This Valentines … Want to Gift your Spouse a Brand New Car ??… Here it Goes..!!!!
All the Credentials for Taking a Car Loan…
- With this Car Loan, you will have the opportunity to buy a Car of your own choice on Monthly Installments rather than paying full payment. You will have to expend Car Loan Interest Rate, as well.
- Whatever car you will plan to buy will remain on Bank’s Name until you pay the last Installment. So it should be your foremost responsibility to pay your installments on time. If you miss any of the EMIs, this record will be automatically updated in your CIBIL record.
- You will not get 100% finance. You will get 80% - 85% depending upon different Banks requirement. For this, you have to first pay a down payment; down payment is that 15% - 20% amount of money that you will pay by yourself.
- One most important thing to be kept in the mind is Your CIBIL score.
- Now, The question arises: What is this CIBIL score?
CIBIL is CREDIT INFORMATION BUREAU (INDIA) LIMITED. CIBIL is basically a DATABASE, collected from all the Banks and Financial Institutions in INDIA. It consists of more than 17 Crore consumer records. It keeps a record of your each and every financial aspect.
For Instance: What kind of reputation you possess in terms of acquiring previous loans and credit cards? So, if you have a bad record, Bank will deny your request of approving the loan. So for taking any kind of loan your CIBIL score should be Healthy and Strong. So always behave sensibly in terms of finance.
- Loan Tenure in terms of Car Finance can be 1 to 5 years depending upon different banks policies or requirements.
If you have any queries regarding any Financial Concept, feel free to Dial
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