{"id":251,"date":"2024-04-29T05:41:38","date_gmt":"2024-04-29T05:41:38","guid":{"rendered":"https:\/\/credpaisa.com\/?page_id=251"},"modified":"2024-04-30T05:31:24","modified_gmt":"2024-04-30T05:31:24","slug":"car-loan","status":"publish","type":"page","link":"https:\/\/credpaisa.com\/?page_id=251","title":{"rendered":"Car Loan"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"251\" class=\"elementor elementor-251\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-445f3dd2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"445f3dd2\" data-element_type=\"section\" data-e-type=\"section\" id=\"xs_cta_agency\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-12cb9a33\" data-id=\"12cb9a33\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-251d662 elementor-widget elementor-widget-text-editor\" data-id=\"251d662\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"ekit-heading--title elementskit-section-title \">Car Loan &#8211; Compare &amp; Apply Car Loan Online Car Loan Interest Rates<\/h2><div class=\"ekit-heading__description\"><p>It is vital that you maintain a good credit score when you apply for a car loan. Apart from the loan getting approved quicker, lenders will offer low interest rates if your credit score is good. No security or collateral is required when availing a car loan. The car acts as the security.<\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7bfd531f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7bfd531f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-51af02d4\" data-id=\"51af02d4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3ae6a2b2 elementor-widget elementor-widget-text-editor\" data-id=\"3ae6a2b2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><form action=\"\" class=\"loancomparison_form\" method=\"POST\" id=\"loancomparison_form\"><div class=\"loancomparison_form_header\">\n\t<div class=\"loancomparison_sliders\"><div class=\"loancomparison-range loancomparison-slider-principal loancomparison-slider-\">\n\t\t<div class=\"loancomparison_slider_output\"><div class=\"output-pad\"><span class=\"circle-down circle-control\"><\/span><span class=\"output-number\"><span class=\"output-label\">Amount:<\/span> <output><\/output><\/span><span class=\"circle-up circle-control\"><\/span><\/div><\/div>\n\t<input type=\"range\" class=\"sc_loan_amount\" name=\"loan-amount\" min=\"1\" max=\"28\" value=\"10\" step=\"1\" data-loancomparison>\n\t<\/div><div class=\"loancomparison-range loancomparison-slider-term loancomparison-slider-\">\n\t\t<div class=\"loancomparison_slider_output\"><div class=\"output-pad\"><span class=\"circle-down circle-control\"><\/span><span class=\"output-number\"><span class=\"output-label\">Term:<\/span> <output><\/output><\/span><span class=\"circle-up circle-control\"><\/span><\/div><\/div>\n\t<input type=\"range\" name=\"loan-period\" min=\"1\" max=\"31\" value=\"15\" step=\"1\" data-loancomparison>\n\t<\/div>\n\t<div style=\"clear:both\"><\/div><\/div><\/div><div class=\"loancomparison_rates\"><\/div>\n\t\t<div id=\"lc_show_more\"><div class=\"bg\"><\/div>\n\t\t<div class=\"fg\">Show more results<\/div><\/div>\n\t\t<\/form><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-61a2dd2b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"61a2dd2b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-73564019\" data-id=\"73564019\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3194378e elementor-widget elementor-widget-heading\" data-id=\"3194378e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Mortage Calculator<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23944097 elementor-widget elementor-widget-shortcode\" data-id=\"23944097\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><form action=\"https:\/\/credpaisa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fpages%2F251#lidd_mc_form\" id=\"lidd_mc_form\" class=\"lidd_mc_form\" method=\"post\"><div class=\"lidd_mc_input lidd_mc_input_light lidd_mc_input_responsive\"><label for=\"lidd_mc_total_amount\">Mortgage Amount<\/label><input type=\"text\" name=\"lidd_mc_total_amount\" id=\"lidd_mc_total_amount\" placeholder=\"\u20b9\" value=\"300000.00\" \/><span id=\"lidd_mc_total_amount-error\"><\/span><\/div><div class=\"lidd_mc_input lidd_mc_input_light lidd_mc_input_responsive\"><label for=\"lidd_mc_down_payment\">Down Payment (\u20b9)<\/label><input type=\"text\" name=\"lidd_mc_down_payment\" id=\"lidd_mc_down_payment\" placeholder=\"\u20b9\" value=\"60000.00\" \/><span id=\"lidd_mc_down_payment-error\"><\/span><\/div><div class=\"lidd_mc_input lidd_mc_input_light lidd_mc_input_responsive\"><label for=\"lidd_mc_interest_rate\">Interest Rate (%)<\/label><input type=\"text\" name=\"lidd_mc_interest_rate\" id=\"lidd_mc_interest_rate\" placeholder=\"%\" value=\"5.00\" \/><span id=\"lidd_mc_interest_rate-error\"><\/span><\/div><div class=\"lidd_mc_input lidd_mc_input_light lidd_mc_input_responsive\"><label for=\"lidd_mc_amortization_period\">Amortization Period (years)<\/label><input type=\"text\" name=\"lidd_mc_amortization_period\" id=\"lidd_mc_amortization_period\" placeholder=\"years\" value=\"30\" \/><span id=\"lidd_mc_amortization_period-error\"><\/span><\/div><input type=\"hidden\" name=\"lidd_mc_payment_period\" id=\"lidd_mc_payment_period\" value=\"12\" \/><div class=\"lidd_mc_input\"><input type=\"submit\" name=\"lidd_mc_submit\" id=\"lidd_mc_submit\" value=\"Calculate\"\/><\/div><\/form><form action=\"https:\/\/www.mlcalc.com\/\" method=\"post\" id=\"lidd_mc_mlc_form\" target=\"MLCalcFrame\"><input type=\"hidden\" name=\"ml\" value=\"mortgage\" \/><input type=\"hidden\" name=\"cl\" value=\"true\" \/><input type=\"hidden\" name=\"wg\" value=\"widget\" \/><input type=\"hidden\" name=\"wt\" value=\"rmc\" \/><input type=\"hidden\" name=\"cr\" value=\"usd\" \/><input type=\"hidden\" name=\"cr\" value=\"\" \/><input type=\"hidden\" name=\"wl\" value=\"en\" \/><input type=\"hidden\" name=\"ma\" value=\"300000.00\" \/><input type=\"hidden\" name=\"dp\" value=\"60000.00\" \/><input type=\"hidden\" name=\"mt\" value=\"30\" \/><input type=\"hidden\" name=\"ir\" value=\"5.00\" \/><input type=\"hidden\" name=\"pt\" value=\"0\" \/><input type=\"hidden\" name=\"pi\" value=\"0\" \/><input type=\"hidden\" name=\"mi\" value=\"0\" \/><\/form><div