What is the Difference Between a Personal Loan and Car Loan
Personal Loan is an unsecured loan that you can use to fulfill your personal needs. In car loan, you borrow money from the bank to buy a car. But you can use your personal loan to buy a car but it is suggested to get a car loan to buy a car.
So many banking and non-banking financial organizations provide car loan as well as a personal loan. You can easily apply online to get these loans on Dialabank. There are some features of car loan and personal loan.
- In car loan, you will get the full ex-showroom value of the car if you are eligible. But in the case of a personal loan, the amount can be less than the value of the car.
- In case you want to buy a second-hand car, then, not every bank provides you a car loan, in that case, you are suggested to go for a personal loan. But if you are self-employed you can not have a personal loan. In that case, you can go for business loans.
- Besides that, rates of interest for a car loan are less than that of personal loan. So to buy a car loan is more suitable.
- To get car loan your age should be minimum 21 years if you are salaried but if you are self-employed it should be 25 years minimum.
- In case a female is applying for car loan her income should be more enough to return car loan. Otherwise, she has to add a co-applicant along with her. But in case she is earning well then there is no need for any co-applicant.
Difference Between a Personal Loan and Car Loan – Conclusion
So we can say that if you need to buy a new car then you should always choose car loan over a personal loan. Because in car loan you are getting so many extra perks along with loan and the rates of interest are quite low.
Apply on Dialabank
You can easily apply online for a car loan on Dialabank. The process is quite easy and simple.
There is no need to hassle. You just have to fill the online form and you will get back a call within a few minutes with full guidance.
How to Apply?
After checking your EMI’s you can apply for a loan online on Dialabank. The process is quite easy and convenient.
1. Visit www.dialabank.com
2. After that fill the application form for the personal loan.
3. You will get a call back within 5 minutes, with proper guidance.
4. If you will be eligible then your loan will get approved within 10 minutes.