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Financial food for thought
To avail car loans in India, proof of steady income is the most deciding factor. After all, the bank or other lender wants to be assured that you have a steady stream of revenue so that you can repay the loan regularly. Does that mean it is not possible to avail an auto loan if you are unemployed?
A car is not only a matter of convenience in our jam-packed towns or cities, it is quite often considered a status symbol too. Also given the state of public transport especially the last mile connectivity issues, owning a car seems much like a necessity even though you may detest using it every day for your commute.
Often a car is perceived as an extension of your home! More so in major Indian cities where individuals end up spending so much time in their cars due to long commute involved. Therefore, owning a car is considered a necessity and is also a matter of pride in our country.
The used car market in India is booming. According to the reports, the ratio of new cars to used cars is 1:2.2, which means that for every 100 new cars sold, 220 used/pre-owned cars come into the market for sale. The annual volume in the used car market is estimated to be 4 million units, which is 50% more than new car sales.
Everyone has a dream of getting a car for all the convenience and memories that it will provide. From getting away from the cold or heat to those memorable long drives a car is what everyone dreams of. But not everyone can afford their dream car by paying for it themselves at one go. This is where their car loans can help. In this article we are going to cover some of the common or frequently asked questions when it comes to car loans to help you be prepared when you do apply for one.
As kids we have all loved cars. We would have at one point of time played or imagined us driving cars or racing against friends. As we grow older that dream of owning your own car is carried on in our minds.
Get a Good Deal on Car Loans with Federal Bank - Know about availing a auto loan, eligibility, documents required from Federal Bank.
A two-wheeler is the most convenient mode of transport for all purposes. If you do not have a two-wheeler and wanting to buy one, an ICICI two-wheeler loan can help you get it for a comfortable living.
5 reasons to go for long term two-wheeler insurance policy: Are you close to renewing your two-wheeler insurance – Know why you should renew your two-wheeler insurance and why you should opt for three-year loan
10 Things You Must Know Before Buying Online Two-Wheeler Insurance - Learn about the important factors that should not be overlooked while buying an online bike insurance.
Car loans – ways to get best offer and eligibility criteriaAs kids, we would have definitely played games pretending to be driving a car with our friends as passengers. It is a childhood fascination and dream of every person to own a car. This article is for those people who are planning to get a car, with tips on how to get the best price for your car and the eligibility criteria for car loans helping them fulfill that childhood dream. Let's start by discussin
Car Loans for Non-Resident Indians (NRI)The number of NRIs who apply for car loans has increased recently. The craze for a luxurious car and frequent visits to the country are the two main reasons why most of the NRIs go for a car loan application. Indian citizens who reside abroad or have NRI status can apply for a car loan. Read on to know more about the eligibility, required documents, terms, and conditions to obtain a car
What is a Balance Transfer?A balance transfer on a car loan allows you to review your debt obligations as per your budget. However, you need to be aware that there is a fee associated with the balance transfer. If you are looking to cut cost on your current car loan, then you can consider going for a balance transfer. This allows you to take advantage of lower interest rates and bring down the total cost of your EMI.Keep an eye out for offers on car loan balance transfers
What are the requirements to get an auto loan?
Buying a car and getting a car loan to help make the purchase, can be the first significant financial commitment that many people make. Buying your own vehicle can give you an exhilarating sense of freedom but is also accompanied by some natural concerns—how to find the best auto loan suited to your credit needs, with the lowest interest rates.
With a plethora of financing options available in the market to
5 Smart Tips to Get the Lowest EMI Car LoansBuying a car can be very exciting – but also a little daunting in terms of the financial commitment! Buying a car, and getting a car loan to help make the purchase, can be the first big financial commitment that many people in India make. Buying your own vehicle can give you an exhilarating sense of freedom but is also accompanied by some natural concerns—how to find low interest car loans and low EMIs.
There are many firsts in life, for which almost everyone needs a little bit of help. Buying your first car is one of them. It could a hugely liberating experience – no more wasting time at bus stops or negotiating with autorikshaw drivers or taking multiple modes of transport on your office commute every day. To buy that dream car, a car loan is can come in very handy. Read on how to apply for the best car loan in India.
Things to Look for While
Buying a vehicle, and getting an auto loan to facilitate the purchase, can be the first significant financial commitment that many people make. It can be exciting to have your own transport and be liberated from crowded trains and buses, waiting times, and unpredictable schedules! Buying your own vehicle can give you an exhilarating sense of freedom but is also accompanied by some natural concerns for a first time buyer – how to find the best
Buying an automobile - whether a new or used car or even a two-wheeler - can be quite a drain on your wallet. An auto loan is probably the best way to finance your vehicle so long as you research for the loan that best suits your needs including the interest rate offered, loan period (tenure) and the various other terms and conditions.What are the interest rates on an automobile loan? Unlike home loans, automobile loans have
Planning to apply for a loan? Or if you have unsuccessfully applied for one, are you wondering why your application was rejected? Applying for a loan seems a straightforward thing to do but many people unknowingly reduce their chance of securing a loan by making some very avoidable ‘loan mistakes’. What are some of the things that trip up your application? And more importantly, how can you avoid them when you next apply for a loan? Some common ‘l
Bank of India currently offers an interest rate of 4% per annum for savings bank accounts. The rate is subject to change at any time.Bank of India Interest rate on savings accountMost banks, including Bank of India, offer an interest rate of 4% p.a. on savings bank accounts. Earlier, the RBI had laid down a uniform interest rate on savings accounts for all banks which meant that there was no difference in the amount you earned as interest, regardless o
Even small mistakes on a small loan can have big consequences! Do not assume that because a loan is small in size it does not require much time or effort to complete. Here are some common mistakes to avoid when you apply for a small loan.
1. Not researching enough
Often because it is a relatively small loan, customers do not pay attention to every detail of the terms and conditions of the loan. This can lead to unwanted complications and unnecessarily high costs in
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