About Car Loan

A car loan (also known as an automotive loan or auto loan) is a loan that a person takes out to buy a car. A loan is a sum of money that is lent to a person, a company, or another entity in general. The lender is the person who loans money, while the borrower is the person who takes out the loan.

When a borrower takes out a loan, he or she promises to repay the entire loan amount, as well as any interest (a percentage of the loan amount measured on an annual basis), by a certain date, normally monthly. Many of the same rules and procedures apply to car loans as they do to other types of loans.

You can get free advice on loans and solutions for your financial needs from an expert at any time over the phone. MudraLoan is your one-stop shop for the best rates on car loans, thanks to partnerships with leading banks and financial institutions.



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Advantages of car loan

Apart from the fact that paying such a large amount of money could cause financial hardship, making large transactions with liquid cash may also place you on the Income Tax Department’s radar. When you take out a car loan to cover the cost of your vehicle, you will keep the money for other current and future expenses.One of the most significant car loan advantages in India is that the loan is secured against the vehicle itself, which means you won’t have to borrow your home or other properties to get a car loan. You can still use your car when paying off your car loan, which means that after a few years, you will have contributed to your original savings and will be able to own the car after paying off your car loan entirely.

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Car Loan - Eligibility

Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a personal loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Rs 15,000

Credit Rating

Applicant should have the bank specified credit score.

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Now apply for a Car Loan online, All you need to do is provide your details below application form.