Personal Loan For Car

Are you thinking of buying a new car, but facing budget issues? Or looking to buy a used or second hand car for your daily needs.

By taking a personal loan from Home Credit can be known as used car loan or vehicle loan with minimum documentation and quick disbursal you can fulfill your needs by owing a car of yours.

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  • Quick & Easy
  • 100% Paperless
  • 0% Processing Fees
  • Instant Online Approval upto INR 2 Lacs
  • No Hidden Charges
  • Quick Disbursal

Types of car loan

There are only two situations as a result two types of loan one is for the new car and one is for the old car. Both are different in terms of their component and rates

New car v/s second hand car loan: There’s a difference!

ParameterNew carSecond-hand car
Amount of loan80-100 %60-80%
DurationUp to 7 yearsUp to 5 years
Interest rate8% (assumption)20%
Monthly instalmentsSmall EMI as duration is longHigh EMI as duration is less
Down paymentLess as most of the amount is on loanHigh amount considering safety first

Home credit personal loans have the following document requirement.

  • PAN card of the individual
  • ID Proof: Voter ID, Passport, Driving License, etc.
  • Address Proof: Passport, Driving License, Ration Card, Passport, Aadhar Card, Utility Bills, etc.
  • Bank statement of the income account with net banking facility.

Carefully check the loan details like the interest rate, duration of extension, extra charges, EMIs etc. before finalising the loan offer, changes at a later stage might not be possible. Education is important, do not put it aside because of financial crunch. Our personal loan is for you.

Features of car loans

Amount of car loan

Banks offer the maximum car loan on the showroom and on road price that is variable and depends on the down payment you give at the time of purchase.

Interest rate on car loan

Different banks offer car loan at different rates. Depending on your tenure of the loan, the interest rate varies. Choose the lowest of all!

Duration of car loan

Depending on your capacity, you can choose the duration of your car loan also known as loan tenure. It is always wise to explore all the possible options and choose the best from them.

Processing fee

To initiate a car loan application and processes associated to it, the bank charges a certain amount. It is usually deducted at the time of disbursing the loan amount but in special cases, this fee can be waived off.

Monthly EMIs

Did you calculate your EMI? If you have already decided on the loan tenure, interest rate and the amount of a car loan. It is easy to know the exact amount you need to pay every month in order to own your dream car. You can calculate your monthly instalments online by filling in the basic information such as your loan amount, duration of loan, interest rate and processing fee.

Pre-closures/pre-payment charges

If you choose to repay your loan amount before the stipulated time decided at the time of application, the bank charges extra. In both the cases pre-payment as well as pre-closure, you are liable to pay some fee to the bank. Choosing this option may affect your credit history.

Foreclosure

If you fail to repay your loan amount for any reason, your car will be taken in custody by the bank and will be put for auction to compensate the loan amount.

The above mentioned features are not specific to Home credit’s personal loan. Our personal loan can help you buy a second hand car, if that’s your plan. Apply now

Why taking a Car Loan is a better option?

Whenever you think of buying a loan ask the lender why should you take it? What are the benefits and then look for the satisfactory answer.

  • You might take a better car thinking you don’t have to give the entire amount in one go.
  • You can be an owner of your car sooner than you think.
  • You can plan your expenses well in advance knowing the monthly EMIs.

Hope this piece of information was all you wanted to know about car loans if not explore more, learn more.