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How to get a car loan in India? Rokdabazaar


Apply for Car loan Online: In India, most cars are bought through car loans. Car Loans are the best option when you do not have enough money available. – PowerPoint PPT presentation

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Title: How to get a car loan in India? Rokdabazaar

How to get a car loan in India? Rokdabazaar
Apply for Car loan Online In India, most cars
are bought through car loans. Car Loans are the
best option when you do not have enough money
available. In this scenario, people apply for car
loan online and that can be repaid through EMI
(Equated Monthly Installments) at fixed duration.
Nevertheless, before applying for car loans, we
need to know and understand the whole process to
initiate the method quicker and avail the loan
without any nuisances. Steps to getting car loans
faster 1) Shortlist your car The main step is
to select your car that you want to buy. Based on
the selection, your car loan will be sanctioned.
For new cars, moneylenders in India usually give
up to 85 of the cars ex-showroom price as the
loan amount. In some cases, you can also get up
to 100 of the ex-showroom price as a loan.
Typically this percentage is much lower for
pre-owned cars. Once you shortlist your car, you
can proceed to the car loan eligibility check. 2)
Know your eligibility Your eligibility for
getting a car loan highly depends on the
following factors a) Selected car and expense of
the car. b) Age of the candidate. c) Proof of
earnings. d) Total experience of work. e) Those
that are self-employed, then the total duration
of the business will need to be provided.
3) Decide on the loan amount, tenure, and
EMIs Once you have known that you are eligible,
then decide the amount of money you need for a
car. You can check this by the car loan
calculator. In some cases where you have already
provided a fixed down payment, you will need a
lower amount. You will also have to decide on the
tenure of the loan based on the monthly
installments, in which you will pay comfortably.
You should carefully consider the loan amount,
loan term and interest rate of the car loan as
these aspects will affect the overall cost of the
car and the loan for you. 4) Negotiation for
interest rate and other extra fees In most
utmost cases, car loan interest rates are
settled. However, you can adjust the same based
on your credit score, buy a car from a
trustworthy dealer, and provide all the necessary
documents in full. You can wait for some time if
you think interest rates will go down. The
interest rate is the price that the lender spends
on you to reap the benefits of financing your
car. Apart from this, you also have to see if
there are any other costs. Most lenders also
charge processing fees.
The interest that you pay to the lender during
the loan period may be considered as an
additional cost to the car. So, you should keep
this in mind and add this aspect to the overall
cost of the car to come up with the actual cost,
which you will have to bear over time. Further
costs include early closure or foreclosure, as
well as payment of a debt. If you are planning to
pay the loan before the due period then you
should check these costs. Also, note that no tax
benefit can be availed on car loans in India. 5)
Give relevant and correct documents You need to
keep the important documents including ID,
address proof, income proof, etc. available. Once
you provide the required documents that the bank
has asked for, your process is almost
finished. 6) Book your car Once you receive
the loan sanctioned, the bank will transfer the
funds to your account. You can now revisit the
dealer to finish the payment and book your
car. Apply for car loan online with these easy
steps to book your dream car.
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