What are the Benefits of Car Loan – A C. S. Sudheer Review
What are the Benefits
of Car Loan – A C. S. Sudheer Review
Why you
should take car loan? Are there any benefits of taking a loan? What is the
eligibility criterion? Let us find answers to these questions.
Benefits of Car Loan
Makes buying a car
easy: Availing a car loan makes it easy to purchase a car. As per CS Sudheer
Bangalore, there are lenders who finance up to 100% of the ex-showroom
price of the car.
Flexibility in choosing
loan tenure: Lenders offer tenure of up to 7 years for a car loan. You can
choose the tenure as per your wish and convenience.
Loans for second hand or
owned car: According to C. S. Sudheer Indian Money, most lenders offer loans on used cars. But, the
interest rate on loans for used cars will be
higher and the loan to value (LTV) ratio will be lower when compared to a new
car loan.
Negotiation on interest
rates: Car loan interest rates can be negotiated. Lenders are open
to negotiation on car loans unlike home loans. This is possible if you have a
good credit score.
Collateral is not
required: There is no need of furnishing collateral for car loan as the car
purchased through the loan itself is pledged as the security for the loan. The
lender would seize your car to liquidate and recover the loan in case you fail
to repay.
Flexibility in choosing the
mode of payment: You can choose your own mode of payment to repay the car loan.
However, the repayment shall be made through EMIs. You can pay EMIs by cash or
postdated cheques or ECS, as per your convenience and have no Complaints.
Flexibility to choose
either fixed or floating interest rate: As
per C. S. Sudheer review Bangalore, you can choose between fixed and floating
interest rates.
Eligibility Criteria to Apply Car Loan
Eligibility
criteria to apply for a car loan vary across lenders. Below mentioned are the
general eligibility criteria to apply for car
loans:
The applicant must be an Indian citizen.
The applicant must be at least 21 years old.
The applicant must possess PAN card.
The applicant must be employed for at least one
year, in case of self-employed; the applicant’s business
must be at least a year old.
The applicant must have a constant source of
income either by way of salary or business.
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