Car loans offer individuals the opportunity to purchase a vehicle without full upfront payment. With structured EMIs and flexible tenures, car loans have become widely accessible across financial institutions.
A car loan is a secured loan where the vehicle serves as collateral. Borrowers repay through fixed EMIs over a predetermined period, typically ranging from 3 to 7 years.
Key eligibility criteria include income level, employment stability, age, and credit score. A good credit score ensures faster approval and more favorable terms.
Interest rates vary based on loan type (new or used car), borrower profile, and lender. Banks may also charge processing, documentation, and late-payment fees.
Car loans provide financial convenience and help individuals own a vehicle without significant immediate financial burden.