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In today’s time, every person who has his own house, he wants to have a car of his own too, but the price of cars in India is so high that a person with a normal income or belonging to a middle family. It is a difficult task for a person to collect all the money together to get a car.
In today’s time owning a car is not just a hobby but it has become a necessity. Having a car saves time, you don’t have to wait for transport to go to office or go for family outings.
Car loan fulfills this taxing wish of yours. you someone Bank Or you can buy a car by taking a car loan from NBFC. But before taking a car loan, you should get complete information about car loan, which you will get to know in this article.
So let’s start without taking much of your time, know this article first and foremost. Vehicle Loan what Is In Hindi,
What is Car Loan
car Loan It is a secured loan provided by banks and financial institutions through which a person can buy a new or used car. Although getting a loan to buy a used car is not easy, but if you take a loan to buy a new car, you can get the loan quickly.
Car loans are secured by the car purchased, if you are unable to repay the loan amount due to any reason, the lender can seize your car and repay the loan from it. He does not own the car until the borrower makes the final payment.
Almost all banks and some NBFCs in India offer car loans. You can take a loan up to 80 – 90 percent of the value of the car to be purchased.
Types of Car Loan
Banks and NBFCs mainly provide 3 types of car loans –
- New Car Loan
- Used Car Loan
- Loan against Car
Let us now know in detail about these three types of car loans.
#1 – New Car Loan
As the name suggests, this type of car loan is given when a person takes a loan to buy a car directly from the showroom. Banks provide New Car Loan for 1 to 7 years, in which interest rates range from 9-14% per annum.
#2 – Used Car Loan
When a person takes a loan from a bank or financial institution to buy a used car, it is called a Used Car Loan. Interest rates are higher in Used Car Loan than in New Car Loan. Banks and NBFCs offer Used Car Loans up to 80-85% of the value of the car at an interest rate of 12-18% per annum. Used Car Loan is available for a period of 1 to 5 years.
Used Car Loan can be used to buy pre-owned and used cars. With this loan, you can only buy cars that are less than 5 years old and not more than 10 years old at the time of loan maturity.
#3 – Loan against Car
When a person is in dire need of money or wants to raise funds to buy a new car, he can take a loan from banks and NBFCs by pledging his old car as a collateral, this type of loan is called Loan against Car. Is.
Most of the banks in India provide loan against car for 1 to 3 years with an interest rate of 14-15% p.a. 100% of the value of the car. People who have poor credit score can get a loan by mortgaging their car.
Car Loan Eligibility
Following are the basic eligibility and conditions for car loan –
- The citizenship of the applicant should be Indian.
- Applicant’s age should be between 21 to 65 years.
- The minimum annual income of the applicant should be Rs 2 lakh. (both in the case of salaried and self-employed)
- The applicant should have at least 2 years of work experience in the same profession.
- Must have a credit score of 750 or above.
- Also get information about other fees charged for car loan.
Apart from these, there may be other conditions of banks and NBFCs which the applicant has to fulfill.
Documents Required for Car Loan
The following documents are required by the applicant to take a car loan.
- car loan application form
- Income Proof (Salary Slip, Form 16 for Salaried and Balance Sheet of last 2 years for Self Employed)
- Age Proof (PAN Card, Driving License, 10th Marksheet, Birth Certificate)
- Bank statement of last 3 months
- KYC Documents (Aadhaar Card, pan cardPassport)
- Current residence proof (bill for electricity, water, gas, telephone etc.)
- bank account
- passport size photo
How much do you get a car loan
In Car Loan One of the questions in the mind of many people is that how much is the car loan available. Let us tell you that all the banks and NBFCs provide car loans ranging from 80% to 90% of the total cost of the car. For example, if you want to take a loan for a car of 10 lakh rupees, then you get a car loan of 8 to 9 lakh rupees.
Car Loan Interest Rates
In taking a new car, banks or NBFCs provide you with loans from 9 to 14 percent interest rates, although some banks give new car loans at even lower interest rates.
Banks and NBFCs provide loans at 12 to 18 percent interest rates for taking the same used car. However, depending on how old the car is, the interest rates may be higher. You must check the interest rates before taking a loan.
For how long a car loan is available
Banks and NBFCs give repayment tenure of 1 to 7 years on new car loan but used car loans are given for a tenure of 1 to 5 years only. The shorter the tenure for which the loans are given, the higher the EMI.
Things to keep in mind before taking a car loan
If you have made up your mind to take a car loan, then you need to keep the following things in mind.
- First, compare the interest rates of all the banks, and apply for a car loan from the banks which are providing the car loan at the most reasonable rate.
- Check your eligibility before applying for car loan.
- Understand the repayment terms of car loan.
- You should also assess your budget and financial situation before buying a car loan.
- To take a Used Car Loan, first get complete information about the car from the dealer.
How To Take A Car Loan (Car Loan Kaise Milega)
You can apply for car loan online and offline, here we have told you about both the process.
How to apply for car loan offline
- First of all, take your necessary documents and go to the nearest branch or office of the concerned bank or NBFC, and meet the manager to get complete information about the car loan.
- After this take the application form for car loan, and fill all the information in the form correctly.
- Now you have to attach and submit your required documents with the form.
- Banks will inspect your loan eligibility.
- And if you are found eligible for the car loan then the loan amount is transferred to your bank account in 48 to 72 hours.
How to apply for car loan online
- To take an online car loan, first of all go to the online portal of the concerned bank or NBFC and create your account there.
- After this, select Car Loan in the Loan section.
- Fill the basic information and upload the KYC documents to know your eligibility.
- In a few minutes you will be told whether you are eligible for the loan or not, if you are found eligible for the car loan then upload all the required documents for the loan.
- After this the loan amount is transferred to your bank account within 24 to 48 hours.
Advantages of Car Loan
Following are some of the benefits of a car loan –
- You can fulfill your hobby and need by buying a car.
- Car loan interest rates are low.
- You can get a car loan ranging from 80 to 90 percent of the total cost of the car.
- Banks and NBFCs can easily provide you a car loan if you fulfill the basic conditions of the car loan.
- Car loans are given for a longer tenure.
Disadvantage of Car Loan
Following are the disadvantages of car loan –
- You do not own the car until you repay the loan in full.
- If you are unable to repay the loan, the lender can confiscate your car.
- Taking a loan to buy a used car is a bit difficult and the interest rates are also high.
FAQ: Car Loan In Hindi
If you do not repay the car loan, then first the bank will send you a notice and if you do not take any action after this then the bank will confiscate your car.
No, there is no tax benefit available on the car loan.
No, you cannot sell your car before paying off the car loan, as you do not own the car until the loan is finally paid off.
Nowadays almost all banks and financial institutions provide car loans. The major banks providing car loans at low interest rates are SBI, PNB, Axis, ICICI, HDFC, along with many NBFCs also provide car loans at reasonable interest rates.
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Conclusion: Complete information about car loan in Hindi
Car loan is easy to apply for as compared to other loans and does not require any separate property mortgage like other secured loans. Car loans are secured by the car you buy. If you also want to fulfill your dream of getting a car, then a car loan is very beneficial for you.
That’s all in this article, we sincerely hope that you have got all the information about your work in this article. if you car loan information If you like it, then share it with your friends on social media too, and keep visiting our blog to read such informative articles.