Car Loans

A car loan is a financial agreement where money is borrowed to purchase a vehicle, which is then repaid over a set period through monthly installments (EMIs) with interest. The vehicle itself serves as collateral for the loan.

Owning a car was once a luxurious commodity to have. But in today’s economically developing world, a car is a necessity and convenience to travel from one corner of the ever-expanding city to the other.

Though everybody may not have enough cash to purchase the car with a lump-sum payment, numerous lenders can help you realise your dream of buying the car through a car loan.

Features and Benefits of Car Loan

Get financing for purchasing new and used cars.
The financing can go up to 85%-90% of the on-road price of the car. Some banks offer up to 100% financing on the vehicle’s on-road price to certain conditions.
The loan tenure can range from one year up to seven years.
The loan amount can be up to three times the annual income of the applicant.
Some lenders offer instant financing facilities for cars.
You may get additional discounts and offers if you choose to purchase a car from the dealer or manufacturer the bank has a tie-up with.
The car purchased through financing will be held as collateral until the loan is repaid