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| The surging graph of domestic sales of cars has facilitated the growth of various financial institutions and banking establishments in India. Getting an auto car loan is not considered embarrassing now but it's been assimilated as a part of the modern culture now. Even online car loans have now been made possible by a number of financial institutions, like: Citicorp Maruti, Associates Finance, ICICI, Kotak Mahindra Primus Ltd, Tata Finance Ltd and many more. You can also get car loans from the various banks like State Bank of India, Bank of Baroda, Punjab National Bank, ICICI Bank, HDFC Bank etc. Apart from availing loans on new cars, customers also have the opportunity of getting loans on second hand cars. To provide you a detailed knowledge about car loans, automobileindia.com has come up with some comprehensive information. |
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Primarily, car loans include two schemes, which are: margin money scheme and security deposit scheme. In margin money scheme you have to make a down payment of a certain percentage of the car's value and the rest amount is available for loan. Interest is levied on the amount that is taken from the bank as loan. Security deposit scheme is almost similar where you have to make a down payment of a stipulated amount, which is returned to you with interest after the loan repayment is complete.
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Interestingly, there are unsecured car loans, which is not given against any property belonging. The lender cannot recover his duties, by taking possession. Unsecured car loans are risky proposition for the lender. But unsecured loans are good for those who are reluctant to put their house at risk. Car loans are processed quickly, making ideal for people who need cash on immediate basis.
Car loan may include the total price of the car, vehicle registration charges, premium of insurance and even car accessories. Some times, car loans also comprise of one time road tax. Online car loans can be used to purchase small cars, luxury cars, jeeps, sports utility vehicles and multi utility vehicles. It may be noted that the annual income of the individual can become a deciding factor at the time of borrowing a car loan. The margin money can vary from 10 to 20 percent of the total value of the car. Repayment can be made between 12 months to 84 months in equated monthly installments.
Nowadays, even re-finance car loan is provided by various financing institutions. To know more about new car loans, used car loans, cheap car loans, Poor Credit Car Loans and various loans related matters to automobiles, browse through the pages of automobileindia.com.
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