Car loan helps you buy a better car than the budget. In India most car loans are secured. That is the car itself is the security for the loan. There is option for fixed rate of interest while repaying the car loan. It means that you can repay a fixed amount on monthly basis.
Along with commutation option, car serves as an asset for the hard-earned financial freedom. Loan amount will be based on the car price that you want to buy. So there would be no overheads.
Car loan eligibility majorly depends on the income. Higher the income, the more is the eligibility. The age of the person applying for loan should be above 18 years to 75 years. The borrower should be earning a monthly regular income.
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