Car Loans are at the cheapest rates, You can fulfill your car Dream..|Best Car Loan| Buy the Car.

Car Loans are at the cheapest rates, You can fulfill your car Dream..

Covid has filled public transport with risks.  People are starting to feel the need for a private car due to fear of infection.  Whether you need two wheeler or four wheeler, you can easily buy a car of your choice by taking a loan.  Currently, vehicle loan rates are at their lowest level.  If you are going to take a car loan for the first time then you will have many questions in your mind.  We are here to answer the most frequently asked questions related to car loans.

 Where To Take a Loan ?

You can get it from loan bank or NBFC.  In the bank where you have an account or where you have taken a loan earlier, check that there is a pre-approved offer ready for you.  This will give loan easily.  Car dealers also belong to financial institutions so that car financing can be done easily.

Who will get the loan ?

Most banks would like your annual income to be at least Rs 3 lakh.  A private bank says that you should be between 21 and 65 years old.  Another bank says that you have been working for at least two years, with the current employer for the last one year.  Every lender has its own conditions.  Let them know and understand so that your loan application is not rejected.

What Expenses will the loan cover ? 

There are many costs of buying a car.  There are additional expenses such as insurance, registration, tax and accessories in addition to the original price of the vehicle.  By adding these expenses, the on-road price of the car is fixed.  Most banks give you 80-90% loan at this price.  You have to pay the rest from your pocket.  Some banks also loan you 100% of the price of the car.

How much loan ?

This will depend on your income, current debt, price of the car and the lending limit of the bank.  A bank says that you will get a loan of at most 48 times your monthly income.  The second says that you will not get more than 1 crore loan.  Every bank will fix the loan according to its policy.

How much will the EMI be ?

 It is up to you.  All your loan installments together should not exceed 40% of the income.The longer the loan term, the lower the EMI and the higher the interest.  Assess EMI and duration correctly so that interest does not have to pay much.

What papers will be needed ?

Typically, lenders will ask for proof of your identity and address, passport size photo, filled loan application form, copy of income tax return, salary slip, bank statement and proof of employment.

How much will it cost to take a loan ?

Processing loan, credit score check fee, document charge etc. may have to be paid while taking a loan.  Due to good identification with the bank, this fee can also be waived.  Processing typically ranges from 0.25% to 1.00% of the fee loan.


Post a Comment