Earlier buying a car was a big deal for anyone,Now Apply For Car Loan Online Because a lump sum amount had to be spent for this, but now it has become very easy due to the availability of car loans. Banks and non-banking finance companies give car loans on easy monthly installments, due to which buying a car has now become very easy. This does not spoil your budget and also provides convenience.car loan Lending companies give loans on both new and second cars. Although the interest rates on these two are different. The interest rates for new cars range between 9.25 -13.75 per cent, while the interest rates on used cars range between 12.50 and 17.50 per cent. Who can take Car Loan? Now Apply For Car Loan Online There are some conditions before applying for a car loan, which you need to keep in mind. This includes information about age, minimum wage, type of job and residence Documents required for Car Loan Proof of Identity (PAN Card, Passport, Driving License etc.) Address Proof like Voter I Card, Passport age proof photograph car papers Proof of income like three months salary slip, six months bank statement, income tax return Some companies do not finalize the loan without the copy of insurance and driving license of the car. Also read: Going to buy a second hand car, keep these things in mind hypothecation When you buy a car by taking a car loan, it is mortgaged to the lending company. With this, they have the right to confiscate your property in case you are unable to repay your loan. If you fail to pay the monthly installment on time, they can tow the car away.Now Apply For Car Loan Online Hypothecation letter is also a part of the registration process of the car. Once you repay the car loan, you can remove the hypothecation of the loan company from the registration papers. It is important to note here that it is necessary to take NOC from the car loan company. After this, give it to the insurance company and issue an insurance paper in the name of the new owner. Now Apply For Car Loan Online Car loan amount The loan amount depends on your age and income. How much loan you get for the car depends on the loan company. At this time, car loan is generally available for four to six times of your annual income. The ex-showroom price is the amount paid to a dealer to buy a car. When you bring the car to drive on the road after paying the registration charges, insurance, road tax etc. then it is the on road price. When you go to take a car loan for a second hand car, the expenses for re-registration are not covered.Now Apply For Car Loan Online Interest Rates on Car Loan Apart from the Marginal Cost of Funds (MCLR), the lending companies also charge some extra amount on the car loan amount. Usually these rates are fixed. This makes it easy to repay the loan.Now Apply For Car Loan Online If you think that interest rates may come down in future, then you can take interest on floating rate. Presently the interest rates are between 10.30-15.25 per cent. Some loan companies, however, also give interest rate concessions to women.
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What are the expenses in Car Loan? Banks levy many charges for giving loan or repaying the loan before time. A processing fee is charged when you apply. It can be 0.4-1% of the loan amount. Banks charge fees for repaying the loan ahead of time. Some banks charge five to six percent on this. Some banks, however, do not charge for this