Thinking of buying your first car? We can tell you straight away that its one of life’s happiest moments. Buying a new car brings in a feeling of ownership that can be felt only by the buyers of new cars.
But when you go to buy a car, it’s not necessary to stick to a low-budget car if you don’t have the full amount available with you. Lenders are now willing to give out loans for purchase of a wide variety of cars including SUVs, Cross-Overs and even Premium ones. So there is no need to restrict your desires due to lack of funds.
Now Tata Capital offers a wide range of car loans that can be customized as per borrowers’ needs. The loans can be availed on a wide range of cars and the minimum loan amount is Rs 1 lac. The amount of loan available is 100% of the price of car for salaried individuals. For self-employed, Tata Capital gives loan upto 90% of the cost and the borrower only needs to bring in the remaining 10% as down-payment. It’s also possible to avail loan to purchase imported cars.
But for that, loan applications are processed on case-to case basis. The most important criteria in evaluating any loan is the rate of interest being offered. Tata Capital offers new car loans at one of the lowest rates in the market and this result in comparatively lower EMIs. You can use a car loan EMI calculator to know the huge savings that can be made due to lower interest rates offered by Tata Capital. Talking of tenure, the loans on offer are for a period of 1 to 5 years. In some cases, it’s also possible to lower the EMIs by extending the tenure to 7 years.
One of the best features of these new car loans is the option to go in for Flexi-EMIs. It allows for structuring of repayment schedule as per customers’ convenience. Borrowers can choose from a variety of flexible EMI schedules like Step-Up (EMIs increase gradually), Step-Down (EMIs are reduced every year), Bullet Payment (allows prepayment in parts, at periodic intervals) and Ballooning Option (lower EMIs and bigger payment in last EMI).
