CAR LOAN
Car Loan
Owing a car is a milestone, a financial goal, which most individuals envision accomplishing. Owning a car is a symbol of success! Moreover, it is an emotional goal almost every family enjoys going on a long drive with loved ones in their own car. And this is true even in the age of cab aggregators.
Today, buying a dream car is almost within your reach irrespective of whether you are salaried or self-employed. You don’t need to be wealthy enough or save a fair amount of money to buy your first car, unlike a couple of decades ago. You can simply avail a New Car Loan and drive in your dream car sooner.
You can get a Pre Approved Car Loan, depending on your income and credit score, but subject to maximum loan tenure and the loan amount.
Unnati Finserve offers Car Loans at an attractive rate of interest, low processing fee, a repayment tenure of up to 8 years, and a higher loan-to-value ratio (100% on-road price funding on certain models) to purchase a new car. The Car Loan is offered even to proprietorship firms, partnership firms, companies, trusts, and societies.
Eligibility Criteria and Documents Required.
The Car Loan Eligibility criteria can be different for different banks. The common criteria are as follows:
- Age between 18 years and 75 years
- Minimum net monthly income of Rs. 20,000
- At least 1 year of employment with the current employer
- Must be salaried or self-employed, working for a government establishment or a private company
Features and Benefits of Car Loan
When it comes to car loans in India, in general, the following features and benefits are offered. Note that, the following is a generalized look at the advantages offered by car loans. Individually, car loan lenders may have highly customized and specialized offerings for their customer base.
- It helps you purchase a car even if you don’t have all the money for it right now.
- Most car loans will finance the on-road price of the car.
- Some car loans will even finance 100% of the on-road price. This means no down payments.
- With some banks offering financing in the crores, you are not limited in your choice of cars
- Most car loan offerings in India are secured loans. This implies that the car serves as the security/collateral for the loan.
- Procuring a car loan is usually simple when compared to other loan products. Individuals with slightly unsavoury credit scores can also hope to procure one. However, this option differs from bank to bank.
- Car loans in India often offer fixed interest rate options. This means you are always assured of a fixed amount that needs to be repaid monthly.
- Many lenders will offer interest rates based on your credit score so a high score to get you a cheaper loan.
- Car loans are not meant for just new cars.