Everyone has a dream of owning a house and a vehicle of their own. Earlier it was difficult to realize this dream, but now with many car loan offers from banks and other financial institutions, has finally made these dreams a reality. Now it is too easy to buy a vehicle without zeroing your bank balance and living off cat food.
The interest rate differs from bank to bank but is usually around 12.50 to 17.50% for second-hand cars and 9.25 to 13.75% for new vehicles. The repayment period can stretch from 1-7 years. There are few banks who offer 100% financing on selective car models! That is not the end of it. It involves other charges as well which you will have to keep in mind like there will be a processing charge which is around 0.4-1%. There can be foreclosure charges which are about 5-6% of the loan amount. Some banks allow part payment where if you wish you can pay partly payment of the loan, but it will again involve some extra charges.
The Loan Amount:
The amount depends on your job type, your income, your residence, and your credit score. It can be 4-6 times of your annual income or 25-48 times of your monthly income. Your credit score also plays a significant role in the approval of a car loan. Banks usually look for a minimum of 750 credit score, if yours is 750, then you should try and get the score higher than that, and if it is less than that, then well there’s no hope. Remember the higher the credit score, the better.
Some Helpful Tips:
- If you have set your mind on getting a vehicle, you should go through every loan offer that you can find on the internet before you choose one. Different car loans offer various benefits and different interest rates. You should opt for the one having the most benefits with the least interest rate.
- For women, banks offer special car loan offers. They offer discounts and low-interest rates. It is a good time to be a woman!
- Read all the terms and conditions carefully before you send in your application asking for a car loan. This will help you to avoid any extra cost that is not mentioned in the papers.
- Resist the temptation of going over your budget.
- Make use of online EMI calculator to calculate your EMI Payments for different vehicle advance.
- If you are impatient and want to avoid the paperwork, the approval, and processing time of your application, then there some banks who offer “Instant Car Finance Approval“ These loans usually do not need a guarantor and also have a part payment option.
The banks offer flexible payment options with low-interest rates and long tenure. The loans are less burdensome than home loans as they are collateral free. These loans are issues against your car.
Earning money is a skill, it is considered as the result for our hard work. At the same time saving hard earned money and using it in the right way is also very crucial. There are many who are good at earning enough for their needs but do not spend it rightly. Do you want to be one among them who actually saves some money from their every month income? Then be ready to contribute some money from your everyday expenses. Yes, it is true. Small amount of money will actually turn into big cheques during investments. Every penny you save should have the capacity to earn return through investment and this is where you will be able to meet “time value of money”.
Are you still hunting? We are letting you in on the best way to end the house hunt. House hunting is an experience that’s getting more challenging with every day. As everyone aspires to live in a great location with like-minded neighbours and amicable traffic routes to work, we are letting you in on some life-saving method that might just help you hang onto your sanity. While a new home is your picture perfect and arranging fund for that is a tedious job. So save up your times and drown your worries with ShubhBank Home Loan. A careful analysis of the underlying personal factors as well as the potential of the investment will help you to choose the best-customized loan scheme for you at attractive interest rates.
ShubhBank offers Affordable Business Loans for small and medium-sized enterprises with a view to addressing their working capital requirements. Business owners and entrepreneurs can fulfill their business expansion goals and meet all their working capital needs using the ShubhBank business loan. Our loan is designed in such a way that they suit the needs of most businesses that are looking for funds to help them operate and grow. It can be used for a variety of purposes by the company. They can either be used to fund the expansion of current operation or to provide resources for new projects that a company may wish to take up. It can also be procured by enterprises engaged in manufacturing, services, retail or wholesale trade activities. Self-employed professionals and individuals closely held limited companies, private limited firms are eligible to apply for ShubhBank’s business repayment options to doorstep service. We also offer quick approval times and minimum documentation to make them easier to take.
A Credit Score is a summarized report of your credit history. The lenders from banking and non banking finance companies provide your financial check to the credit bureaus which process this information into one’s credit report. It is referred by the lenders to check the borrower’s creditworthiness when he/she apply for a loan. This score ranges from 300 to 900 where score above the 750 is considered to be good score that arises your chance to get an easy loan. You can check your credit score at our ShubhBank website by providing your personal information and account information. It compiles all to personal and credit account details such as loans you have taken previously and credit records that you own. To improve your credit score or to increase your worthiness, you must be financially disciplined.
Business loan helps meager and micro entrepreneurs to amplify and capitalize on business squeaks in this expanding economic era. Money is no more an impulsion for growing and nurturing your business with our business loan. For all your commercial needs there is an easy explication ShubhBank. We layout our business loans to pamper a huge variety of business requirements-manufacturing to loans for basic expenses and for working cardinal for stocks. We are experienced in understanding your vocational needs and customizing relevant solutions that suits your requirement. So if you want to buy appended raw materials or stocks, to elaborate your business or repay other expenses or stand in debts, our business loan will give you the precise solution to fulfill your dreams and objectives. Our team of effectual and dedicated professionals helps you to reform a loan according to your requirement with stunted interest rate and for long tenure within shortest workable time.
Loan against property can get you a huge loan amount to meet your personal needs or business projects with lower interest with your existing property unlock the availability of loan with enticing interest rates from ShubhBank without selling off the same. We provide complete transparency in operating that offer easy documentation, flexible repayment and speedy approvals options with long tenure. This loan can be availed by salaried, self employed professionals and non-professionals. We provide minimum to maximum loan size to realize your dream faster at your doorstep. Your legal and technical clearance of property makes you acceptable to us so don’t let your valuable property go idle. We have given full details on our website regarding paper work required for applying a Loan Against Property.