What Are The Steps Involved To Buy A Car On EMI?

What Are The Steps Involved To Buy A Car On EMI

In today’s scenario, it is not possible for an individual to purchase a costly item like a car without the monetary help and support of the financial institutions governmental and non- governmental. There are many such institutions in India. If you too are planning to buy a car but are lacking on the side of the complete funds then you can avail the car loans from these financial institutions. Not everyone’s bank account is loaded with money every time. There are many people who do not have surplus amount to buy a car but can do so if they get to pay the amount in regular installments. This is where car loans come to the rescue of the buyer and EMI calculator plays an important role in deciding where to take the loan from.

The next difficult task for the borrower could be to apply for the right car loan. The calculations involved in getting to the right EMI can be quite cumbersome and here lies the importance of the EMI calculator. If you wish to save yourself from the disastrous consequences of wrong calculations then it is always better to take the help of EMI calculator which is easy to use and gives the desired results within seconds.

This article deals with the important points to be noted before you take a car loan.

Some Crucial Features of a Car Loan

With a car loan, you can have your car and you do not need to pay the entire amount upfront.

  • The contract terms of a car loan are quite flexible. Also, the tenure of the car loan is quite comfortable.
  • The rates of interest for a car loan are very competitive and attractive. So you can get better options and low EMIs. Get you quote on our EMI calculator.
  • You can also avail tax deductions if you are buying the vehicle for some business purpose.
  • There are not many restraints to buying a car loan. If you have a permanent income, you can easily get a car loan.
  • The prepayment charges and the processing fees are also kept quite low for the car loans.
  • These days many banks offer high finance facility, i.e. from 85% to 100% on the ex-showroom price of the car.

Before you apply for a car loan check to see if you are eligible for the same or not. You need to check on the following parameters.

  • Age
  • Income
  • Kind of employment
  • Period of employment
  • Any previous EMIs running elsewhere

Based on the above parameters you can check whether you are eligible to avail the car loan. You can get your EMI details by entering the above-mentioned details in the EMI calculator tool on our website upwardly.com.

You also need to know that various banks offer different interest rates based on the income of the borrower. They also offer lower interest rates to the employees of the bank who have their accounts in the same bank. If you are an employee of the top 5000 companies in India then also you become eligible to get some loan waivers.

Once you have calculated the EMI details using the EMI calculator and decided the company from which you wish to seek the car loan, you just need to apply in there. You’ll be required to furnish the KYC details. So be prepared with all the documents.