.5,82,613 to Rs.9,52,622 |
| Eeco | Rs.3,80,800 to Rs.6,84,000 |
| Ertiga | Rs.7,54,689 to Rs.11,20,689 |
| S-Presso | Rs.3,69,000 to Rs.4,91,000 |
| Swift | Rs.5,14,000 to Rs.8,84,000 |
| Vitara Brezza | Rs.7,62,742 to Rs.10,37,742 |
| Wagon R | Rs.4,42,000 to Rs.5,91,000 |
Mahindra
| Car Model | Ex-Showroom Price (Delhi) |
| XUV300 | Rs.8.10 lakh to Rs.12.69 lakh |
| Marazzo | Rs.10 lakh to Rs.14.77 lakh |
| XUV500 | Rs.12.31 lakh to Rs.18.63 lakh |
| Scorpio | Rs.10 lakh to Rs.16.63 lakh |
| Alturas G4 | Rs.30.70 lakh |
| Bolero Power+ | Rs.7.86 lakh to Rs.8.86 lakh |
| TUV300 | Rs.8.54 lakh to Rs.10.55 lakh |
| KUV100 NXT | Rs.5.32 lakh to Rs.7.95 lakh |
Honda
| Car Model | Ex-Showroom Price (Delhi) |
| Brio | Rs.4,73,245 |
| Amaze | Rs.5,93,000 |
| Jazz | Rs.7,45,000 |
| WR-V | Rs.8,15,000 |
| City | Rs.9,91,000 |
| BR-V | Rs.9,52,900 |
| All-New Civic | Rs.17,93,900 |
| All-New CR-V | Rs.28,27,00 |
| Accord Hybrid | Rs.43,21,237 |
Loan Approval – Steps you should follow to Get the Loan Approved Faster
When you want to receive money to purchase a new or used car that you have decided to buy, it is better that you choose a pre-approved loan. To avail of such a car loan, you can simply follow a few steps to receive the required amount quickly.
- Check Your Credit Report: You can always check your CIBIL score report to verify your position in terms of credit score. A credit score of 750 or more can get you a low-interest rate for a car loan. The interest rate for a credit score of 650 to 750 will be slightly higher. If you have defaulted in your CIBIL score report or have a poor credit score, your loan application may be rejected by the lenders.
- Pay Your Bills on Time: Availing a car loan to buy your dream car, you should have a fixed minimum monthly pre-tax income and a manageable DTI (debt-to-income ratio). While it is not possible to change one’s income in most cases, you can improve your DTI by clearing off all your due credit card bills or outstanding dues. To create a good credit profile, you should always pay your outstanding bills on time.
- Look out for Car Loan Options: There are multiple options available in the market through which you can get a car loan to purchase your new or used car. You should check the best car loan interest rates of different car financing firms and banks to find the one that compliments your needs.
- Borrow Minimum Funds: By paying a more significant amount upfront as the down payment for the car, you can reduce the amount that you will need to borrow to match the price of the vehicle you have selected. If you borrow less amount of funds, you will be in a position to repay your loan quickly or as early as possible since a smaller loan amount means lower EMIs.
- Make Sure to Select a Plan That Fits Your Pocket: The repayment capabilities of an applicant significantly affect the approval of a loan that the applicant has applied for. As you decide to get a car loan to buy the car that you want, you should make sure that you choose the best Plan/ Scheme that you can afford.
- Pay Attention to the Terms and Conditions of the Loan: A loan with low monthly Instalments but consists of a longer tenure might not be feasible for you. Before you finalize your Loan scheme, you should always try to opt for the best program with the lowest interest rate and the shortest tenure for the loan possible.
- Get Insurance with Complete Coverage: When offering a car loan, the main point of concern of NBFCs and banks is not to incur any losses or default. Therefore, having full-cover insurance is a requirement for many organizations before sanctioning a loan. It helps recover the balance debt in case of an accident wherein the borrower is at fault or cannot pay it back.
Prepaying Your Car Loan
You can repay your Car Loan amount in Equated Monthly Instalments (EMIs) till the end of the loan tenure. But, if you decide to pay off the outstanding loan amount before your car loan tenure ends, you will have to foreclose or prepay your loan. Most Banks offer the foreclosure/prepayment option for a penalty fee though some Banks may allow you to foreclose/prepay your loan without charging you any extra cost.
