Auto Loans
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Auto Loan
While buying a car, most of us focus only on the car we are buying, its features, aesthetics, accessories, etc. We really don’t bother about the car finance till the time we step into the dealer’s ‘finance section ‘. At that point we don’t have an option but to avail the dealer’s offer for the loan from a financer associated with him.
As a smart customer it is prudent to have compared the loan offers available in the market and shortlist the one which matches your expectations and needs.
Auto loans can be availed to finance the purchase of a new private or a commercial motor vehicle. These are term loans with monthly EMI’s, It is secured by the value of the vehicle purchased.
The loan term varies from 3 years- 7 years depending on the customer’s requirement and eligibility. The amount of loan sanctioned depends upon the customer’s credit rating (CIBIL score), repaying capacity as assessed by annual income levels and the value of vehicle purchased. Most financers will fund upto 90% of the value of the vehicle. The balance amount has to be contributed by the customer as down payment.
Most of the salaried persons, self-employed professionals as well as business entities can apply for Auto loans. With attractive interest rates, minimal documentation and speedy processing, we make this easy for you
FAQs
A car loan is a borrowing instrument that a Financial Institution i.e. Bank or NBFC provides an individual allowing him/her to purchase a car.
02. HOW MUCH LOAN CAN I GET ?
03. WHAT DOCUMENTS DO I NEED TO SUBMIT WHILE APPLYING FOR A CAR LOAN?
04. DO I NEED COLLATERAL FOR A CAR LOAN?
05. HOW LONG DOES IT TAKE TO PROCESS THE LOAN?
06. WHAT IS THE TYPICAL TENURE OF A CAR LOAN?
07. DO I NEED A LOAN GUARANTOR?
08. HOW DO I PAY THE EQUATED MONTHLY INSTALLMENT (EMI)?
09. CAN I SELL MY CAR BEFORE I REPAY MY LOAN?
10. WHAT IS ZERO PERCENT FINANCING?
11. CAN I PRE-PAY MY CAR LOAN?