Car Loan Demand Is High Why?

WHAT IS A CAR LOAN?

A car loan is regarded secondly as an automobile loan. As the name suggests, a car loan means a loan that a person takes to purchase a car and pays back the amount of that car with interest in equated monthly instalments (EMIs).A car loan allows a person to get a car that he wants to buy, the person only has to make the down-payment, and the bank gives everything else. When the money has to be returned, the person has to pay back the amount with interest. There are different interest rates on various loans. Also, different banks offer different interest rates. For instance, ICICI car loan offers a 7% interest rates on such loan which is one of the most competitive intrest rates in the segment.

HOW TO SELECT THE BEST CAR LOAN?

Various banks provide varying interest rates as The interest rates determine which loan is suitable for you or not. If the interest rate is higher, you will have to pay the EMIs in a higher amount, and if the loan has a lower interest rate, it will definitely be beneficial for you. Also, different banks offer different schemes on car loans for their customers to attract.You can compare different interest rates online available on the different websites of the banks. After comparing at least 5-6 interest rates, you can finally choose the car loan which is suitable for you. ICICI Bank Car Loan offers the best car loans that are worth upto 100% of the on-road price of the vehicle that you desire, along with a tenure of upto seven years and attractive interest rates.

BENEFITS OF A CAR LOAN: - A car loan is beneficial in a lot of ways. Following enlisted are the benefits of a car loan: - 

1. Easy loan application: - the whole process of applying for a car loan is so simple. You can simply apply for a car loan online while sitting in your room.
2. Minimal documentation: - There is minimal documentation. Not many documents are needed; just basic documents are required like identity proof, address proof, etc.
3. Quick and easy loan procedures: - The whole process of applying for a car loan is very quick and easy at the same time. Once you are eligible and fulfil all the criteria, your loan would be finally approved by the bank.
4. Attractive interest rates: - Different banks offer different interest rates on car loans. Many banks tend to offer the lowest car loan interest rates to attract customers, and also it will be beneficial for the customers.
5. Diverse loan options based on the requirement: - There is a wide range of options available for loans for home, cars, etc. You can check the loans and apply for the one that you want. 
6. Varied repayment options: - there is a wide range of repayment options; you can repay with cash, credit card or bank account. Some banks also offer no advance EMI repayment.
7. All segments of customers are covered: - No matter whether you own a private business or a salaried employee, you can apply for a car loan, provided that you fulfil certain conditions.

FEATURES OF AN ICICI BANK CAR LOAN: - 

1. The borrowers of the loan can apply to get instant approval and also faster processing.
2. ICICI Bank provides car loans upto 100% ex-showroom price of the vehicle.
3. The car loans of the ICICI Bank also come with a low interest rate and the tenure of the loan repayment of upto seven years.
4. ICICI Bank provides loans upto 80% of the value of the pre-owned cars.
5. ICICI Bank doesn’t charge any foreclosure charges on a Car Loan. 

The demand for a  car loan is high because everyone wants to get a car and live a luxurious life. A car loan helps us get the vehicle that we want to purchase with equated monthly instalments as a payment option with interest.