Car Loan/Used Car Loan
A car loan is a type of loan specifically designed to help individuals purchase a new or used car. It provides borrowers with the necessary funds to buy a vehicle and repay the amount in regular installments over a predetermined period. Car loans are offered by banks, financial institutions, and auto financing companies, making it easier for individuals to own a car without a large upfront payment.
Acquiring a vehicle is a significant decision, both financially and personally. Car loans provide various options to assist individuals in this acquisition, tailored to specific scenarios.
The details of these loans are outlined below, covering fresh car purchases, used cars, refinancing, and balance transfers.
Fresh Car Purchase
The acquisition of a brand-new vehicle is a considerable investment. The Fresh Car Purchase loan facilitates this acquisition, offering financial assistance specifically for new cars. This structured financial solution is designed to alleviate the substantial initial cost, allowing individuals to secure their desired vehicle without undue financial strain.
Interest Rate: The interest rate for this loan typically lies between 8.5% and 10%.
Loan Amount: Borrowers can avail finance for up to 90% of the ex-showroom price of the car.
Term: The loan offers repayment tenures that range from 1 to 7 years.
Documentation: For salaried individuals, it's essential to provide a salary slip. For business owners, documentation such as business registration, Aadhar, PAN card, and three years of ITR are required.
Used Car Purchase
Purchasing a pre-owned vehicle often presents value and practicality. The Used Car Purchase loan is tailored for those opting for vehicles that have been previously owned, recognizing the significant cost associated even with used cars.
Interest Rate: The interest rates for this category generally range from 10.5% to 15%.
Loan Amount: The loan provides funding for up to 90% of the vehicle's Insured Declared Value (IDV).
Term: Borrowers have the flexibility of loan durations spanning from 1 to 5 years..
Re-financed Car
Existing vehicle owners might find the need to tap into the financial value of their asset without relinquishing ownership. The Re-financed Car loan provides this facility, offering funds against the value of a currently owned vehicle.
Interest Rate: The interest rates are set between 10.5% and 15%..
Loan Amount: This loan allows individuals to obtain finance up to 90% of the vehicle's IDV.
Term: Loan terms are available for durations ranging from 1 to 5 years.
Balance Transfer Plus Top Up
Managing multiple car loans or securing better loan terms can be facilitated through the Balance Transfer Plus Top Up loan. This service allows individuals to consolidate outstanding loans and, if necessary, avail of additional funds over the existing loan amount.
Interest Rate: The interest on this loan type generally falls between 11.25% and 16%.
Loan Amount: This loan offers financing of up to 200% of the vehicle's current valuation.
Term: Repayment terms for this loan type span from 1 to 5 years.
Acquiring a vehicle is a significant decision, both financially and personally. Car loans provide various options to assist individuals in this acquisition, tailored to specific scenarios.
The details of these loans are outlined below, covering fresh car purchases, used cars, refinancing, and balance transfers.
Fresh Car Purchase
The acquisition of a brand-new vehicle is a considerable investment. The Fresh Car Purchase loan facilitates this acquisition, offering financial assistance specifically for new cars. This structured financial solution is designed to alleviate the substantial initial cost, allowing individuals to secure their desired vehicle without undue financial strain.
Interest Rate: The interest rate for this loan typically lies between 8.5% and 10%.
Loan Amount: Borrowers can avail finance for up to 90% of the ex-showroom price of the car.
Term: The loan offers repayment tenures that range from 1 to 7 years.
Documentation: For salaried individuals, it's essential to provide a salary slip. For business owners, documentation such as business registration, Aadhar, PAN card, and three years of ITR are required.
Used Car Purchase
Purchasing a pre-owned vehicle often presents value and practicality. The Used Car Purchase loan is tailored for those opting for vehicles that have been previously owned, recognizing the significant cost associated even with used cars.
Interest Rate: The interest rates for this category generally range from 10.5% to 15%.
Loan Amount: The loan provides funding for up to 90% of the vehicle's Insured Declared Value (IDV).
Term: Borrowers have the flexibility of loan durations spanning from 1 to 5 years..
Re-financed Car
Existing vehicle owners might find the need to tap into the financial value of their asset without relinquishing ownership. The Re-financed Car loan provides this facility, offering funds against the value of a currently owned vehicle.
Interest Rate: The interest rates are set between 10.5% and 15%..
Loan Amount: This loan allows individuals to obtain finance up to 90% of the vehicle's IDV.
Term: Loan terms are available for durations ranging from 1 to 5 years.
Balance Transfer Plus Top Up
Managing multiple car loans or securing better loan terms can be facilitated through the Balance Transfer Plus Top Up loan. This service allows individuals to consolidate outstanding loans and, if necessary, avail of additional funds over the existing loan amount.
Interest Rate: The interest on this loan type generally falls between 11.25% and 16%.
Loan Amount: This loan offers financing of up to 200% of the vehicle's current valuation.
Term: Repayment terms for this loan type span from 1 to 5 years.