id=\"lidd_mc_details\" class=\"lidd_mc_details\"><div id=\"lidd_mc_results\" class=\"lidd_mc_results\"><\/div><span id=\"lidd_mc_inspector\"><img decoding=\"async\" data-src=\"https:\/\/credpaisa.com\/wp-content\/plugins\/responsive-mortgage-calculator\/img\/icon_graph.png\" width=\"12\" alt=\"home loan\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" style=\"--smush-placeholder-width: 19px; --smush-placeholder-aspect-ratio: 19\/18;\" \/><\/span><\/div><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4a0bdca9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4a0bdca9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-433d3a86\" data-id=\"433d3a86\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-196fac92 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"196fac92\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-486eac8d\" data-id=\"486eac8d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5080dbdb elementor-widget elementor-widget-text-editor\" data-id=\"5080dbdb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em><strong>Note:<\/strong><\/em>The interest rates will differ from one bank to another. This makes it critical to\u00a0<a href=\"https:\/\/www.bankbazaar.com\/car-loan-interest-rate.html\">compare the interest rates<\/a>\u00a0before choosing a loan to apply for.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-369e0df1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"369e0df1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-706362ad\" data-id=\"706362ad\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-94d254e elementor-widget elementor-widget-text-editor\" data-id=\"94d254e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table id=\"eael-data-table-64d0b367\" class=\"tablesorter eael-data-table center\"><thead><tr class=\"table-header\"><th id=\"\" class=\"\" colspan=\"2\"><span class=\"data-table-header-text\">Car Loan\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Details<\/span><\/th><\/tr><\/thead><tbody><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Interest Rate (Monthly reducing balance)<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 7.70% onwards<\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Processing Fees<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><table class=\"table table-bordered table-striped\"><tbody><tr><td>\u00a0 Starts from 0.230% of the loan amount<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Loan Tenure<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>\u00a0 1 year to 8 years<\/p><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Pre-closure Charges<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>\u00a0 Varies with bank<\/p><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Guarantor Requirement<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>\u00a0 Varies with bank<\/p><\/div><\/div><\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2586aec7 elementor-widget elementor-widget-heading\" data-id=\"2586aec7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Eligibility Criteria and Documents Required<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-523824b1 elementor-widget elementor-widget-text-editor\" data-id=\"523824b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: left;\">\u00a0The<a href=\"https:\/\/www.bankbazaar.com\/car-loan-eligibility.html\">\u00a0car loan eligibility<\/a>\u00a0criteria can be different for different banks. The common criteria are as follows:<\/p><ul><li>Age between 18 years and 75 years<\/li><li>Minimum net monthly income of Rs. 20,000<\/li><li>At least 1 year of employment with the current employer<\/li><li>Must be salaried or self-employed, working for a government establishment or a private company<\/li><\/ul><p>\u00a0To prove your eligibility, you\u2019ll need to provide certain documents. Though this too is specific to different lenders, the common\u00a0 \u00a0documents will be:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-41076cd elementor-widget elementor-widget-text-editor\" data-id=\"41076cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table id=\"eael-data-table-78f23e1\" class=\"tablesorter eael-data-table center\"><thead><tr class=\"table-header\"><th id=\"\" class=\"\" colspan=\"2\"><span class=\"data-table-header-text\">Eligibility<\/span><\/th><\/tr><\/thead><tbody><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Identity proof (any of the following)<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><ul><li>\u00a0Aadhaar<\/li><li>\u00a0Passport<\/li><li>\u00a0Driving license<\/li><li>\u00a0Voters ID card<\/li><li>\u00a0PAN card<\/li><\/ul><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Address proof (any of the following)<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><ul><li>\u00a0Aadhaar<\/li><li>\u00a0Passport<\/li><li>\u00a0Driving license<\/li><li>\u00a0Ration card<\/li><li>\u00a0Utility bills<\/li><\/ul><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Proof of income<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><ul><li>\u00a0Form 16<\/li><li>\u00a0Salary slips if you are salaried<\/li><li>\u00a0Latest Income Tax Returns<\/li><li>\u00a0Bank statements going back 6 months<\/li><\/ul><\/div><\/div><\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2c0a266a elementor-widget elementor-widget-text-editor\" data-id=\"2c0a266a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em><strong>Note:<\/strong><\/em>\u00a0Make sure you check exactly what documents the lender wants. The documents required can change depending on your situation too. The documents required to take a<a href=\"https:\/\/www.bankbazaar.com\/used-car-loan.html\">\u00a0used car loan<\/a>\u00a0are the same as above.