Benefits of Used Car Loan

Nowadays, car has become a necessity for everyone more than a luxury item that offers the convenience in travelling and saving hassle. As we are well aware that there are several of the options of financial solutions offered to buy the car. Few of the individuals also prefer to buy a second hand car and can avail the financial help for the same in the form of used car loan.

It is a specific type of financial solution that helps you in purchasing the best used car of your choice on affordable rates and flexible terms. Following are the benefits of this type of car finance:

Low cost: Used or second-hand cars really are a lot much less expensive than their brand new alternatives. That’s what makes used vehicle loans far more affordable than any other usual financial solution. The monthly premiums possibly won’t be as high like the usual car loan interest rates. This means you can have much more income to manage your other obligations.

Availability: It is a wonderful deal tougher to get automobile loan financing for new cars. They are a lot a lot more extremely-priced, which means the monthly premiums will be greater also. Typical folks will have a tough time meeting these monthly premiums in addition to their other expenses.

Possibility of approval: Individuals who have bad credit history would also like to apply for the loan and own the car. Unfortunately, most car loan financing firms aren’t going to take on car loans india for new cars from these people. Poor credit auto loans are normally intended for utilized cars. With this sort of situation, utilized automobile loans are a far better alternative. 

You can apply online for the same with the help of online application form that can be found on the official website of respective bank. With the help of this online application form, your loan will be processed faster. 

Read More

What Is Covered And Not Covered In Private Car Package Policy

PRIVATE Car insurance is driven by the TAC ( tariff advisory committee – IRDA ) regulations for the standard motor policy which will be same for all the general insurance companies. The benefits and features in addition to the coverages, as mentioned in standard motor policy becomes the point of comparison

What is covered in Private car package policy ?

Risks indemnified against loss / damage to vehicle (including accessories, if covered)

Fire, explosion, self ignition, lightening

Burglary, housebreaking, theft

Riot & strike

Earthquake

Flood, typhoon, hurricane, storm

Accidental external means

Malicious act

Terrorist activity

Landslide, rockslide

In transit

Protection and removal costs (upper limit Rs. 1500) – towing facility

What is NOT covered in the policy (Exclusions)

Consequential loss

Depreciation

Wear and tear

Mechanical/ electrical breakdown

Failures

Breakage

Damage to tyres (if car not damaged - 50% clause)

Known or deliberate accidental losses/damage

Intoxicated driver

Policy conditions to be followed (area, license etc)

Other general exclusions (nuclear war etc)

Damage Caused by Overloading

Exclusions

Competitive features, benefits and add-ons given by insurance companies*

* Not the part of standard policy wordings

Cashless in preferred workshop and dealership garage

24*7 claims support

Toll free call center for claim registration and customer support

Online policy on website and self help section for customer support

EMI option for premium

Towing facility even on holidays

Instant claims assistance and sms updates for claim registration, Surveyor allocation, and payment release

Traffic updates

Zero depreciation policy

Return to invoice policy

Warranty on accidental repairs

ADD ONS - Road side assistance (Extended by service provider Mondial / RACE )

A. loss of personal belongings

B. ncb protection

C. loss of personal belongings

D. emergency transport and hotel expenses

E. key replacement

F. Daily allowance

Apply For Best Car Loan

Read More

Motor Insurance Claims Process In India

DO YOU KNOW ??

MOTOR INSURANCE Claims’ process :-

1. Claim to be intimated immediately after accident at call centre

2. Survey to be conducted in 6-24 working hours (BASIS OF REACH)

3. Vehicle to be repaired at garage

4. Payment to be processed on receipt of repair invoice

The claim can be settled in the form of the Cashless or Reimbursement by the Insurance company. In the cashless scenario the claim is being settled through the tie-up garage where the insurance liability payment is done directly to the garage post repair, customer has to pay only its own liability part.

All NetAmbit insurance partners do have cashless facility where the garage details is being published on there respective website.

DOCUMENTS to be SUBMITTED at time of CLAIM

Mandatory Documents

• Claim Form,

• Registration copy,

• Policy / Cover note copy,
• Driving License,
• Garage Estimate,
• Original Repair Invoice

Additional Documents

l* Fitness Certificate,

2 *Load Challan,

3 *Route permit,

4* Road Tax

Apply For Car Loan

Read More

Banks Providing Car Loan In India

Take a look at the car loan offerings by various banks by clicking on the bank names. We will keep adding more banks to this list

Select Bank for Car Loan -

Axis Bank Car Loan

HDFC Bank New Car Loan

ICICI Bank Car Loan

PNB Car Loan

SBI Car Loan

Read More

Car Loans Likely To Get Expensive From Next Month

The car loans in the country are all set to get costlier as lenders in India are likely to increase the interest rates. It is to be mentioned here that RBI has recently tightened the interest and now the car loan providers are expected to follow by hiking the car loan interest rates. Leading auto loan providers like HDFC, Kotak Mahindra Prime and ICICI Bank will be taking a decision in this regard by next month.

According to a statement given by a senior executive of HDFC Bank to ET, "A final decision will be taken from April on-wards as we want to finish our pipeline of our cases for March, before altering future interest charges."

At present, the interest rates of Private Banks fall in the range of 10.5-14-5 %. On the other hand, the PSU banks such as SBI, Canara Bank and Bank of Baroda and Punjab & Sind Bank charge rates ranging from 9.25-12 %. Following this hike, the interest rates of both of the sectors will see a substantial increase.

Compare And Apply For Car Loans In India

[Source]

Read More

Home Loans, Car Loans May Get Costlier, But Not Immediately

Your home loan or car loan EMIs (equated monthly instalments) may go up because of the 25 bps increase in repo and reverse repo rates announced by Reserve Bank of India.

Interest rates on various retail loans are likely to be revised upwards and the exact amount of hike and timing would depend on individual banks. The predominant view among bankers is that the hike in repo and reverse repo rates should be passed on to the borrower.

In the recent past, banks have only been focusing on hiking deposits rates. Now, it is time the focus moves to the assets side of a bank's balance sheet which might result in rate hike, say experts.

Wait-and-watch

However, for the next two weeks, banks may adopt a wait-and-watch approach before raising their prime lending rate or base rate.

While observing that rates may inch up, Ms Renu Challu, Managing Director, State Bank of Hyderabad (SBH), told Business Line that her bank might not immediately increase the lending rates.

“There is definitely an indication of an upward bias in the lending rates. But for now, it is certain that rates are not going to come down,'' she said.

Mr Ramnath Pradeep, Chairman and Managing Director of Corporation Bank, said neither deposits nor loan interest rates will be increased till March 31.

Asked if the bank was planning to launch a new loan or deposit product, he said the bank has launched many such products in the past few months.

According to a senior official of Union Bank, the current ‘mismatch' between the hike in the repo/reverse repo rate and base rate would drive increase in lending rates.

“In the recent past, say from March last, the policy rates have gone up by 250 basis points while the base rates of bank have gone up by about 170 bps roughly. This will call for a hike in lending rates,'' he explained.

When asked if home loan and car loan rates would now go up, a South-based public sector bank official said, “Our bank will hold the rates. If we raise the rates any further, it would affect our growth rates apart from pushing some of these assets into non-performing category. We will maintain status quo.”

Mr P. Jayaram Bhat, Managing Director, Karnataka Bank Ltd, sees no immediate reasons to increase advance rates as of now. The decision to increase depends on the liquidity position of individual banks, he added.

[Source]

Read More