Hello friends, today we will tell you. How can you take a car loan there was a time when you had to pay money together to take a car loan, ghost people used to dream of getting a car but it could not be fulfilled, but in today’s time many Banks and private companies provide you a car loan, so today we will tell you what a car loan is and how can you get a car loan.
What is its time period and what is its interest rate and how to take a car loan What are the advantages and disadvantages, so today we will tell you all these things so that in future you will not face any problems in taking all car loans and you can easily take a car loan, you have to take all this information with us. have to stay connected.
Who Can Take a Car Loan
First of all, we will tell you who is eligible to take a car loan, whose age is above 18 years, they can take a car loan and those who do any type of business and file ITR or any person in any government Or works in a private company or department or any type of salaried person.
Car loan is a business person can also take a salaried person can also take one who has a permanent address can also take and a person who lives somewhere outside can take a car loan by putting in a rent agreement. Basically, if someone knows that he wants to take a car, then he can take a car loan, but age is very important to take a car loan if a person is less than 18 years old.
If he cannot get a car loan, then most importantly, you should keep in mind that the person who is taking the loan must be above 18 years of age.
Documents Required For Taking a Car Loan
Now we will tell you what documents you will need to take a car loan, first of all, you will need an ID card, an ID card you can use a PAN card, an Aadhaar card, a passport, and driving license, let’s talk about address proof.
Papers can be used for address proof you can use a voter card and passport and for age proof you can use a mark sheet and PAN card for taking a car loan you have to provide income proof of if you are a salaried person then you can apply salary slip and if you do any kind of business then you can use ITR and bank statement.
If you have taken the car, the document of that car will also be required along with all these things You can apply for a car loan, you should look at these things carefully so that you do not face any kind of problem later.
Interest Rate On Car Loan
We will tell you how much it will cost to take a car loan and what is the time period and how you can make the repayment, although usually, you get a loan of 80 to 90% of the cost of the car, or 5% of your salary.
The loan is given to you up to 6 times and the interest rate on the car loan which is there ranges from 7.5% to 12%, the interest rate which is given to you for the car loan and if you take an old car If you are living, then you have to pay interest rates ranging from 11% to 17%.
That’s why I suggest you if you are thinking of buying a car, then you should always consider buying a new car because the interest in the new car is very low. the rate goes down.
Repayment Of Loan
Now we will tell you how you can pay your loan and what is the process of repayment you have to follow, which is a car loan, is given from 1 year to 7 years, although usually, You have to make a loan pre-payment every month, if you have more money, then you can do it in part payment also, like suppose you deposit car installment every month and if you have more money then you can pay it.
You can reduce your installments by making part payments, for the car loan, you will not need any kind of guarantor, which is a very good thing for you and the interest rate on the car loan is also very low.