Posted on June 25, 2021
Car Loan For the New and the Old Ones
Nowadays almost everyone dreams of owning a car, and this dream is easily realized with a car loan. Getting a car loan is very easy. But to find the best courses, you need a special search. You can apply for a car loan from any bank in the public or private sector and from a car finance company. Various banks and car companies in India offer loans for almost every car model. You can also apply for mini car loans (also known as “kleinkredite” in German language)
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There is no limit to the number of car loans. The maximum loan amount is 2.5 times your annual net income. In addition, the loan can be applied jointly, in which the income of your spouse can be taken into account.
The loan amount for a new car includes one-time vehicle tax financing, registration and insurance premiums. There is no limit on the loan amount for a new car.
For a new car loan, you need to deposit a margin, for a used car loan at the bank. Permanent employees of state/central government, public sector companies, private companies or well-known bodies, or A casual person or self-employed person subject to income tax or A man involved in agriculture and allied activities.
The maximum pay period set by bank for employees is 84 months and for freelancers and self-employed workers is 60 months. The processing fee is 0.50% of the loan amount which has to be prepaid, i.e. minimum amount of Rs 500 and maximum of Rs 10,000. If the application is rejected after a preliminary examination, 25% of the processing fee will be retained.