Auto Loan

A car loan is a loan provided by the bank wherein the bank pays off the full amount to the car dealer and the buyer repays the amount in smaller instalments with an interest fee every month. The period of such repayment can vary between 1 year - 5 years.

Today the Indian economy is on the rise. The young Indian consumer wants to buy a new car as soon as he or she is settled into the job. To cater to their demands car manufacturers have launched lots of cars at different price points. This makes the customer spoilt for choice. They would like to own one of these beautiful set of wheels but cannot pay in one go. That is where the banks step in to extend their co-operation in this growing market by providing car loans.

Points before applying for a car loan

Before finalizing a car loan, we need to keep in mind the following points

  • Normally Banks finance up to 85% of the value of the car. This may vary due to factors like you Income. Hence you need to arrange for the balance 15%. If it is a car costing 5 lacs and assuming bank has agreed to give you a loan of Rs. 4,25,000/- , then the balance amount of Rs. 75,000/- which you need to arrange personally does not look big. But if it is a premium car worth Rs. 15 lacs and bank has agreed to finance up to Rs. 13 lacs, the balance figure of Rs. 2 lacs looks quite huge!! So you need to decide what type of car you require considering the fact that the value of a car always depreciates.
  • If your income is Rs.50,000, then the EMI for a car loan should not exceed more than Rs. 10000/-. So restrict your Car loan to 20% of your Monthly income.
  • Check the rate of interest with different banks. Scout for the lowest rate possible. Also check the processing fees of every bank.
  • Check the prepayment terms & conditions and finalize a bank which works in your favour.

What We Offer

Bank Name

Company Name

Amount

Interest

Processing Fees

Emi Range

Details

logo autoloan 100 100 autoloan 100
logo test 500 600 955 55
logo nivtech 1000 1.2 500 20
logo aaaaaaaaaa aaaaaaaaaaa aaaaaaaaaaaaa aaaaaaaaaaaaa aaaaaaaaaaaa aaaaaaaaaaaaaaaaaaa
logo aaaaaaa aaaaaaaa aaaaaaaaa aaaaaa aaaaaa aaaaaaaaaaaaa
logo cc ccc ccc cc cc dddddddddddd