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A car loan is a type of financing provided by banks or financial institutions to help you purchase a new car. You borrow a specified amount and repay it over a set period, usually with interest..
Eligibility criteria vary by lender, but generally, you must be:
- At least 18 years old.
- Employed or have a stable source of income.
- The maximum loan amount typically depends on the value of the car and your creditworthiness. Some lenders may offer loans up to 100% on the car price.
Interest rates vary by lender and your credit profile. Rates can be fixed or floating and typically range from 7.9% to 10.5% per annum.
Approval times may vary, but most lenders offer instant or same-day approvals if all documents are in order.
Missing an EMI payment can result in late fees and negatively impact your credit score. Hence, it is important to repay the loan in EMIs on time.
While it may be more difficult, some lenders do offer car loans to individuals with low credit, usually at higher interest rates and with stricter terms.
Disclaimer:
As such information & links are obtained from the Banks, NBFCs, Insurance firms, & Credit Rating Agencies, the website may contain information about various loan products, insurance products, credit scores, & links to other websites or resources over which sahajloan.com does not have control. Users of this website agree that sahajloan.com is not responsible for the accuracy of the information and realise that sahajloan.com is just offering these links and information as a convenience.Please be aware that before making any decisions, users are advised to independently verify the information and conduct any other necessary due diligence. Neither sahajloan.com nor its employees, partners, or associated staff are responsible for any loss, harm, or damage resulting from the use of information from this website. Furthermore, the conditions of use and privacy policies of those websites apply to users' usage of links to such external websites.
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