As India adapts to a more modern lifestyle, almost everyone wants to have a car all their own. If possible, their dream car! Demand for four-wheelers has seen a consistent rise, especially during the festive season. However, not many can afford to buy a car from own funds. In such cases, car loans lend a helping hand. Car loans are a simpler form of loans where you borrow some amount from banks or other financial institutions with the intent to repay them back for a specified tenure along with interest rates. Just like every other loan, you repay your car debt via EMIs which includes principal amount and interests.
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A car loan borrower can easily customize the EMI as per his repayment ability. Initially, while paying a wider margin amount a person can easily cut down the EMI that he/she is entitled to give over the tenure of the loan.
In the current economic scenario, the competition among the financiers has increased which results in buyers benefiting in terms of maximum coverage of population under car loan eligibility criteria. With basic minimum income stability, one can easily avail a car loan from banks and other financial institutions.
Subject to collateral:
In case of a car loan, the vehicle bought itself is termed as the collateral. There is no need for serving other property as additional security for the loan. In the event of default, the bank can only repossess your car.
Instant approvals and disbursements have made a car loan look as attractive as the car. The documentation and approval process takes less than a day and on the spot approvals woo the number of people into taking the car loan.
A customer can make any modifications to the vehicle throughout the duration of the loan. At the end of the loan term, he/she will own the car.