One of the simplest and easiest ways to get finance for buying a car is through applying for a Car Loan. A car loan is a financial helpline offered by the banks that makes it easy to buy a car which otherwise would have been a financial burden.
You can borrow finance from the banks and repay them in the form of EMIs. Before applying for a car loan, you must know about the features and benefits of a car loan. Compare the deals from all the lending institutions and choose the best car loan as per your needs.
The following are the features and benefits of Car Loan:
- Full funding available for new cars
- Up to 85% finance available for used cars
- The loan period is generally between 1 and 7 years.
- You can get a maximum loan amount up to 3 times the annual salary (for salaried professionals) and 6 times the annual income (for self-employed professionals).
- Car Loan Interest Rate is calculated on the basis of the profile, loan tenure, and the amount of loan sanctioned.
- Equated Monthly Instalment (EMI) is worked out for repayment.
- Early settlement of the pending amount of loan is subjected to the pre-payment penalty.
- One of the most important benefits is that its saves you time if applying online through DialaBank, as the Car loan process is quite simple and hassle-free. Your Car loan gets approved within a day or even on the same day of application.
- Within a few minutes, you will receive an extended list of e-mails from lenders who will avail of your online car loan. At the same time, you can compare the different Car loan terms and choose the option suitable for you.
- In addition to all these, the lenders also sanction loans to individuals having a bad credit score or a history.
Leading Car Loan Providers
- HDFC Car Loan
- Axis Bank Car Loan