Car loan starting @7.5% p.a
Compare car loan quotes from Top Banks in India starting @ Interest Rates as low as 7.50 %. Check Eligibility and Apply for a Car Loan online easily at Fincover.
What is a car loan?
Owning a car is a sign of luxury and comfort in life. The rising automobile costs could leave a big dent on your pockets if you pay from your savings. It is much smarter to buy your dream car by availing a car loan.
A car loan is a cash amount borrowed from a bank at a pre-decided interest rate, to buy a car. The terms and procedures of a car loan are similar to the other loan types.
Car loans help you realize your dream of buying your favorite car without having to worry about your savings. Fincover is the one-stop destination that brings you the best car loan and bike loan quotes from various lenders.
Features and Benefits of a car loan
Collateral not required
A car loan does not require any collateral. Instead, the vehicle purchased itself turns to be collateral for the loan amount claimed from the bank. In case, the individual fails to pay the EMI amount; then the bank has the authority to seize the vehicle.
Loan amount
The most significant advantage of a car loan is that banks sanction up to 100% of the vehicle’s ex-showroom. Car loan thus makes it easy for an individual to avoid the issues regarding the investment share.
Buy used cars
There are several banks in India, allowing their customers with a loan amount to buy used cars. But at the same time, the loan to value amount for it is less when compared to buying a new car, and also the interest rate is higher in such a case.
Loan tenure
The bank’s customer chooses the tenure of the loan. On a general basis, the banks in India provide a 7-year tenure to repay the loan.
Payment method
The payer has the convenience of choosing their comfortable payment method. It could be an automated debit option by which EMI is paid from the payer’s bank account.
Interest rate negotiation
In case the applicant has a good credit score in the bank account, then the applicant could even negotiate the interest rate for the car loan.
Eligibility to avail car loan
- The applicant must be between 18 to 75.
- He/She must have worked in the company working during loan application for at least one year.
- Must be salaried or self-employed.
- A minimum monthly salary of Rs 20000.
- The applicant must have stayed at his current residence for atleast 1 year.
Documents Required for Car Loan Application
- Address Proof: Driving License, Passport, Aadhaar Card, Ration Card, Voter ID
- Identity Proof: PAN Card, Passport, Aadhaar Card
- Proof of Income: Form 16, Previous IT Returns, Last 6 Months Bank Statement
Car loan EMI calculator
EMI (Equated monthly instalment) is the returns paid by the customer to the banks for the loan acquired from the bank. There are several factors considered in calculating the car loan EMI values. Some of them are listed below,
- Processing fee
- Tenure period for paying back
- The interest rate of the bank
- The loan amount
Car loan EMI calculator _The factors mentioned above are interlinked.
For example: if the loan amount is larger, the EMI to be paid is bigger. And at the same time, the loan tenure is much smaller; the EMI amount is much larger than expected.
Why should you buy a car loan at Fincover?
Instant process: Filling up the form in the online platform is much quicker than spending time in travel to the bank and wasting time with the paperwork.
Transparency: Fincover follows an unbiased approach in giving away the quotes. We analyze from a neutral point of view and provide the best quotes to the customer.
Privacy: Each and every piece of information about the user is safely stored, and you can feel safe about your personal information safety.
One-stop destination: Fincover is pretty much a one-stop destination for loans as the user can apply for various kinds of loans on the site.
How to buy a Car loan at Fincover?
- Log into “Fincover.com”
- Head on to the loan section and select the car loan tab
- Fill in the eligibility criteria form
- After filling in the details, click on the View plans button
- The page will display the different car loan plans relating to the details given by the user
- Check on all the plans list, choose your favorite plan and click on the submit button
- Fill in the details required in the form displayed before applying for a car loan
- The form is forwarded to the concerned bank, and the user will be contacted by the bank
- A customer support team works 24*7 to support through the process