A Car Loan is designed to facilitate the purchase of a brand-new car from your preferred manufacturer. This financing option typically covers up to 90% of the car's on-road price, necessitating a 10% down payment from the borrower. The on-road price includes several components such as the ex-showroom price, expenses for RTO registration, insurance premiums, road tax, and other applicable charges.
With a repayment tenure that spans up to seven years, Car Loans offer flexibility in managing your finances through structured Equated Monthly Installments (EMIs). This allows borrowers to spread out the cost of the vehicle over a period that aligns with their financial capabilities and preferences.
By opting for a Car Loan, individuals can acquire their desired vehicle while benefiting from the convenience of a financial product tailored to accommodate various purchasing needs. This financial solution not only supports the acquisition of a new car but also ensures affordability and ease of repayment, making it accessible to a wide range of prospective car buyers.