Features and Benefits of Car Loan

Features and benefits of car loan

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:

  1. Full funding available for new cars
  2. Up to 85% finance available for used cars
  3. The loan period is generally between 1 and 7 years.
  4. 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).
  5. Car Loan Interest Rate is calculated on the basis of the profile, loan tenure, and the amount of loan sanctioned.
  6. Equated Monthly Instalment (EMI) is worked out for repayment.
  7. Early settlement of the pending amount of loan is subjected to the pre-payment penalty.
  8. 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.
  9. 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.
  10. In addition to all these, the lenders also sanction loans to individuals having a bad credit score or a history.

Leading Car Loan Providers

  1. HDFC Car Loan
  2. Axis Bank Car Loan

Apply for a Car Loan

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