In the last two decades, many Indians have become proud car owners. Convenience, comfort, privacy, and security are common reasons why people are opting for car ownership. If you face inconvenience travelling through public transport or spending extravagantly on rickshaws and cab rides, consider investing in a four-wheeler. Owning a vehicle lets you travel anywhere you like at your preferred time.
Today, the car category is broad. You can explore new budget, luxurious, and used cars for purchase. Once you decide on the car you want, the next and most important step is arranging the necessary finances. Applying for a Car Loan is better. Four-Wheeler Loans offer up to 90% financing at a competitive interest rate.
You can easily repay the Loan in equated monthly instalments spread across your chosen tenure. Here are the different types you can consider:
New Car Loans
A New Car Loan is ideal for new vehicle purchases. You can apply for them with any leading bank. Leading car dealers also tie up with banks to streamline the Loan process for their customers. Banks extend a suitable Loan amount and interest rate based on your eligibility. Improve your eligibility to obtain a reasonable Car Loan amount at a competitive interest rate. You can apply for the Loan for a period of seven years and repay without stressing.
Used Car Loans
Buying a used car is an attractive option as it is comparatively more affordable than a new car. Explore various re-selling platforms to buy a good used car at a fair price. Applying for a Used Car Loan is an incredible way to finance your purchase. The Loan protects your savings and investments. It also frees you from the hassles of arranging a lumpsum amount in one go.
You can apply for up to 90% of the valuation of the used car purchase value, while up to 85% of the valuation amount for a refinance Loan. You can get the amount at a reasonable interest rate for any tenure of up to five years.
Parallel Loans
Applying for a Parallel or a Loan against Car is a simple way to arrange necessary financing to meet immediate requirements. It is a Secured Loan facility that requires you to pledge your car as collateral to get the Loan amount. You get an amount up to Rs. 1 lakh onwards for a tenure of up to four years. Non-repayment of such Loans leads to repossession. Make timely repayments to prevent yourself from landing in such a situation.
Balance Transfer Loans
Get a Balance Transfer Loan to benefit from the bank’s competitive interest rates. You can even get a Top-Up Loan amount when opting for a Balance Transfer.