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Most crucial things you should consider while Applying for Car Loan in India
Always finalize the amount you wish to take as the loan. Try to keep it as low as possible as you have to repay it and the interest as well. Though a number of banks can finance 100% of the vehicle cost as well; keeping the amount low will prove beneficial in the long run as you have to return not only the amount but the interest as well.
Loan Rates offered by different Banks
Once you have decided the amount for which you will Apply for Car Loan, the next step is to compare the rates of interests and other allied features offered by the banks. This one exercise will prove highly beneficial in the long run and will save you a lot of money. In case you are an NRI and are planning to apply for a Vehicle Loan in India, the loan rates for the NRI bank accounts and national accounts will vary. Check them and then finalize the bank.
Yes, it is true that if you pay big EMIs, then the loan will be paid back fast, but the EMIs should not affect your other investments such as savings, emergency savings, and other regular expenses. After all, you want your car to bring happiness. Hence, when you apply for a car loan always decide the EMI amount wisely.
The total duration for which the loan is allotted should be less as it will put more pressure on your end only. Calculate the EMIs, the down payment and the principal amount wisely and then Apply for Car Loan. Vehicle loan in India is available at very competitive rates and the loan tenure varies from bank to bank. Though the bank offering longer tenures might seem a better option, it will prove to be more costly in the long run.
Processing Fee and other Surcharges
Though the bank you chose might not state all of them very clearly in the very first meeting, while you are Applying for Car Loan in India, always ask about the processing fees and other surcharges, tokens, securities etc so as to make the complete process transparent and to avoid any shock moments later on.
Prepayment policies and Penalties
In case you think that you can repay the loan amount earlier than you expected, then you should always ask about the prepayment policies and the penalties. This way you can calculate the difference in between the amounts (paid as prepayment penalty and the EMIs) and find out the better deal.
These are some things you should always keep in mind while applying for a car loan in India.
South Indian Bank – The Best Car Loan in India:
Having read about the pointers, let us learn why SIB is the provider of the best car loan in India. They also provides best gold loan with low interest in India. The car loan offered at the South Indian Bank has the following features:
To know more about the best car loan in India, log on to www.southindianbank.com.