Car Loan
Are you buying a vehicle? Are you thinking of getting a car? Are you thinking of getting a car loan? As you do your research and collect all the information you need to make an informed decision, you’re probably not like to sit back and say to yourself, ”Hmm, I wonder from where would I get a car loan from?” Not likely, right? Yes…now fulfilling your dream to own a car is made simple.
You can get loans up to 90% of ex-showroom price of your new car or the assessed value of your used car, with flexible repayment options.
But now that we’ve mentioned how much you loan can avail help us find the best suited options for your need by giving us some information about yourself. One of our Relationship Executive will get in touch with you to give you complete information about the loan that we feel would be most suitable for you and to assist you with the application formalities.
FAQ’s:
Any one who has got a stable source of income is eligible to apply for a home loan. The income can be salary income, business income, rental income etc.
Who can be the co-applicants for the loan?
For salaried/self employed/Sole Proprietorship: Family member
For Partnership Firms: Any one Partnered
For HUFs: Karta
For Trusts: Any one Trustee
For Private/ Public Ltd. Companies: Any one Director
Generally not required. But if your income does not meet the credit criteria, then you may be required to have a guarantor to stand surety for your loan.
As per approved rates from time to time. The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers.
What are the loan tenure options?
12 months to 84 months
As per list of cars approved by the bank./p>
How much finance can I avail of?
Generally banks fund 90%of the on road value.
How is the interest charged/calculated?
Interest is calculated on a monthly reducing balance basis.
What is a Monthly Reducing Balance?
In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.
Do I have to pay any additional charges?
Generally banks charge a nominal processing fee depending on the loan amount and customer.
How long will it take to process the loan?
Within 3 days from the date of completion of documentation. However in some cases the approvals are done even faster.
What are the stages involved in availing a loan?
The stages involved are:
Application
Processing of the loan
Documentation
Disbursement
What security/collateral do I have to provide?
Asset financed will be hypothecated/lien marked in favour of the financier bank.
EMI’s in the form of PDC’s (Post Dated Cheques) and through Electronic Clearing Service (ECS).
Is the EMI charged as Advance EMI or Arrears EMI?
Both the options are available suiting to your needs.
Do I have the option of pre-paying the entire loan amount?
Yes. One can pre-pay the loan any time after 6 months of availing of the loan. One merely has to pay a small prepayment fee on the outstanding loan amount.
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