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Nowadays, Cars are no longer a symbol of luxury but they have become a symbol of necessity. Many Indians do not just desire a Car but need it. This is why many banks and financial institutions offer Loan schemes for people wanting to buy a Car.

Car Loans have a rate of interest starting from 7.25% per annum in India. The processing fees for the Loan process depend upon the Bank you apply to. The Loan tenure for Car Loans generally ranges from 1 to 8 years. The applicant for a Car Loan should be below 75 years and above 18 years of age. The applicant should be a resident of India and have a net monthly income of INR 20,000. Banks demand few documents for verification before the sanction of a Car Loan.

There are many car loans available in India. The most popular ones include:

1. Bank of Baroda Car Loan
2. ICICI Bank Car Loan
3. HDFC Car Loan
4. Bank of India Car Loan
5. Kotak Mahindra Bank Car Loan
   
   

Car insurance is a very important aspect while purchasing a Car. The insurance policies opted by the borrower can help him/her cover certain damages that might happen in the future.

Given below are few advantages that Car insurance provides to the owner of the Car:

• According to certain Laws of India, Car insurance is mandatory for every car owner. This was first introduced by the vehicle act of 1988. If a person driving in India is caught without Car insurance by the concerned authority members, he/she would be obliged to pay the penalty for the same. You should always carry the car insurance policy papers along with you while driving your car.
  
  
• If by any chance, you are involved in a car accident where another vehicle, a pedestrian, or some else’s property is involved, the insurance provider would have to pay for your Healthcare bills and/or for the repair for the damage that has been caused to your Car. This can help you a lot in reducing your burden of bills in these difficult situations.
  
  
• There are several Car insurance policy options available for your help. One of them is Comprehensive Car insurance. With the help of comprehensive Car insurance, any third-party injuries/damages are covered by the insurance provider. The cost of damages, injuries, and repairs are also covered in case of natural calamities, fire, explosions, acts of terrorism, strikes, or if your car ever gets stolen. This makes the comprehensive loan policies one of the boast popular Car insurance policies in India.
  
  
• Many times, car accident survivors are faced with legal actions and procedures. Many car insurance schemes offer to cover the legal charges involved in these situations. This benefits the car accident survivor in covering all the legal fees required to be paid until the legal proceedings come to an end.
  
  
• Many insurances provide also offer the option of a personal accident cover. If not, the customers also have the option to ally for it as an add-on. If the policyholder by any chance dies during the Car accident, the policyholder’s family members would receive compensation from the insurance company. This can help the family members in ways unimaginable.

These were the reasons why it is advantageous to opt for a car insurance policy in India. 

You can use a car loan EMI calculator available on several online portals to estimate the monthly repayment amount that you need to pay back to the Bank till the end of the loan tenure. The requirements for the use of these calculators include Loan Tenure, Loan amount, processing fees, rate of interest charged, This can help the people interested in Car Loans to budget out their monthly expenses properly.

Some popular car insurance offered by insurance firms in India are:

• Digital Car insurance
• Bajaj Allianz Car insuarance
• Bharti AXA Car insurance
• Kotak Mahindra Car insurance
• Liberty Car insurance
• State Bank of India Car insurance

Also read this: How Credit Card can help you during Emergency? 

We will take a gander at a not many standards that should be followed to choose the least expensive just as the best proposals in the vehicle advance plan. Initially an individual should choose the new vehicle alongside the model just as brand and afterward pick a car loan eligibility conspire that will give enough of this advance aggregate sum for you to get the job done. 

Albeit new vehicle credits don't follow through on for the total cost of this vehicle yet pay an extremely significant segment of this. In this way all the borrowers must have least investment funds to buy their fantasy new vehicle. Along these lines one should likewise choose a vehicle advance remembering this credit aggregate sum and furthermore the complete reimbursement capacity of the multitude of people.

All the salaried workers have a preferred position as they can be conceded exceptionally higher advance sums dependent on their yearly pay, with the monetary foundations supporting credit cash dependent on that aggregate sum. So, all the individual ought to do their own entire market overview to profit this best vehicle advance plan that offers them the most extreme quantum of this advance. There are additionally a couple of components like initial instalment sum just as credit edge that ought to be held getting looked at whatever point profiting of a vehicle advance.

