In current scenario, buying a car has become a necessity. It gives you the flexibility of travelling anywhere without any hindrances. With the easy availability of car loan plans, more and more people prefer to buy a car without thinking much about the finances because with the housing loan, payment would be require to be made over the period of time. There are varied loan options available in the market, like, Axis Bank, ICICI Bank, HDFC Bank, etc. So, if you are also interested in buying a car but have no concrete idea about car loan, It means, if you are also dreaming to buy the car but do not know anything about the car loans India then have a look on some of the features of car loan-
Some of the key features of car loan are-
• The loan tenure can vary from one year to seven years.
• Lender would charge processing fee which can vary anywhere between 2 per cent-4 per cent.
• If a borrower will succeed in making prepayment of the loan amount then pre-payment charges will be required to pay.
• Usually, there is no need of a guarantor but if the income of the person falls less than the credit criteria, then there will be need of a guarantor.
• Usually, lenders give preferential treatment to their present customers. It means, if you are having a saving or a current account with the bank then you should apply for loan in that lender as you can get easy interest rate.
Some of the key features of car loan are-
• The loan tenure can vary from one year to seven years.
• Lender would charge processing fee which can vary anywhere between 2 per cent-4 per cent.
• If a borrower will succeed in making prepayment of the loan amount then pre-payment charges will be required to pay.
• Usually, there is no need of a guarantor but if the income of the person falls less than the credit criteria, then there will be need of a guarantor.
• Usually, lenders give preferential treatment to their present customers. It means, if you are having a saving or a current account with the bank then you should apply for loan in that lender as you can get easy interest rate.
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