Gone are the days when buying a car used to be a luxury and was difficult to afford. The one who owns were seen as quite reputed and dignified people of the society. For a common middle class consumer, it was a milestone for life and had to utilize the huge amount of savings to buy their dream car. With the growing economy and emerging lenders who provide car loans, for the majority of middle class, has made a car a basic necessity and not a luxury.
We cannot think of living a life today without car because this restricts us from doing many daily life chores, enjoying a good social and professional life and enjoy traveling. Without car we also find it difficult to go for work, duties at odd hours. But with newly emerging technologies and lesser supply resources, the cost of cars are rising with a pace, often making it difficult for an average consumers to buy a car right away only using ones savings. Therefore, after reviewing and understanding the huge demand for financing both new and used cars, leading lenders have come up to lend loans in India that offer car and two-wheeler loans, which are floated products, that enables you to buy your own car and pay off the car loan amount borrowed in small parts through car loan installments or EMIs.
In an economically growing country like India, apart from paying such a huge sum of cash will disturb one’s budget, the other issue is that a massive purchase with liquid cash can put you on the Income Tax department’s radar as well. When you avail a car loan to pay for your car, you can easily manage to retain your savings for other current and near future expenses. One of the greatest car loan benefits in our country is that the loan is a secured loan, though against the car itself, so, you do not have to put your property or other assets as a security with the lender to avail a car loan. You can also use your car while you are repaying the car loan term, so after few years down the line you have added a big amount to your original savings and still have the opportunity to own the car after paying off the car loan completely. This gives an extra chance to supplement the crucial credit history by acquiring a car loan and strictly sticking to the repayment cycle for the complete term. A good credit history that consists of your on time payments and cleared debts help you to avail further loans in the coming future. Car loans, therefore, are a very safe and specific way of purchasing and owning your own car.
The following features are generally carried by the Car loans in India:
Most banks provide loans with reasonable EMIs to be returned with flexible tenure options offered on Car loans.