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4 Thumb Rules to Follow When Applying For Car Loans

Purchasing a four-wheeler has moved on from luxury quotient to a necessity for many. Hence, there are different car loans available in India offered by banks, non-banking financial companies (NBFCs), and other financial institutes. In such scenarios, it has become essential to choose a loan that fits your budget and provides you with the best benefits.

Always follow these thumb rules when availing auto loans:

Things to know before applying for a two-wheeler loan

A two-wheeler is undoubtedly one of the best vehicles out there. It gives great mileage, is affordable on the pockets, and is so compact that navigating traffic becomes a breeze. If you don’t have the funds to buy the vehicle, you can always take out a loan, which can be repaid in easy and affordable equated monthly instalments or EMIs. But you need to be aware of a few things related to the loan, whether it is the bike loan eligibility, the tenure, the costs associated with it or calculating EMI. Here are some things to keep in mind while applying for a loan for a two-wheeler.

PMAY: Its objectives and features

The Pradhan Mantri Awas Yojana (PMAY) is a scheme that aims to provide shelter to the homeless in India. The Government launched the project in 2015. The proposal says the plan aims to build at least 2 million homes for those belonging to the Economically Weaker Segment (EWS), Lower Income Group (LIG), and Middle-Income Group (MIG) by 2022.

What are the objectives of the plan?

The PMAY scheme focuses on:

5 ways to get the best car loan interest rates

Purchasing a car of your own has been everybody’s dream since childhood, but the costs associated with the purchase of a car is something not everybody can afford. The purchase of a car is a massive financial commitment and buying the car by paying the full amount at once can put the individual in a financially unstable position. Thus, the purchase of a vehicle through a car loan will help the customer without affecting their financial stability and in buying a better car than the one available in their budget.

8 Reasons You Should Apply For Personal Loans Today!

Anyone could face a temporary financial crisis at any point, irrespective of their financial status. In such scenarios, personal loans are the best way to offset such temporary issues. Consumers can avail of the credit without any conditions on the usage of the funds.

Why do people choose personal credit?

There are 3 factors that drive customers to this mortgage:

4 Ways To Get A Car Loan Without Income Proof

Some of the important factors the banks and non-banking financial companies (NBFCs) consider while offering car loans are employment, income and credit score. They form the crux of the eligibility criteria.

What are the eligibility criteria for a four-wheeler credit?

The conditions are different for each lender. However, the basic ones are:

6 factors that affect home loan eligibility

Owning a home is a part of everyone's dream. It might be a daunting task to acquire one; you can indeed overcome this challenge by opting for a home loan. All banks and other financial institutions offer schemes that suit your requirements. However, before taking the credit, you need to have a proper financial plan at your end.

Another important aspect is the eligibility criteria. Without much ado, following are the home loan eligibility criteria that you must meet:

6 home loan charges you should be aware of

In the past few years, real estate has been one of the most lucrative investment options for people. The increase in demand of the real estate sector has led to a rise in the price of the properties. Both land, as well as properties, have become expensive. To appease the customers, banks and other financial institutions have home loans in place.

Detailed car loan document checklist

If you have been holding off that dream of buying your dream car, it is time to fulfil it. Yes, it has become rather easy to purchase a car today, thanks to various banks, NBFCs and auto dealers offering loans for cars. You can purchase a car on loan by paying a small interest rate and affordable EMIs (equated monthly instalments) over tenures of up to 7 years. As long as you can prove that you fall in the lenders’ eligibility criteria, that you have the capacity to repay the loan, and have the documents in order, your request for a car loan is easily sanctioned.

5 reasons to choose a car loan

Each one of us hopes to become a car owner someday. It is one of the first things we aspire to buy as soon as we start working. But buying a car costs nothing less than a few lakhs. Plus there are added expenses of on-road taxes, accessories, insurance and so on and so forth. All these expenses can cause a huge dent into your savings. Thankfully, today it is possible to take out a car loan. Many banks and NBFC offer great deals on loans for cars, through which you can own your dream car without touching your savings. Here are the top 5 reasons to opt for a loan to buy a car.

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