You can prepay your loan if your income has increased and you wish to clear off your car loan liability. It also takes away your responsibility to make monthly payments. Foreclosing a car loan will release the car as collateral and give you full ownership and documents.
| Bank | Processing Fee |
Prepayment Charges
|
| HDFC Bank Car Loan | (1999 - 4999) + Tax |
2%, Nil foreclosure charges after 24 months
|
| Axis Bank Car Loan | 1 % to 2.50% | Nil |
| Private Bank Car Loan | 0.25% to 1.50% |
2%, Nil foreclosure charges after 36 months
|
| SBI Car Loan | 500/- to 0.50% | Nil |
| Kotak Car Loan | 1% to 2% |
2.25% of fore closure amount if closed 1 month ahead of the tenure.
|
| IIFL Car Loan | Nil | Nil |
| Muthoot Car Loan | Nil | Nil |
| Manappauram Car Loan | Nil | Nil |
| PNB Car Loan | 0.70% to 1% | Nil |
| Canara Bank Car Loan | 0.01 | Nil |
| Andhra Bank Car Loan | Nil | Nil |
To check Car Loan Interest Rate for all major banks you can visit: Car Loan Interest Rates
Selecting the Right Car Loan
The following table explains the do’s and don’ts when choosing the right car loan:
Do’s |
Don’ts |
|---|---|
| Comparing the rates and offers can help you compare the various car loan options available to you. | Eligibility – Do not apply for a loan amount that exceeds your eligibility, as this will result in your loan application being rejected. |
| What’s the Interest? – Chose a loan that offers you the best interest rate along with the loan amount you need. | Multiple Applications – Do not apply with multiple banks, as this will have a negative impact on your credit score. |
| Keep it Simple – Chose the car before applying for the loan, and make sure the cost of the car fits your budget. | If your application is rejected, don’t continue to keep apply at different banks. Chances of rejection will rise. |
| Hidden Fees and Charges – What appears to be obvious may contain a hidden component. Be aware of any hidden fees or charges associated with the car loan. | Taking out loans from the dealership – The loan offered by the dealer may not have the best interest rate. So, look into the other options. |
| Special offers – There could be special offers available when you are applying for your loan. Make sure you take advantage of them. | Don’t pick a car with a high service cost because you already have the EMI and the insurance premiums to pay. |
Fees and Charges on Car Loan
| Category | Details |
| Processing Charges |
1999 - 4999 + Tax
|
| Prepayment |
No prepayment is allowed until 12 EMIs are paid
|
| Preclosure |
No foreclosure is allowed until 12 EMIs are paid
|
|
Prepayment Charges
|
13-24 months: 2% of loan principal outstanding
|
|
>36 months: Nil Charges
|
|
| Stamp Duty |
As per state laws
|
| Cheque Bounce Chgs |
₹ 550/chq + GST
|
| Floating Rate of Interest | Not Applicable |
| Overdue EMI Interest |
2% p.m.(on overdue amount)
|
| Amortisation Schedule Chgs | Rs 200 + GST |
Is a long-term car loan a more suitable alternative if you have bad credit?
If you have bad credit, financial experts always advise you to take out a short-term loan. Even though the monthly/quarterly returns will be lower, the interest rates on long-term loans will be much higher. If you have bad credit, interest rates are usually high, and long-term loans will raise them even more. Negative equity is another risk associated with long-term loans. Negative equity occurs when the car’s value is less than the loan amount. The likelihood of the vehicle requiring repairs during the loan period rises as well. Wear and tear occur over time, and there is a possibility of significant repairs, which could raise the costs.
Top-Up on Your Car Loan
After taking a car loan, if you need additional funds for purposes such as a home renovation, wedding, etc., you are eligible to get a top-up loan on your ongoing car loan. You can avail yourself of a maximum of 150% of the car’s value as a top-up loan. Most banks that offer a top-up on their car loans require you to maintain a clear payment record for at least 9 months with minimal documentation. Eligibility criteria for a car loan are discussed in the above contents.
Some of the banks that offer top-up loans on their car loans are HDFC Bank, Axis Bank, Private Bank, and Kotak Mahindra Bank.
Personal Loans vs Car Loans
When it comes to large transactions, such as a car, we frequently use loans to finance the purchase. Personal loans and car loans are two top-rated and widely used financing options for consumers.
A personal loan can be applied for nearly all individual tasks. In the case of personal loans, there are no contractual obligations. Car loans, on the other hand, are predominantly available for car purchases. You can compare the benefits and drawbacks of both products to gain a better understanding.