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-513b5b8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"513b5b8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f72fbde\" data-id=\"6f72fbde\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d8149b1 elementor-widget elementor-widget-heading\" data-id=\"d8149b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Car Loan - Checklist to Follow While Applying for it<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-417a314 elementor-widget elementor-widget-text-editor\" data-id=\"417a314\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table id=\"eael-data-table-20c42307\" class=\"tablesorter eael-data-table center\"><thead><tr class=\"table-header\"><th id=\"\" class=\"\" colspan=\"\"><span class=\"data-table-header-text\">Steps<\/span><\/th><th id=\"\" class=\"\" colspan=\"\"><span class=\"data-table-header-text\">Requirement<\/span><\/th><th id=\"\" class=\"\" colspan=\"\"><span class=\"data-table-header-text\">Inference<\/span><\/th><\/tr><\/thead><tbody><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Apply for a car loan<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>\u00a0 Compare all offers available<\/p><\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\" style=\"padding-left: 40px;\">To find the loan that offers you the highest loan amount and the most affordable interest rate<\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Submit Income Proof<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Bank Statement (last 6 months) Pay-Slips (last 3 months) IT- Returns (last 2 years)<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p style=\"padding-left: 40px;\">Lender wants to establish your ability to repay the borrowed amount<\/p><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Submit Proof of Address and\u00a0 \u00a0Identity<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>\u00a0 PAN Card, Voter\u2019s ID, Aadhaar Card, Passport, etc.<\/p><\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p style=\"padding-left: 40px;\">Lender wants to establish your nationality, identity, and permanent address<\/p><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">\u00a0 Credit History<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>\u00a0 PAN Card<\/p><\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p style=\"padding-left: 40px;\">Lender wants to check your past credit records and establish if you can be trusted to make regular repayments<\/p><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>\u00a0 Information About Vehicle<\/p><\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>\u00a0 Sales Receipts from the showroom from where the vehicle was purchased<\/p><\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p style=\"padding-left: 40px;\">Lender must confirm that the deal was affected as intended<\/p><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>\u00a0 Proof of Insurance and Driving\u00a0 \u00a0License<\/p><\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>\u00a0 Copies of the vehicle\u2019s Motor Insurance and your Driving License<\/p><\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p style=\"padding-left: 40px;\">\u00a0 Lender must establish that all laws and protocols are followed with regards to the purchased vehicle.<\/p><\/div><\/div><\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3df1b456 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3df1b456\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-155b8f8f\" data-id=\"155b8f8f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-432a36e9 elementor-widget elementor-widget-heading\" data-id=\"432a36e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Personal Loans vs. Car Loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7f9acdba elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7f9acdba\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1daf2555\" data-id=\"1daf2555\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3e5267c3 elementor-widget elementor-widget-text-editor\" data-id=\"3e5267c3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>When it comes to a big purchase \u2013 for example a car, we often resort to loans for the financing of the same. Both personal loans and car loans are two of the biggest and most common financing options that are availed by consumers.<\/p><p>A personal loan can be used for any purpose. There are no bindings in the case of personal loans. However, car loans are particularly available for car purchases. To have a better understanding, you can check the pros and cons of both the products.<\/p><h3>Pros and Cons of Personal Loans<\/h3><p><strong>Pros:<\/strong><\/p><ul><li>There are no restrictions in regard to the usage of the funds. The loan amount can be used for any purpose.<\/li><li>It offers the flexibility in the payment structure.<\/li><\/ul><p><strong>Cons:<\/strong><\/p><ul><li>The interest rate for a personal loan is likely to be higher as it is an unsecured loan product.<\/li><li>Owing to its unsecured nature, personal loans also come with more stringent lending criteria.<\/li><li>Credit score plays a major role in ascertaining your eligibility for the loan.<\/li><\/ul><h3>Pros and Cons of Car Loans<\/h3><p><strong>Pros:<\/strong><\/p><ul><li>Car loans usually have a lower rate of interest.<\/li><li>It is easier to avail a car loan.<\/li><li>Since it is a secured loan, an individual with a mediocre credit score is also likely to be eligible for the loan.<\/li><li>The vehicle itself acts as a security against the loan.<\/li><\/ul><p><strong>Cons:<\/strong><\/p><ul><li>You will be required to provide a down-payment.<\/li><li>The car will be hypothecated to the bank and you will receive the complete ownership only after the payment of the final instalment.<\/li><\/ul><p>However, it is advised that you compare different loan products and then choose the one that suits your requirements. While a car loan is easier to get, at times a personal loan might be of better effect.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6f1be173 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6f1be173\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6b760e7\" data-id=\"6b760e7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6fce6538 elementor-widget elementor-widget-heading\" data-id=\"6fce6538\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to Calculate Car Loan EMI?