Finance Roll

The Indian car market is on a roll and according to industry sources, in the coming years it will only further expand. The high income ratio and a resurgent middle class have contributed a lot in the growth of the market. Until recently, one had to choose from a handful of cars. But now with the arrival of new models, it has become quite difficult to pick up the best. Along with it, the relevance of car loans too has grown in the financial market. Now a major chink of the Indian population is relying on these loans to purchase their dream car.

These loans present an opportunity to all the individuals to own a car. In fact, these loans have been equipped such that it offers 90-100% of the total finance required to purchase the car. Laced with beneficial terms and conditions, the repayment term for the loans lasts for a maximum of up to 7 years. With these loans, you will be able to purchase any car of your choice and that too without facing too many hassles.

The interest rate levied on the loans is reasonable. Usually it is evaluated on the basis of amount that you had borrowed for the purpose of owning a car. Another benefit of availing these loans is that you can utilize the loans to purchase a used car too. However it should not be older than 5- 6 years.

The loans are secured in nature as to avail the loans; you will have to pledge the car intended to buy as collateral. The ownership rights will be transferred once you have fully repaid the loan amount. Till then, you can use the car without any fear.

While availing the loans it does not really matter if you are salaried individual or self employed. But there are some requirements that must be fulfilled. For instance you have to provide details such as your address, identity proof, bank account details. More over paying a sizable income as down payment will help you derive the loans with better terms and conditions.

Car loans in India have virtually changed the way people look at cars. With these loans, people can at least realize the dream of owning a car.