Features and Benefits of Car Loan

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What are the Features and Benefits of Car Loan?

Features and Benefits of Car Loan

Car loan is a simple and easy way to get finance for buying a car. Purchasing a car requires huge finance in a  single stroke. A car loan is a financial helpline offered by the banks that make it easy to buy a car.

You can borrow finance from the banks and pay the amount in monthly installments. Before applying for a car loan, you must know about the benefits and features of a car loan. Compare all the banks and choose the best car loan as per your needs.

Following are the features and benefits of Car Loan:
  1. Upto 100% funding available for new cars
  2. Upto 85% funding available for used cars
  3. Get maximum loan amount up to 3 times the annual salary (for salaried professionals) or 6 times the annual income (for self employed professionals).
  4. Loan period is usually between 1 to 7 years.
  5. Interest is calculated on the basis of compound interest.
  6. Equated Monthly Instalment (EMI) is worked out for repayment.
  7. Early settlement of the pending amount is available subject to pre-payment penalty.
  8. One of the most important benefits is that you save your precious time by applying online, as the Car loan process is quite simple. 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 your online car loan. At the same time, you can compare the different Car loan terms and choose the best one available.
  10. In addition to all these, the lenders also facilitate the bad credit holders with these loans. Also, the lenders also offer bad credit Car loan for individuals having bad credit.

Leading Car Loan Providers

  1. HDFC Car Loan
  2. Bank of Baroda Car Loans
  3. Canara Bank Car Loan
  4. IndusInd Bank Car Loan
  5. State Bank of Hyderabad Car Loan
  6. SBI Car Loan
  7. ICICI Bank Car Loan
  8. AXIS bank Car Loan
  9. IDBI Car Loan


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