Car Loan Kaise Le? How to get car loan? interest rate

Car Loan in Hindi: In this article, we will provide you information about Car Loan. Car loan is a type of auto loan. If your dream is to buy a car and you do not have money, then you can join a car loan in this situation.

There are many banks and Non-Banking Financial Company (NBFC) which are providing car loan to the customers with attractive car loan interest rate. You have to apply for this loan. You can apply for this loan both online and offline.

Car Loan in Hindi

Just as we take a bike loan to buy a bike, similarly we take a car loan to buy a car. Car loan comes under the category of a secured loan. That is, to take this loan, you have to give collateral or security.

You must have a good CIBIL score to take this loan. To take a car loan, you have to pay a down payment. Some lenders can also provide you a loan with zero down payment. To take this loan, you have to pay various types of fees and charges.

lender car loan It takes into account many factors like applicant’s CIBIL score, income, employment status, place of residence, age etc. before giving. If you have a bad credit history, banks may refuse to give you a loan.

Under car loan, you can take almost all types of car to buy whether new, used or luxury car. The lender gives you a fixed tenure to repay this loan which is also called the loan tenure. You can pay your loan through EMI.

You can get a loan from the bank from 85% to 100% of the cost of the car loan. If a lender offers 100% of the on-road price, you do not have to pay any down payment. In a car loan, the car acts as the collateral.

HIGHLIGHTS:

loan name	car loan 2022
lender	Banks and NBFCs
Rate of interest	Different Banks and NBFCs
loan amount	Different Banks and NBFCs
Application Mode	online / offline

What is the need of taking a car loan?

In our society the person who has a car is seen from a different perspective. If someone has an expensive car, then he is seen in the same way. We feel the need of a car when coming from home to office, dropping our children to school, traveling long distances, going on trips with friends, etc.

If we have less money then you go towards bike but bike doesn’t fulfill our needs that a car can do. In this situation we take the help of car loan. You can take a loan to buy the car of your choice based on your credit history.

Car loan tenure

The tenure of a loan is the period for which the lender grants you the loan. You have to repay the loan during this committee period. If you do not repay your loan on time, the lender recovers your money by selling the mortgaged item.

Generally, the loan tenure of a car loan ranges from 1 year to 7 years which may vary from bank to bank. If your loan tenure is short then you have to repay your loan in less time. In this case you will have to pay more but in the long run you will have to pay less EMI.

Car Loan Interest Rate 2022

In lieu of giving loan, banks charge you some fee, which also has the interest rate of a loan which is most important. Before applying for a car loan of any lender, you need to be properly aware of the interest rate of that loan so that you do not have to face any kind of trouble at the time of repayment of the loan.

The interest rate you have to pay every month on your principal amount. This interest rate varies in different banks and financial institutions. Existing customers of the bank can get a car loan at a low interest rate. You can compare the interest rates of different lenders cheapest car loan could find.

Car Loan Calculator 2022

The loan is paid by you through EMI i.e. Equated Monthly Installment (Equated Monthly Installment). Every month you have to pay your loan back to the lender which you do through EMI.

Before applying for a car loan from any lender, you should calculate the EMI of your loan. You can calculate the EMI of your loan with the help of Car Loan EMI Calculator by visiting the official website of the lender.

You can calculate your loan EMI to find out how much you will have to pay at the time of loan repayment. Then you can apply for the loan accordingly which makes you hassle free.

Car loan EMI depends on the loan amount, interest rate, processing fee over the loan tenure. You have to enter these four things in the calculator and your EMI comes in front of you. You can find out the cheapest car loan by comparing loan EMIs from different lenders.

Types of Car Loans

There are mainly three types of car loans which are as follows:

• New Car Loan
• Used Car Loan
• Loan Against Car

New Car Loan:

• As the name suggests, when you take a loan to buy a new car, it is a new car loan. There are many cars available in the market, you can take advantage of New Car Loan to buy the car of your dreams.
• The loan tenure of this loan ranges from 1 to 7 years.
• The interest rate of the loan can range from 9-14%.

Used Car Loan:

• When you take a loan to buy a used car or to buy a used car, it comes under this category. The interest rate of this loan is higher as compared to the new car loan.
• This loan has a short loan tenure which can be up to a maximum of 5 years.

Loan Against Car:

• When you buy a new car by pledging your old car, that loan comes under the category of Loan Against Car. You can take this loan in case you are short of money and you need to mortgage your car.
• The interest rate of this loan is high and the loan tenure is short.
• If you have a bad credit score then this loan could be for you.

Car loan Fees and Charges

In lieu of giving loan, the bank charges you many types of fees and charges, which can be different in different banks. These fees are as follows:

• Processing Fee: For complete processing of the car loan, the bank charges a small percentage of the original loan amount which is called the processing fee. This amount is deducted before the loan is transferred to your bank account. Some banks do not charge a processing fee.
• Foreclosure Charges: When you repay your entire loan before the end of the loan tenure, it is called preclosure/foreclosure. Banks charge you a fee for pre-payment of your loan but some lenders do not charge any fee for it.
• Prepayment: If the customer pays a part of his car loan in advance, it is called prepayment. The charges that banks charge you on pre-payment of a part of your car loan comes under the category of prepayment charges.

Car loan benefits and features

• Any person who dreams of buying a car can fulfill his dream with a car loan.
• You can take this loan to buy any type of car.
• You can take this loan to buy a new car, to buy a used one or to buy a new car by pledging your old car.
• You can take a loan from 85% to 100% of the value of your car.
• If a lender gives a loan of 100% of the cost of the car, then you have to pay zero down payment.
• The loan tenure of this loan can usually range from 1 year to 7 years.
• Car loan comes under the category of a secured loan in which the car itself acts as the collateral.
• You can apply for this loan both online and offline.
• To take a loan, you have to pay many types of charges, which are given in detail in this article.
• You can also prepay your loan, which reduces the debt burden.
• The new car loan has a lower interest rate as compared to the old car loan.
• If you are an existing customer of the bank, then you Car Loan Offers can take advantage of.
• If you need additional funds, you can also avail a top-up loan against your existing car loan.
• You can also choose the option of Car Refinancing i.e. you can take a new car loan to repay your existing car loan.

Car Loan Eligibility

This eligibility may be different in different banks. Some of the general eligibility are as follows:

• Any salaried or self-employed person can take advantage of this loan.
• Applicant’s age should be between 18 years to 75 years.
• The monthly income of the subscriber should be at least Rs.20,000.
• You must have all the necessary documents.
• Applicant should have good CIBIL score.

Documents for car loan

These documents are different in different banks. Some common documents are as follows:

• Identity Proof: Passport / Aadhar Card / Voter ID Card / Driving License / PAN Card.
• Address proof: Utility Bill / Passport / Aadhar Card / Driving License / Ration Card.
• proof of income:
• Form 16
• Salary slip if you are salaried
• latest income tax return
• Bank statements going back 6 months

How to apply for car loan?

If you fulfill all the conditions of the bank then you can apply for car loan both online and offline. You can understand the process of applying by following the steps given below:

Car Loan online apply

• To apply online, you have to first visit the official website of the bank.
• Click on Car Loan option on the home page.
• Click on Apply Now option to apply.
• The form will open in front of you in which enter the requested information and click on submit.
• After this the bank will contact you and the loan process will be issued further.

How to apply offline? You can apply offline by visiting your nearest bank branch.

Conclusion

In this article we have you Car Loan in Hindi Provided complete information about Anyone can buy the car of their dreams by joining a car loan. If you are facing any kind of problem in applying for this loan, then you can get information by calling the customer care number of the bank.

Car loan related questions: