Should You Take That Car Loan?

By | 26/09/2016

What is it about cars that turns one on? Why do people spend hours watching Formula 1 Grand Prix on television? These are the questions which surely require some answering. There is a famous saying in English “Only Motorcar Racing, Mountaineering and Bull Fighting Are True Sports. The Rest Are Mere Games”. Cars in India as around the World have that ability to fuel ones greed. Whether one has money or not that car is a necessity. Cars in India have become a fashion, trend setter as well as a luxury item .The auto industry in India has grown by “Leaps And Bounds”; Car financing has taken off like a rocket supporting the fast expanding auto industry in India. The greatest car brands in the World jostle for space on Indian roads with the best models Indian manufacturing Companies can produce. Stiff competition between Indian and foreign brands can only be good for the Indian Consumer whose tastes are now comparable to his Western counterparts. So How Does One Avail Of Car Loans In India? Care To Know More. Just Read On.

So What Is A Car Loan?

Car loans or loans to purchase cars are available for people who want to purchase brand new cars. These loans are available for a wide variety of car models and for varying amounts. One can also take loans to make use of the pre-owned cars or the used car market. Cars generally need to be within three years of age and loans for pre owned cars depend upon the type of car used .Outdated models are frowned upon and no loan is sanctioned. One can also take a loan against the new car purchased. The new car purchased can be used as security for the loan.

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What Are The Eligibility Criteria Required For That Car Loan?

  • A minimum age of 21 years is required for a person to avail of a car loan in India at the time of application of that loan, and up to 58-60 Years of age at the time of maturity of the loan.
  • The minimum income one needs in order to avail a car loan in India is 1.0 Lakh to 2.5 Lakhs per annum depending on which bank one takes the car loan from. The average quantum of loan sanctioned is 3-6 times the annual income.

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