iraikarnatasha's blog

Purchasing a four-wheeler is a tough task as it involves months and years of savings. In such situations, car loans score over other borrowing instruments amongst the average Indian middle-class. Four-wheeler are nothing short of a necessity today.

This emergence has led to several banks and financial institutions offering attractive car finance. When you shop around for auto loans, keep in the mind the following points:

About to take a car loan but viewing various interest rates from different lenders? When you hunt for the best credit chances are you may have visited some websites, done comparison, or visited the showrooms.

You also must have come across statements such as, ‘car loan interest rate starting at 2.5 per cent’ and so on. It leaves you in a dilemma as to which rate to go for. The answer to this depends on numerous factors. Some are within your control while others fall to the will of the lender:

The Indian market has several house loan schemes available which caters to every need of the borrowers. However, you have to be aware of the terminologies before applying for the loan like credit score, EMI calculator, and so on. Of these, EMI is a very vital factor.

What is EMI?

It is the monthly amount you pay towards your loan to buy your dream flat. A pre-specified amount gets deducted from your account every month on a predetermined date. This process takes place until the chosen tenure.

What is the break-up of EMI?

Buying a car remains a significant life milestone for most of us. It is the first thing we dream of owning soon as we become financially independent. Today, more than ever, banks and non-banking finance companies provide a wide array of car loans that can help us fulfil our dream of becoming car owners. But for the bank to be convinced that you have the capacity to repay the loan, it needs to conduct certain background checks and verifications before approving or rejecting your loan application. Let us look at the reasons why banks ask for documents when you apply for car loan.

In today’s fast paced world, everyone’s life revolves around travelling from places to places. Dependency on public transportation can be an added stress factor in an individual’s life and hailing a cab for travelling can add an additional expense to their life and buying a car can be an expense that most of the individuals of the working middle class cannot afford. A two wheeler is the optimal solution for making short distance travels. Individuals who wish to afford a bike can opt for a bike loan.

A bike is extremely essential for an individual who wishes to avoid getting stuck in traffic jams. Since the modes of transportation for travelling short distances are usually depending on public transportation and hailing a cab. Public transportation is extremely stressful and hailing a cab for short distances can become expensive. Going for a bike is one of the most efficient solutions to travel short distances. A customer who wishes to purchase a bike can opt for a bike loan.

An individual who wants to purchase a bike can opt for a bike loan. Availing a bike loan is simple as they reduce the financial burden on the customer who wishes to purchase the bike. The need for buying a personal vehicle has increased as travelling becomes less cumbersome and more comfortable with it and the dependency on public transportation reduces. Through a bike loan the customer gets the financial assistance required for the purchase of the bike.

Any individual who wants to purchase a two wheeler can opt for a two wheeler loan. A two wheeler loan will help the customer in purchasing the bike they want without any problems. Financial institutions will provide the customer with the financial assistance for the purchase of a bike. Through a bike loan the customer can easily purchase a new bike or a secondhand one.

A vehicle is an essential tool for an individual who travels a lot and in today’s world almost every working-class citizen will need a vehicle for commuting from one place to another. A mode of transportation that the citizens generally depend on is public transportation which is generally hectic and stressful, and hailing a cab can be expensive for the customer availing the loan. Buying a car is a luxury not everyone can afford and maintaining a car also requires a lot of expenses. Thus, the most optimal solution for a vehicle is purchasing a bike.

Any type of financial emergency can come up in someone’s life at any given point, and it may catch them off guard, the individual may not be ready financially to handle any type of emergencies. In situations like these, the individual can opt for a personal loan. A personal loan is a loan product provided by financial institutions. The personal loan is an unsecured loan which means that the customer does not have to provide any type of asset as collateral to the financial institution.