Personal Car Loans In India: Have A Dream Of Your Drive Article

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Personal Car Loans In India: Have A Dream Of Your Drive

Availing a car is easy these days. There are personal car loan in India, which help you finance the car one desires. You can apply for these loans online or offline as per your convenience, though processing online is preferred.

Author: Meghna Arora

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It is time to true your dream into reality. You can own the car you have always desired to. There are numerous offers of personal car loans in India these days. Some of these car loan offers contain loans up to 100% of ‘on-road’ cost on select models, and up to 90% of the ex-show room price on others.

Before you proceed any further, some conditions are expected to be qualified by each candidate. The applicant should be at least 21 years old at the time of application and below 60 years of age at the time of maturity of the loan. The individual should be either salaried or self-employed. His/her gross annual salary may be above Rs., 100,000.

Amount sanctioned under the money provision differs from person to person and institution to institution. Some institutions finance up to 90% of the ex-showroom cost of t he car. The loan amount also depends on the model of the car. Higher loan amount are available under specific enhanced income eligibility criteria. Minimum loan amount for new car loan is Rs. 1 lac. For a used car, lending company can finance up to a maximum of 90% of the valuation of the car. The minimum loan amount for a used car loan is Rs. 75,000.

Repayment tenure ranges from 1 year to 7 years. You may change the repayment tenure of the loan before the loan is disbursed. The interest rate and EMI would change accordingly. The repayment due dates are 5th and 10th of every month and would depend on the date of disbursement. Payment due dates cannot be changed. The payment can be done through post-dated cheques. In the event that, there is a bounce cheque, then you will have to pay an extra fee for that.

You can apply for these loans from any of your nearest commercial institutions. These institutions can be accessed through internet too. There are innumerable sites of different lenders available. You need to select one that suits your budget best.

About Author

Meghna Arora is offering loan advice for quite some time. She holds a masters degree in economics from University of Warwick.For further details of personal car loans in India, personal home loans, personal loans India and personal car loans you need to visit http://www.personalloans.net.in/

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