Types of Car Loan Apply for Instant car Loan Online
Along with taking loan on new vehicle, you can also apply on old car, know everything about types of car loan. (Types of Car Loan Apply for Instant car Loan Online)
If you apply for a loan from any company, then you have to do some paperwork for this, in which your loan amount is decided keeping in mind your age, your monthly income, credit report etc.
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| Types of car loan |
Types of Car Loan-
(1) New car loan
(2) Used car loan
(3) Loan against car
Everyone's dream in India is to have their own vehicle. But due to high cost and budget, people are often unable to complete it. However, now the car loan process has eased the hassle of getting a car to a great extent.
Instead of paying a huge amount all at once with a car loan, we can bring our car home by paying a few rupees.At present, let us tell you that apart from car loan, you can also take a loan on a used vehicle, whereas if you have a car then you can also take a loan on the car.
(1) New car loan- As we all know when we use this loan process, this facility is available at brand dealerships whenever you decide to buy a car. This loan is 80 to 85 percent of your car amount.
(2) Used car loan- This loan is for your used car, that is, if you are buying a used car. So you get loan on this. Although the amount of these vehicles is very less, so only a limited amount of loan is given on them.
(3) Loan against car- The point to note here is that you are taking a loan on your car, not to buy a car, this loan is provided to you to take a new loan at a lower interest rate or to extend your loan tenure.
Eligibility Criteria for car loan-
If you apply for a loan from any company, then you have to do some paperwork for this, in which your age, your monthly income, credit report means that you have not taken any other loan apart from this. And if you have taken it then whether you are paying its EMI on time or not. Apart from this, where you live, whether it is your own house or on rent. Keeping all these facts in mind, the loan institution decides your loan amount.
Why should we get a car?
It is everyone's dream to have a branded car with home. Car not only makes your life comfortable, but also reduces many difficulties. Coming to the office while battling public transport or going out for a weekend trip, everything becomes very easy.
Earlier, buying a car was a big deal for anyone, as it had to be paid in full, but now it has become very easy due to the availability of easy loans.
Banks and non-banking finance companies give car loans on easy monthly installments. Due to which now buying a car has become very easy, it does not spoil your budget and also provides convenience.
Today in this post I am going to tell you how you can apply for loan online. You will find many banks and loan companies giving you online loans, but today I am going to tell you about car loans. How you can get car loan and apply for instant personal loan online.
You must have used banks in your life. And you must have an account in some bank or the other. Now this thing must be coming in your mind that can you really take a loan from any bank for car loan?
About Car loan-
Lending companies offer loans on both Brand New cars and used cars. However, the interest rates on these two are different. The interest rates for a new car range from 8.75% to 11.50% percent. While the interest rates on used cars are between 9.30% and 12.00% percent. It depends on the bank, the interest rates may be different in different banks.
Who can take a Car Loan?
There are some conditions that you need to keep in mind before applying for a car loan. This includes information about age, minimum salary, type of job and place of residence.
Documents Required for Car Loan
*Proof of Identity (Aadhar card,PAN Card, Passport, Driving License etc.)
*Voter ID Card,
*Passport (it doesn't matter even if it doesn't)
*Proof of address
*Age proof
*Photo
*Three months salary slip,
*Six months bank statement,
*Proof of income
*Driving license.
For car loan what is a hypothecation letter
When you buy a car by taking a loan. So this car is mortgaged with the lending company.
This gives them the right to confiscate your car in case they are unable to repay your loan. If you are not able to pay the monthly installment on time, they can pick up the car and take it away.
Hypothecation letter is part of the car registration process. Once you repay the loan, you can remove the hypothecation of the lending company from the registration papers.
How To remove car loan hypothecation?
After car loan repayment. To remove the hypothecation, you will have to go to the concerned registration transport office with no objection certificate, car insurance papers and address proof.
It is important to note here that it is necessary to take NOC from the company giving the loan. After this, give it to the insurance company and issue the insurance paper in the name of the new owner.
Car loan amount, how much loan do we get-
The loan amount depends on your age and income. How much loan you get for the car depends on the lending company. At this time, usually a car loan is available up to four to six times your annual income.Up to 80-90 per cent of the cost of the car gets financed. Some banks, however, finance up to 100%.
Ex-showroom price is the amount paid to a dealer for buying a car. When you bring the car to drive on the road after paying registration charges, insurance, road tax etc.So this is the on road price.When you go to take a loan for a second hand car, then the expenses incurred in re-registration are not covered.
What can be the interest rates on Car Loan
Lending companies on the amount of car loan also charge some extra amount in addition to Marginal Cost of Funds (MCLR). Usually these rates are fixed. This makes it easier to repay the loan.
If you think that the interest rates may come down in future, then you can take interest on floating rate. At present, the interest rates are running between 10.30-15.25 percent.However, some lending companies also give interest rate rebate to women. Instead of taking a new car, it is costly to take on a second hand car loan. Most of the banks charge more interest on this.
What are the expenses in a car loan?
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Banks many charges for giving loan or repaying the loan prematurely.
(1)A processing fee is charged when you apply. (2)This can be 0.4-1 percent of the loan amount.(3)Banks charge fees for premature repayment of the loan.(4)Some banks charge five to six percent on this. However, some banks do not charge for this.
Some banks offer part payment facility to repay the car loan. This means you can repay a part of the loan whenever you have the money. Some banks also charge a fee on payment. You cannot prepay the loan within six months of taking the loan.
For what time car loan repayment is available?.
Repayment of car loans is generally given for one to seven years. Buy You can pay it ahead of time as per your convenience.
Pay attention when buying a car.
Before applying for the loan, you should check how much loan the bank is offering for which car. While taking the loan, you should calculate the interest to be paid on the car loan.
Applying for a car loan is easy, as it has less documentation requirements. Here you do not even need to mortgage anything separately. The loan is secured with a car. However, you should keep your budget in mind while buying a car.
Why do we need a loan?
you know everyone needs money. In today's time every man is running his own business by doing some or the other work. Well friends, you all must know that how important money is in our life, in today's time we cannot live without money at all. Because friends, in today's time nothing works without money.You cannot eat, you cannot live without money at this time, you will not be able to buy anything and there are many other things that you cannot do without money.
If you do a job in which you are getting 12,000 rupees a month, now tell me whether you will be able to run your expenses with such little money in today's time. In such a situation, we get very worried that what should we do now, from where should we get the money and how to overcome this problem of ours.Thinking like this, it comes to your mind that why not borrow money from any of your relatives and friends and when I have it, I will return it.
Now you go to your friend and tell him brother, I need some money. If you give then my problem will be solved.On hearing this, your relatives and friends tell you. You know how my condition is now. I do not have that much money as you need, at the moment I will not be able to give it, after that you get very disappointed that where will the money come from now.
You do not understand anything, like this you run your mobile and you see on it that you can end your money problem forever by taking a loan. Now after this you also see a way to take money, is it a loan?
You have come to know that you have to take a loan but you do not know how to take a loan. Now you get troubled by this problem, but friends, you do not need to worry about this problem at all.
If you have any kind of question left in your mind for car Loan, then you can ask us by commenting below and if you like this post of ours, (Types of Car Loan ) then definitely share it with all your friends.
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