Make your Dreams a Reality with an Affordable Auto Loan

1
Make your Dreams a Reality with an Affordable
Auto Loan
2

• Almost everyone of us has a dream of owning a
  vehicle. It does not only serve as a mode of
  transportation for us, but also acts as a fixed
  asset. Nowadays, having a vehicle has become more
  of a necessity rather than a luxury. It provides
  many professionals a way to travel long distances
  from their houses, to the place where they work.
  In such situations, a car becomes a time-saving
  and easy mode of transport. Buying a new machine
  or even a used vehicle can be a little difficult
  but the solution is easy to find. One can simply
  search for the best loans and fulfil the dream of
  having a shiny new vehicle.

3

• The car loan interest rates vary according to the
  credit score of the customer and the tenure of
  the loan. Generally, there are two different
  means through which interests can be calculated.
  They are fixed and floating rates. However, in
  order to find the best possible deal, a little
  research is a must. These loans are considered to
  be secured. Therefore, lenders are able to take
  more risks while offering services to the
  customer. Mentioned below are certain factors
  that you must keep in mind before opting for the
  same

4
Auto Loan
5

• Income of the customer In most cases, salaried
  people can be granted a loan which is 3 times of
  their annual income. While self-employed
  professionals can be provided with loans up to
  5-6 times their annual income.
• Market Interest rates and other charges The
  availability of a loan depends on the market
  demand for the same. It can also vary according
  to processing fees, charges etc.
• Prices of the vehicle It is important for the
  lender to check whether the price of the car is
  covered with the loan or not. 80-90 of the
  market price is usually covered by the loan.
  However, one must calculate the entire amount
  including interest in order to check the
  eligibility.

6

• Many banks and financial institutions in India
  have been offering different auto loan types to
  meet the needs of a varied customer base. If the
  buyer is unable to repay the loan amount, the
  lender can seize the vehicle. If one needs to
  search for the best loan available, it is best to
  look at various offers and list the benefits and
  limitations of each. After carrying out these
  steps, one can look out for the options available
  in the market.
• Loans to purchase a new vehicle This loan is
  designed specifically for people who want to buy
  a new car. They cover a wide range of vehicles
  and offer greater lending amounts than the others.

7

• Pre-Owned Car Loans A pre-owned or used vehicle
  can prove to be a more affordable option for many
  people, who are not able to buy a new one. There
  are limits on the types of vehicles one can buy.
• Loan against Car- Already owned vehicles can be
  deposited as a security to borrow money. The
  lender can claim the car if you are not able to
  pay back the loan.
• Thus, these loans have provided a gateway to
  people who dream of owning a vehicle in India and
  different parts of the world. With the commercial
  banks providing their own interest rates and
  schemes, they prove to be beneficial for all.

8
Source http//www.sooperarticles.com/finance-arti
cles/loans-articles/make-your-dreams-reality-affor
dable-car-loan-1245696.html?
http//www.facebook.com/idbibank
https//plus.google.com/IDBIBank
https//in.linkedin.com/company/idbi-bank
http//www.twitter.com/idbi_bank
http//www.youtube.com/idbibank

• Thank You!