Banks and financial institutions offer individuals financing schemes in the form of loans for buying cars. The loans come with fixed or floating rates for various tenures. While the lender finances a certain percentage of the price of the car, quoted as a percentage of the ex-showroom price, the rest may need to be funded as down payment. The car is hypothecated with the lender till the loan is repaid.
Documents: Proof of income, such as salary slips and income tax returns for the past 2-3 years, may need to be submitted, along with proofs of identity and address proof.
Processing fee: The processing fee, stamp duty and other documentation charges are applicable as per bank norms depending on the loan amount.
Processing fee: The processing fee, stamp duty and other documentation charges are applicable as per bank norms depending on the loan amount.
Loan amount: The maximum loan amount will depend on the price of the car, model variant, employment and income profile of the customer, among other criteria. The borrowers must check the extent of the finance that the lenders are willing to provide.
Tenure & rate: The loans are available for terms ranging from 3-15 years, while the interest rates are based on the type of interest—fixed or floating— and tenure of loan.
Points to note ..
Tenure & rate: The loans are available for terms ranging from 3-15 years, while the interest rates are based on the type of interest—fixed or floating— and tenure of loan.
Points to note ..
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