Automobile Loan is provided by various finance agencies and lets you to make to bring your dream car, bike or any other vehicles to home. Purchasing an automobile is has become so easy these days because of these loan providers. Today, if you want to by a new car or a bike or any other vehicle, a number of finance companies are there to offer you loan for the same.
You should keep in mind various loan schemes while choosing the best scheme according to your need. The loan amount depends on the value of vehicle. Normally loan providers sanction loan up to 90% of total the cost of the vehicle. In India there are various banks and financial institutes as HDFC Bank, State Bank of India, Bajaj Allianz, Sundram Finance etc, which provide loan for two wheelers and four wheelers.
If you are looking for a car loan, various public and private banks are providing this facility. To get a car loan one has to pay some margin money to the bank or loan provider and rest of the payment is done in monthly installments. The criteria of deciding the loan amount also depends on the loan seeker, whether he/she is salaried or self employed. The repayment period also differs. For self employed it is 80 months, while for professionals or self-employed it is and 60 month. The rate of interest varies between 12 to 12.5% annually.
In Indian automobile industry the two wheeler segment is on boom. Various leading two wheeler manufacturers such as Bajaj Auto, Hero Honda, TVS motors, Yamaha Motors are producing a number of latest bikes with advanced technologies. With the help of loan schemes one can take a two wheeler with low investment. To avail a two wheeler loan the annual salary of a loan seeker should be more than INR 50000. The minimum margin money for two wheelers is 25% and rest of money can be paid in equal monthly installments within 24 months.
December 10, 2007 at 11:19 am |
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