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-41ecea1c elementor-widget elementor-widget-text-editor\" data-id=\"41ecea1c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The EMI (Equated Monthly Installments) that you will pay will depend on of a few key factors. These are:<\/p><ul><li>The size of the loan<\/li><li>The interest rate that is applicable to the loan<\/li><li>The tenure of the loan<\/li><li>The processing fees<\/li><\/ul><p>The higher the loan amount, the higher your EMI will be. Similarly, the shorter the loan tenure the higher the EMI. To find the best compromise between an affordable EMI and duration you should check out our\u00a0<a href=\"https:\/\/www.bankbazaar.com\/car-loan\/emi-calculator.html\">car loan EMI calculator<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4b460cf8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4b460cf8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-195fc38b\" data-id=\"195fc38b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-25bab2f3 elementor-widget elementor-widget-heading\" data-id=\"25bab2f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Choosing the Right Car Loan<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58400e14 elementor-widget elementor-widget-text-editor\" data-id=\"58400e14\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The following table explains the do\u2019s and don\u2019ts when choosing the right car loan:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb62e40 elementor-widget elementor-widget-text-editor\" data-id=\"bb62e40\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table id=\"eael-data-table-ff7f89e\" class=\"tablesorter eael-data-table center\"><thead><tr class=\"table-header\"><th id=\"\" class=\"\" colspan=\"\"><span class=\"data-table-header-text\">Do&#8217;s<\/span><\/th><th id=\"\" class=\"\" colspan=\"\"><span class=\"data-table-header-text\">Don&#8217;t<\/span><\/th><\/tr><\/thead><tbody><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">Compare &#8211; BankBazaar.com can help you compare the various car loan options available to you.<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">Eligibility &#8211; Do not apply for a loan amount that exceeds your eligibility, as this will result in the rejection of your loan application.<\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">What\u2019s the Interest? \u2013 Chose a loan that offers you the best interest rate along with the loan amount you need.<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>Multiple Applications &#8211; Do not apply with multiple banks as this will have a negative impact on your credit score.<\/p><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">Keep it Simple \u2013 Chose the car before applying for the loan and make sure the cost of the car fits your budget.<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>If your application is rejected, don\u2019t continue to keep apply at different banks. Chances of rejection will rise.<\/p><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">Hidden Fees and Charges &#8211; Sometimes what appears as obvious will have a hidden component. Be aware of the hidden fees and charges concerning the car loan.<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>Relying on the Dealership for loans &#8211; The loan that the dealer offers may not have the best interest rate. So, check the other options.<\/p><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">Special offers \u2013 There could be special offers available when you are applying for your loan. Make sure you take advantage of them<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\"><p>Don\u2019t pick a car with a high service cost because you already have the EMI and the insurance premiums to pay.<\/p><\/div><\/div><\/td><\/tr><tr><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">Insurance \u2013 Check the insurance premium for the car as this is a recurring cost.<\/div><\/div><\/td><td id=\"\" class=\"\" colspan=\"\" rowspan=\"\"><div class=\"td-content-wrapper\"><div class=\"td-content\">Do not request for a change in tenure unless you have considered all the aspects<\/div><\/div><\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-65104ba1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"65104ba1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5dffdf0e\" data-id=\"5dffdf0e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6440d753 elementor-widget elementor-widget-heading\" data-id=\"6440d753\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">In case of bad credit, is a long-term car loan a better option?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3706e7d8 elementor-widget elementor-widget-text-editor\" data-id=\"3706e7d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>According to financial experts, it is always recommended to opt for a short-term loan in case you have bad credit. Even though the monthly payments will reduce, the interest rates will be much higher for long-term loans. The interest rates are usually high in case you have bad credit, and long-term loans will further increase it. Negative equity is another risk that comes with long-term loans as well. Negative equity comes into effect when the value of the car is lower than the loan amount. The chances of the car needing repairs during the loan duration also increase. Over a duration of time, wear and tear occur and there are chances of major repairs which could increase the costs as well.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-590899a1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"590899a1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-231d8f48\" data-id=\"231d8f48\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-590cccdc elementor-widget elementor-widget-heading\" data-id=\"590cccdc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Features and Benefits of Car Loan<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c2a0ccc elementor-widget elementor-widget-text-editor\" data-id=\"6c2a0ccc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>When it comes to car loans in India, in general, the following features and benefits are offered. Note that, the following is a generalized look at the advantages offered by car loans. Individually, car loan lenders may have highly customized and specialized offerings for their customer base.<\/p><ul><li>It helps you purchase a car even if you don\u2019t have all the money for it right now.<\/li><li>Most car loans will finance the on-road price of the car.<\/li><li>Some car loans will even finance 100% of the on-road price. This means no down payments.