No need to hesitate in buying the car of your dreams now. Car Loans will come to the rescue for your financial shortcomings. With Car Loans, you will have the opportunity to buy the car of your own choice on Monthly Installments rather than paying the full payment. You just have to choose the right deal which fits for you in every way
- 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 instalments 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.
What is 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 for approving the loan. So for taking any kind of loan, your CIBIL score should be Healthy and Strong. So you shall always be sensible in terms of finance.
- Loan Tenure in terms of Car Loans can be 1 to 5 years depending upon different banks’ policies or requirements.
- If you have any queries or want to apply for a car loan, visit DialaBank to get personalized assistance.
Major banks providing Car Loans in India are: