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Home >> Credit Loans FAQs >> Auto / Car Loan FAQs
Auto / Car Loan FAQs
What makes of cars does the car loan providers offer?
The banks provide Car, Auto loan for all makes of new cars and second handed cars. Thus, you are free to choose any vehicle you want to own.
Can my spouse's income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she should guarantee the loan.
Do I have the option of choosing a fixed or floating rate for the car loan?
You have the option to avail the car or any auto loan with either a fixed interest rate or a floating interest rate. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank that offers the loan.
What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. 12 months to 84 months in general.
What is EMI and how is it calculated for a car loan?
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Your EMI would be calculated depending on the tenor you choose, to repay your loan. The EMI would be higher if you choose to repay within a shorter period as against a longer-term loan. You can use our EMI calculator to determine how much you would be required to pay, based on the tenor and the amount of the car or auto loan.
What Security do I have to give for availing the Car Loan?
A charge on the vehicle financed is noted with local Transport Authorities. Your spouse's guarantee, if his/her income has been considered for fixing the loan amount, would also be required. Some other security may also be required in certain cases.
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