<\/li><li>With some banks offering financing in the crores, you are not limited in your choice of cars<\/li><li>Most car loan offerings in India are secured loans. This implies that the car serves as the security\/collateral for the loan.<\/li><li>Procuring a car loan is usually simple when compared to other loan products. Individuals with slightly unsavoury credit scores can also hope to procure one. However, this option differs from bank to bank.<\/li><li>Car loans in India often offer fixed interest rate options. This means, you are always assured of a fixed amount that needs to be repaid monthly.<\/li><li>Many lenders will offer interest rates based on your credit score so a high score to get you a cheaper loan.<\/li><li>Car loans are not meant for just new cars. A used car loan can help you buy a pre-owned car.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-689dc72d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"689dc72d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-42569532\" data-id=\"42569532\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d9b181 elementor-widget elementor-widget-heading\" data-id=\"d9b181\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Car Loan Approval - Steps to Get the Loan Approved Faster<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d669833 elementor-widget elementor-widget-text-editor\" data-id=\"4d669833\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>When you want to receive funds to purchase the new or used car that you have been eyeing for a while, it is better that you opt for a pre-approved loan. To avail such a loan, you can follow a few steps to quickly receive the required funds.<\/p><ul><li><strong>Check Your Credit Report<\/strong>\u00a0You can check your credit report to verify your standing in terms of credit score. A score of 750 or more can get you a lower interest rate. However, the interest rate for a score of 650 to 750 will be slightly higher. If you have defaults in your report, or have a very low score, your application may be rejected.<\/li><li><strong>Pay Your Bills on Time<\/strong>\u00a0In order to avail a loan to purchase your dream car, you must have a minimum monthly pre-tax income and a manageable debt-to-income ratio (DTI). While it is usually not possible to change one\u2019s income, you can improve your DTI by clearing off all your pending credit card debts.<\/li><\/ul><p>To create a better credit profile, you should always pay your bills on time. If that is not possible then you can make timely payment of your bills at least 6 months prior to the loan application. If you pay your bills on time, it assures the lender that you will also repay the Equated Monthly Installments (EMIs) on time. This, in turn, will help you secure a loan easily.<\/p><ul><li><strong>Look for Car Loan Options<\/strong>\u00a0There are multiple options available in the market through which you can get a loan to purchase your new or used car. You should check the<a href=\"https:\/\/www.bankbazaar.com\/car-loan-interest-rate.html\">\u00a0car loan interest rates<\/a>\u00a0of different banks and car financing firms in order to find the one that fits your needs.<\/li><li><strong>Borrow as Less as Possible<\/strong>\u00a0By paying a larger amount upfront as down payment, you can reduce the sum that you will have to borrow in order to match the price tag of the car you have chosen. If you borrow a lesser amount, you will be in a better position to repay your loan quickly since a smaller loan amount means smaller EMIs or a shorter loan tenure. Additionally, the amount that you will have to pay to your bank or car financing organisation as interest will also reduce.<\/li><li><strong>Be Sure to Choose a Plan That Fits Your Budget<\/strong>\u00a0The repayment capability of an applicant greatly impacts the approval of a loan that he or she has applied for. As you decide to get a loan to purchase the car that you have always wanted, you should make sure that you choose a scheme that you can afford. If you are already paying EMIs for other loans that you have availed, you should ensure that you can also pay the EMI of the car loan that you choose.<\/li><li><strong>Pay Attention to the Terms of the Loan<\/strong>\u00a0A car loan that has low monthly EMIs but consists of a longer tenure might not be viable for you. Before you finalise your financing scheme, you should always try to opt for a plan that carries the lowest interest rate and the shortest loan tenure as possible. Avoid being tricked into an expensive payment situation by ensuring that the loan terms are conclusive.<\/li><li><strong>Get a Car Insurance with Complete Coverage<\/strong>\u00a0While offering a loan, the main concern of banks and NBFCs is not to incur any losses. Therefore, having a full-cover insurance is a requirement for many organisations before sanctioning a car loan as it helps recover the balance debt in case there is an accident wherein the borrower is at fault.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-717143d2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"717143d2\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6e1fd7c\" data-id=\"6e1fd7c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5d12b674 elementor-widget elementor-widget-heading\" data-id=\"5d12b674\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Foreclosing a Car Loan<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60004720 elementor-widget elementor-widget-text-editor\" data-id=\"60004720\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>When you take a car loan, you can repay it in equated monthly instalments (EMIs) till the end of the repayment tenure. However, if you decide to pay off the outstanding loan amount before your tenure ends, you will be foreclosing or prepaying your loan. The foreclosure\/prepayment facility is offered by most lenders for a penalty fee though some lenders may allow you to foreclose\/prepay your car loan without charging you any penalty.<\/p><p>You can foreclose your car loan if your income has increased and you wish to clear off your liability. It also takes away your burden of having to make monthly EMI payments.