Car Loan Detailed Information
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Car Loan Detailed Information

Car Loan Detailed Information

Car Loan Detailed Information – Every person has a dream that he has his own house and an own car in which he can travel with his whole family, but this dream is fulfilled by many people.

People earn their entire lives and build a house, but then they are unable to take a car. Keeping this in mind, the bank provides loan facility to those people to fulfill their dream, which we call Car Loan.

What is Car Loan?

Car Loan Details – A car loan is a loan with which you can buy the car of your dreams. You do not have to do much for a car, just take the information of the car of your choice and fill a form for a car loan and just get a car loan.

Easy Way to Take Gold Loan

Car Loan Information

How much car loan can we take?

The bank gives you a loan of up to 80% of the value of your car, where the price base is considered to be the Showroom Price.

To buy a car, you have to pay many more charges besides the Showroom Price, which together increases the price of the car, so the bank gives you a loan only at the Showroom Price. But there are also some banks that cover all the charges on your car in the loan.

Where to take Car Loan for Car?

In today’s time, you get the facility of Car Loan at every Car Showroom only, so whatever car you want to take. Go to the showroom of that car and like the car, after that, you and a person will come to you and give you information about the car loan and you can also take a car loan with his help.

If this is not there, then you keep the information about the car and then go to the bank and apply for a car loan.

Important bank for Car Loan

  1. If you want to take a loan from State Bank of India (SBI)
  2. If you want to take a loan from ICICI Bank
  3. If you want to take a loan from HDFC Bank

You can take a loan not only from the bank, but also from a company like Mahindra Finance, which gives you car finance.

Car Loan Eligibility

Car loan also depends on your credit score and income. If you are taking a loan to buy a car from a bank or finance company, then you will have to give them income proof and also they will also see if you can repay the car loan. After seeing all this you will get a car loan.

Car Loan Interest Rate

You get two types of interest rates on a car loan.

  1. Fixed Interest Rate
  2. Floating Interest Rate

Car loan interest rates vary, but this interest rate also depends on your CIBIL score.

Interest rates of all banks are different. You can see the interest rate of some important banks.

  1. You can check the interest rate of State Bank of India (SBI) car loan.
  2. You can check the interest rate of ICICI Bank car loan.

Time period on Car Loan

The time period of a car loan is usually 3 to 5 years but some banks also offer you a time period of up to 7 years but it depends on the price of your car.

But the longer the work period of your loan, the more your EMI amount will be.

Can I sell it after taking a loan?

While taking a car loan, the car is Hypothetical in the name of the bank, so we cannot sell the car until we have paid all its money.

Recurred Documents For Car Loan

  1. Identity Proof
  2. Aadhar Card
  3. Pan Card
  4. Address Proof
  5. Income Proof

Car Loan for Old Cars

Car loan is not only available for New Car, if you want, you can also take a car loan to buy an old car.

Many banks give you Old Car Loan for OLd Car. It gives you a car loan on SBI up to 5 years old car.

Old Car Loan Interest Rate

Old car loan seems to have more interest than new car loan, so if you take a car loan for old car, then you may have to pay a higher interest rate for it.

Car Loan Tax Benefits

Is there any Tex benefit on Car Loan?

No, no Text Benefit is available on a car loan.

Car Loan Process

How To Apply For Car Loan?

Applying for a car loan is very easy, for this you have to submit an application by filling a form in the bank with all the documents.

But before applying, find out the interest rate of the loan and after that the processing fees also.

Also know about the Pre-Payment Penalty on Car Loan, because if you miss the amount of Car Loan to the bank ahead of time, then it is also charged.

Car Manufacturer Car Loan Schemes

Car loan scheme by tax manufacturer

Many car manufacturers want to identify their car to every household, so many car manufacturers give you the facility of loan on a direct car.

  1. Maruti
  2. Hyundai
  3. Ford
  4. Volkswagen

Many car manufacturing companies like these give you a car loan at a low interest from the bank, so if you are planning to get a car, then also get information about the cars whose company offers a car with a car loan at an interest rate.

Important Details Related To Car Loan

  1. Take a Car Loan at a low interest rate only.
  2. Negotiate the Showroom Price before taking a Car Loan.
  3. Try not to take a car loan on more processing fees to pay work fees.
  4. Also get information about Pre-Payment Penalty Fees on Car Loan.
  5. Take a car loan only after comparing it with other banks.

How did you feel about this information? If you have any question in your mind then do comment and clear your questions.

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