Best car loan deal

Drive home you dream car with low interest rate

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Overview

Personal loan is a short to medium term unsecured loan granted to an individual. It is commonly used to meet such financial needs as debt consolidation, wedding expenses, unexpected medical costs, home renovation and others. Flexibility of usage, minimal documentation and quick processing make personal loan a preferred financing option. Unlike other loans, it usually has a shorter repayment tenure ranging from 1-5 years. Depending upon the individual applicant’s profile and lender, the APR (Annual Percentage Rate) of a personal loan may vary from 11.29% to 35%.

Benefits

In India, apart from the issue that paying such a huge sum of cash may disturb one’s budget, massive purchases with liquid cash could put you on the Income Tax department’s radar as well. When you get a car loan to pay for your car, you manage to retain your savings for other current and future expenses. One of the greatest car loan benefits in India that the loan is secured against the car itself, so, you do not have to mortgage your property or other assets to get a car loan. You also get to use your car while you are servicing the car loan term, so a few years down the line you have added to your original savings and have the opportunity to own the car having paid off your car loan completely. This gives you the chance to augment crucial credit history by procuring a car loan and strictly adhering to the repayment cycle. A good credit history including timely payments and cleared debts help you obtain further loans in the future. Car loans, therefore, are a very safe and certain way of purchasing your own car.

Documents Required

Identity Proof (Any one of the following)

  • Passport | Driving | License | Voter ID Card | PAN Card

Address Proof (Any one of the following)

  • Passport | Driving License | Gas Bill with Gas book

Other requirements (Any one of the following)

  • Recent Passport size colour photographs
  • Income Proof Documents
  • Bank Statement for the last six months
  • One cancelled Cheque and ACH form for Electronic Clearing Mandate
  • Duly endorsed Vehicle Registration Certificate on receipt for New Vehicles