\u00a0<a href=\"https:\/\/www.bankbazaar.com\/car-loan\/car-loan-foreclosure-procedure.html\">Foreclosing a car loan<\/a>\u00a0will release the hypothecation on the car and give you full ownership.<\/p><p>As stated above, some lenders may charge you a penalty on loan foreclosure. Hence, before you decide to foreclose a loan, it is a good idea to go through the clauses associated with it carefully.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-66688e79 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"66688e79\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-46d7e2ad\" data-id=\"46d7e2ad\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-640b54c3 elementor-widget elementor-widget-heading\" data-id=\"640b54c3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Top-Up Loan on Your Car Loan<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b2abb28 elementor-widget elementor-widget-text-editor\" data-id=\"5b2abb28\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If, after taking a car loan, you need quick or additional funds for purposes such as a wedding, home renovation, medical emergency, etc., you can get a top-up loan on your existing car loan. You can avail up to 150% of the car\u2019s value as a top-up loan. Most lenders that offer a top-up on their car loans will require you to maintain a clear payment record for at least 9 months. The process to avail a\u00a0<a href=\"https:\/\/www.bankbazaar.com\/car-loan\/top-up-loan-on-your-existing-car-loan.html\">top-up loan on your existing car loan<\/a>\u00a0is quick and requires minimal paperwork.<\/p><p>Some of the banks that offer top-up on their car loans are HDFC Bank, Axis Bank, ICICI Bank, and Kotak Mahindra Bank.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2aae67f0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2aae67f0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4baa656a\" data-id=\"4baa656a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-223e8634 elementor-widget elementor-widget-heading\" data-id=\"223e8634\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Car Refinancing<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3a8f55a elementor-widget elementor-widget-text-editor\" data-id=\"3a8f55a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>When you take a new loan to pay off the outstanding balance on your existing car loan, it is known as car refinancing. You can choose to refinance your car loan if you wish to replace your current loan with better features such as low interest rates, extended repayment tenures, etc., or simply to change the terms of your current loan. The most common reason why people refinance their car loans is to save money. When refinancing a car loan, you can avail a new loan that offers lower interest rates which, in turn, will save you money. You can also lower your equated monthly instalments (EMIs) by choosing a longer repayment tenure with a new lender through car refinancing.<\/p><p><a href=\"https:\/\/www.bankbazaar.com\/car-loan\/car-loan-refinancing.html\">Car refinancing<\/a>\u00a0is a good idea when there has been a drop in interest rates since you took your original car loan, your financial condition has improved, you are unable to bear the burden of high EMIs, and if you feel you did not get a good deal on your car loan the first time around. However, refinancing on a car loan does not make sense when you have already made a substantial repayment of your original loan, your car value has depreciated, the prepayment penalties are high, and when you have plans to apply for new loans in the future as refinancing may impact your credit score negatively.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-458e51da elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"458e51da\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3bd62ea1\" data-id=\"3bd62ea1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6241ebe1 elementor-widget elementor-widget-heading\" data-id=\"6241ebe1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Things to keep in mind when availing a used car loan<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c2b1d2 elementor-widget elementor-widget-text-editor\" data-id=\"9c2b1d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In India, buying used cars are very popular. There are various finance options also available in case you wish to buy a pre-owned car. Most Non-Banking Financial Companies (NBFCs) and banks offer loans for pre-owned cars. However, various points must be considered before buying a used car on loan. It is important that you compare the interest rates offered by various banks and NBFCs before selecting one. The loan tenure must also be chosen wisely. Even though the EMI amount will reduce for longer tenures, the interest rates would increase. The rate of interest for used car loans range between 8.8% and 17%. It is vital that you check the processing fees that are being levied as well. Few NBFCs and banks charge a high processing fee.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4e7edeec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4e7edeec\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7565f495\" data-id=\"7565f495\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-70bc1561 elementor-widget elementor-widget-heading\" data-id=\"70bc1561\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Income Tax Benefits on Car Loans Taken to Purchase Electric Vehicles\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3744dbe elementor-widget elementor-widget-text-editor\" data-id=\"3744dbe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If you have taken a car loan to purchase an electric vehicle (EV), you can now enjoy a tax rebate of Rs.1.5 lakh on the interest paid. This was announced in the latest Union Budget (2019-20) by Finance Minister Nirmala Sitharaman and is a part of the government\u2019s efforts to stimulate the adoption of environment-friendly mobility solutions. If you have purchased an electric vehicle, you will be able to avail a benefit of about Rs.2.5 lakh during the entire term of the loan. The government has also slashed the tax rates on electric vehicles to 5% from the earlier 12%.