Pros and Cons of Personal Loans
Pros:
- There are no limitations on how the funds can be used.
- It allows for payment structure flexibility.
Cons:
- Since a personal loan comes under unsecured loans, the interest rate is likely to be higher.
- Personal loans are subject to more stringent lending criteria due to their unsecured nature.
- Your credit score is an influential determinant in deciding your loan eligibility.
Pros and Cons of Car Loans
Pros:
- Car loans typically have lower interest rates.
- It is simpler to obtain a car loan.
- Because it is a secured loan, an individual with a mediocre credit score is also likely to be approved.
- The vehicle itself acts as insurance for the loan.
Cons:
- The disadvantage is that you will be required to make a down payment.
- The car will be ringfenced to the bank, and you will receive complete ownership only after the latest installment is paid.
However, it is advisable to examine various loan products and select the one that best meets your needs. While a car loan is easier to obtain, a personal loan may be more beneficial in some cases.
Car Refinancing
When you take a new top-up loan to pay off the pending balance on your existing loan, it is called car refinancing. You can refinance your car loan if you want to replace your current car loan with better features such as low-interest rates, etc., or simply change the terms and conditions of your existing car loan. The most common reason why people choose to refinance their loans is to save money.
When refinancing a loan, you can avail of a new loan that offers low-interest rates than the ongoing loan, saving you money. You can also reduce your EMIs (equated monthly installments) by choosing a longer repayment tenure with a new Bank through car refinancing.
However, refinancing your car loan does not make sense if you have already made a significant repayment of your original loan amount.
Car Loan Versus Car Lease
Financing and leasing are two ways for people to get a new car. The car owner/lessee would be required to make monthly payments in both cases. The vehicle would also be owned by the bank/leasing company.
There are several distinctions between car leasing and car financing. Some of the differences are as follows:
- People who cherish to switch their cars every 3-4 years may find it more cost-effective to lease a vehicle than finance it. The lessor also takes care of the maintenance hassle in this way.
- When the rental term expires, the rental company can return the vehicle to the rental company. They don’t have to go the way they would if they own the car valuation and the selling process.
- When you lease a car, you have a limit on how far you can drive it. When you own a financed car, you are not subject to these restrictions.
- Another downside of leasing an automobile is that you will not personalize the vehicle to your fondness.
FAQs About Car Loan
✅ What sum would I get as the car loan?
Ans. The funding sum contrasts from one bank to the next and relies upon different conditions, including the qualities of your car and loan necessities. Be that as it may, the base loan sum will be equivalent to Rs.1 00,000 much of the time.
✅ What happens if I wish to pre-pay the whole loan sum?
Ans. Banks offer an alternative of prepaying the whole car loan sum and saving money on imperative premium installments later on. Nonetheless, most banks permit pre-installment simply after the finish of a half year of the loan residency. Likewise, a little expensive as a pre-installment penalty fee will be chargeable by the bank.
✅ Is the car loan interest rate negotiable?
Ans. Much of the time, the car loan interest rate is negotiable depending on your FICO rating, record and past relationship with the money lenders.
✅ What car are loan reimbursement tenures usually there?
Ans. Ordinarily, all banks offer reimbursement tenures from a year to 7 years, relying on the loan sum and client’s reimbursement capacities.
✅ Is a guarantor obligatory for another car loan?
Ans. No, for the most part, a guarantor is required just on the off chance that you can’t meet at least one of the qualification measures indicated by the lender.
✅ Do I need a guarantor while applying for a car loan?
Ans. Most banks don’t request a guarantor if there should be an occurrence of both new and trade-in vehicle loans, yet if your salary doesn’t meet the set qualification models, the bank may expect you to include your parent or life partner as a co-candidate.
✅ Which cars are financed via car loan establishments in India?
Ans. All little to medium-sized cars, Sports Utility Vehicles (SUV), and Multi Utility Vehicles (MUV) go under the car loans funds accessible in India. There might be special cases, enquire about the equivalent at the hour of the car loan application or allude to the loan manual.
✅ Would I be able to acquire an extra loan on my second-hand car loan?
Ans. Various banks offer renegotiating choices or getting an extra loan over a second-hand car loan. The estimation of the car can be recovered into money to meet your prompt fiscal prerequisites. In a perfect world, 80%-85% of the car’s valuation sum be availed.
