Personal Finance In India

In today's life, buying a car has turned out to be a necessity of modern life. It gives you convenience of travelling from one part to the other. There are so many car loan options available in the market like SBI car loan, PNB car loan, ICICI Bank car loan, PNB car loan, etc., and you can apply for any option which suits you best. However, before picking the loan option of your choice, you should get the complete information on the same. If you have also planned out to apply for the car loan then below are some crucial tips which should be considered- 

Your car loan term should vary anywhere between 1 year to 7 years.

Lenders charge processing fee, which you are needed to pay so that lender can process your application and for also completing other legal work. Usually, it varies between 2-4 per cent.

If a borrower has decided to prepay its loan amount then there should not be any prepayment charges levied by the lender. So, check this with the lender before applying for the loan.

Usually, there is no need of a guarantor but if the income of the person is below the lender's criteria then there would be a need of a guarantor.

You should try to apply for the loan with the bank with whom you are already having banking relation because by doing so you will be able to get preferential treatment.