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4bc966c5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4bc966c5\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7b4c9cd3\" data-id=\"7b4c9cd3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7077f3ed elementor-widget elementor-widget-heading\" data-id=\"7077f3ed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Car Loan Versus Car Lease<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c57485 elementor-widget elementor-widget-text-editor\" data-id=\"5c57485\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Financing and leasing are two methods through which people can get a new car. In both cases, the car owner\/lessee would have to make monthly payments. The bank\/leasing company would have a stake in the vehicle as well.<\/p><p>There are several differences between<a href=\"https:\/\/www.bankbazaar.com\/car-loan\/car-lease-vs-car-loan.html\">\u00a0car leasing and car purchase<\/a>\u00a0through a loan. Listed below are some of the differences:<\/p><ul><li>People who like to change cars every 3-4 years may find it more advantageous to lease a car as opposed to financing it. This way, the hassle of maintenance is also taken care of by the lessor.<\/li><li>When the lease period expires, the lessee can return the car to the leasing company. He\/she does not have to go through the process of car valuation and sale, as would be the case if he\/she owned the vehicle.<\/li><li>In the event of leasing a car, there is a restriction on the distance you can drive it for. This kind of restrictions are not there when you are the owner of a financed car.<\/li><li>Another disadvantage of leasing a car is the fact that you will be unable to customise the vehicle based on your personal preferences.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-712dc6e9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"712dc6e9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-189c3b30\" data-id=\"189c3b30\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7d2d775f elementor-widget elementor-widget-heading\" data-id=\"7d2d775f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Check Latest Car Prices in India<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-751dfdcf elementor-widget elementor-widget-text-editor\" data-id=\"751dfdcf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>With the automobile industry expanding at a rapid pace and with more and more car manufacturers establishing their bases in India, buying a car has become a hassle-free procedure.\u00a0<a href=\"https:\/\/www.bankbazaar.com\/car-loan\/car-prices-in-india.html\">Car prices in India<\/a>\u00a0vary depending on the segment of the car purchased and with the additional features provided by the manufacturer. BankBazaar offers a comprehensive list of car prices across various models of cars sold in India. Be it a hatchback, sedan, luxury sedan, SUV or MUV, we equip you with the necessary pricing information to help you decide on the right car suited for your needs and current financial situation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-209e4424 elementor-widget elementor-widget-text-editor\" data-id=\"209e4424\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Financing and leasing are two methods through which people can get a new car. In both cases, the car owner\/lessee would have to make monthly payments. The bank\/leasing company would have a stake in the vehicle as well.<\/p><p>There are several differences between<a href=\"https:\/\/www.bankbazaar.com\/car-loan\/car-lease-vs-car-loan.html\">\u00a0car leasing and car purchase<\/a>\u00a0through a loan. Listed below are some of the differences:<\/p><ul><li>People who like to change cars every 3-4 years may find it more advantageous to lease a car as opposed to financing it. This way, the hassle of maintenance is also taken care of by the lessor.<\/li><li>When the lease period expires, the lessee can return the car to the leasing company. He\/she does not have to go through the process of car valuation and sale, as would be the case if he\/she owned the vehicle.<\/li><li>In the event of leasing a car, there is a restriction on the distance you can drive it for. This kind of restrictions are not there when you are the owner of a financed car.<\/li><li>Another disadvantage of leasing a car is the fact that you will be unable to customise the vehicle based on your personal preferences.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3cc8f9de elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3cc8f9de\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d135956\" data-id=\"7d135956\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7fa4cd45 elementor-widget elementor-widget-heading\" data-id=\"7fa4cd45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Check Top Car Dealers in India<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-70e18647 elementor-widget elementor-widget-text-editor\" data-id=\"70e18647\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Car dealerships in India are committed to providing quality services across all areas of car servicing and maintenance. Majority of car dealers in India have tie-ups with the automakers to impart training to their technicians in maintenance, diagnostics, system check, etc. Staff training and expanding the facilities is a continuous process taken up by dealers to ensure that customers receive the best value for the money they pay. Right from the sale of brand-new cars and used cars to periodic maintenance and customer support, the dealership outlets offer a wide variety of services. Nowadays, most dealers list out their services online to ensure a seamless customer experience without requiring face-to-face interactions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5e61adb3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5e61adb3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5f367575\" data-id=\"5f367575\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-682d7a57 elementor-widget elementor-widget-heading\" data-id=\"682d7a57\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">FAQs about Car Loans<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-297e7d8a elementor-widget elementor-widget-text-editor\" data-id=\"297e7d8a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ol><li style=\"list-style-type: none;\"><ol><li><b>Can I get 100% funding to buy a car?<\/b><\/li><\/ol><\/li><\/ol><p>The maximum amount of loan that you can avail to buy a car will vary from lender to lender. Most banks offer financing up to 90% of the on-road price of the car but there are some banks such as HDFC Bank, ICICI Bank, etc., that offers financing for up to 100% of the car\u2019s on-road price.<\/p><p><b>2.\u00a0<\/b><strong>Can I pre-pay the entire loan amount? What are the conditions involved?<\/strong><\/p><p>Yes, you can prepay the entire car loan and save on vital interest payments in the future. However, most banks will allow the pre-payment option after you have chalked off 6 months on your loan tenure. Plus, you will be expected to pay a small fee as pre-payment penalty that will be dependent on the leftover loan amount.\u00a0<\/p><p><b>3<\/b>.<strong>What car models are financed by the standard car loan in India?<\/strong><\/p><p>Unless otherwise specified, almost all small to medium sized cars,\u00a0<a href=\"https:\/\/www.bankbazaar.com\/car-loan\/commercial-vehicle-loan.html\">Commercial Vehicle Loan<\/a>, Sports Utility Vehicles (SUV) and Multi Utility Vehicles (MUV) come under the purview of car loans available in India. However, as mentioned, refer to the loan brochure for exceptions to this rule.<\/p><p><b>4<\/b>.<strong>When applying for the car loan, do I need a guarantor\/ security?<\/strong><\/p><p>Almost all car loan products available in India are secured loans, with the procured vehicle itself acting as the customary security. Most lenders in India will not insist upon any guarantors; however, if your annual income does not match up to the expected requirement, then you may be expected to sign-up a co-applicant and\/or guarantor.<\/p><p><b>5<\/b>.<b>What are the commonly available car loan repayment tenures?<\/b><\/p><p>Repayment tenures usually range from 12 months to 84 months (1-7 years)<\/p><p><b>6<\/b>.<b>What kind of a credit score do you need to buy a car?<\/b><\/p><p>Just like with most loans, a high credit score above 750 is ideal. But you can still apply for a loan if your credit score is above 600. Remember, if your score is too low, your application may be rejected.<\/p><p><b>7<\/b>,<b>Will my credit score affect the interest rate?<\/b><\/p><p>Yes. Some banks will offer lower interest rates to applicants with high credit scores. Likewise, borrowers with low credit scores will have to bear higher interest rates.<\/p><p><strong>8.What is the minimum credit score I need to get a car loan?<\/strong><\/p><p>When you apply for a car loan, lenders will look for a credit score of at least 750. Below this score, lenders may be reluctant to lend to you as it indicates your low repayment capacity. Some banks may offer you a car loan despite your low credit score but they may charge a higher interest rate<\/p><p><b>9<\/b>.<strong>Should I take a car loan from the car dealership or bank?<\/strong><\/p><p>Before you apply for any car loan, ensure that you explore all the options available. Once you explore, you will get an idea about the benefits offered by various lenders on their car loans. Compare the benefits offered and pick a lender that fits your requirements. Whether it is a bank or a car dealership, pick the one that offers better interest rates<\/p><p><b>10<\/b>.<b>Do banks offer finance for used cars?<\/b><\/p><p>Yes. Many top lenders such as SBI, HDFC Bank, ICICI Bank, etc., offer loans to buy used cars. These lenders offer car loans for up to 85% of the car\u2019s value provided that the car is not more than 5 years old. Used car loans can be repaid in a maximum of 7 years<\/p><p><b>11<\/b>.<strong>What will lenders look for when I apply for a car loan?<\/strong><\/p><p>One of the most important factors that lenders consider before offering you a car loan is your credit score. As stated above, a credit score of above 750 can fetch you lower interest rates and other benefits. The other factors that lenders look for when you apply for a car loan are your employment status, residence and job stability, income, debt-to-income ratio, etc.<\/p><p><b>12.<\/b><strong>What is the lowest EMI that I need to pay for a car loan?<\/strong><\/p><p>The amount of EMI (equated monthly instalments) that you will be paying towards your car loan will depend on the interest rate, loan amount, and the repayment tenure you choose. You can calculate the EMI by using the EMI Calculator tool available on the BankBazaar website. For example, let us suppose that you avail a car loan of Rs.1 lakh at an interest rate of 12% for a tenure of 5 years. Using the tool, we calculated the EMI and found it to be Rs.2,224<\/p><p><b>13.<\/b><strong>How much down payment do I need to make to buy a car?<\/strong><\/p><p>Making a higher down payment will mean that you will need to avail a lower loan amount to buy a car. When you avail a lower loan amount, there are chances that banks or lenders may offer you a car loan at lower interest rates. This is simply because if the loan amount is lower, the repayment will be quicker. So, though there is no hard and fast rule to how much down payment you should make, a higher down payment will ensure that your debt liability is lesser.<\/p><p><b>14.<\/b><strong>Can I get a lower interest rate if I have a good credit score?<\/strong><\/p><p>If your credit score is above 750, you can negotiate with the banks to offer you a car loan at a lower interest rate. Many lenders will let you negotiate on the interest rates since your high credit score is an indication of your high repayment capacity. Some lenders may also offer you a waiver on the processing fee if you have a good credit score.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Car Loan &#8211; Compare &amp; Apply Car Loan Online Car Loan Interest Rates It is vital that you maintain a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-251","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Car Loan - Cred Paisa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/credpaisa.com\/?page_id=251\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Car Loan - Cred Paisa\" \/>\n<meta property=\"og:description\" content=\"Car Loan &#8211; 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