In the event that all the people repay the credit in initial instalment, at that point the person essentially saves a ton of extremely additional pace of interest charges, which the borrower may need to pay in the event that he had picked the most ideal choice of all out EMI portion. As we realize that at whatever point profiting of vehicle credits the bank pays for the exceptionally significant segment of the buy sum, however the remainder of the edge, which is known as the vehicle advance edge is to be paid by all the actual borrowers. The vehicle advance edge varies from one bank to some other. Consequently, you ought to choose a foundation remembering this extremely initial instalment choice just as credit edge.

Each other part of this vehicle credit is the pace of interest charged on the complete chief sum. This pace of revenue for the most part runs between nine percent to fifteen percent among the presumed banks just as NBFCs. Further skimming financing costs ought to likewise function admirably for the borrowers, due to the entire market changes and rate decrease which could profit all the people at whatever point reimbursing in a drawn-out vehicle credit. Monetary organizations like banks, just as NBFCs, offer an extremely significant part of this vehicle advance which gauges around an exceptionally least.

The leftover edge is to be given by all the actual borrowers from their records. A portion of the banks consistently give a full level of value esteem, yet just on account of trade-in vehicle credits or the vehicle against advances. Likewise, reimbursement residencies enormously affect the borrower's reimbursement sum. On the off chance that all the people are going for a drawn-out credit, at that point he winds up paying more as he pays for more interest charges. 

PNB car loan interest rate calculator at whatever point then again on the off chance that all the people take up a transient residency, at that point he pays lesser premium charges, in this way setting aside their cash. Along these lines one ought to consistently pick a foundation that offers a truly adaptable reimbursement residency between one to seven years. 

At whatever point going to benefit of the vehicle advance one needs to pay some extra charges to profit the vehicle advance office, which incorporates all the preparing expenses, documentation expenses, prepayment charges, and some a greater amount of the things. A portion of the absolute best monetary foundations offering credits are the absolute best banks like PNB.

Also read this: Getting the ideal car loan 

Car loans are of two types: secured car loans and unsecured car loans. A secured car loan is availed with the car as collateral and has a fixed interest rate for the entire loan term, whereas an unsecured car loan doesn’t require collateral and has both variable and fixed interest rates. An unsecured car loan is primarily for a low principal amount. A car loan is hassle-free and convenient to avail. The banks and financial institutes make sure that the loan is adaptable in every way. Before availing a loan, the individual should do enough research and have ample knowledge about banks and their offers.

1) The right lender: A loan is financial help, and practically it can be availed from anyone, starting from your next-door neighbor to everyone that comes along, but availing a loan from someone that doesn’t have a clear print on loan is risky and disadvantageous. That’s why to avail money, legitimate organizations like banks and financial institutes are present. Even among banks and NBFCs. The financier should be trustworthy and have numerous customers as they indicate their level of influence.  

2) Budgeting: You should consider your monthly income and spending level before going for a loan. The car loan still needs monthly payments, and you should make sure that you will be able to pay the interest on time without missing a single payment.

3) Car selection: Before standing in front of a financier, you should select the car you want and the money you can afford for that car.

4) Eligibility criteria: Every bank and NBFC has a certain criterion that the applicant must meet before availing of a car. The age requirement to avail of a car loan is between 18 years and 75 years, though most banks and financial institutes prefer the minimum age to be 21 years. The applicant should have a stable income or profit each month. The applicant should be a salaried individual or self-employed individual, or self-employed non-individual (co-applicants). The applicant must earn a minimum of Rs 3,00,000 per annum to be a borrower of the loan. The applicant should be working for a minimum of 2 years and at least one year with the current employer. The applicant should be able to fulfil all the above before applying.

5) Documentation: To prove that the applicant meets the eligibility criteria, he/she needs to submit documentation alleging those. The required documents are ID proof-PAN card, Aadhar card, Voter Id, driving license, passport (anyone is enough). 

a) Address proof: A government-authorized document verifying the applicant’s place of residence. It could be a PAN card, Aadhar card, Voter ID, driving license, passport (anyone is enough). 

b) Income proof: An official authorized document specifying the applicant’s salary. ITR, form 16, salary slips, or any other valid document mentioning the applicant’s income or profit.

6) Tenure: The loan term you are going to avail of the loan is tenure. Banks and NBFCs provide tenure for anywhere between 12 months and 72 months to avail of a car loan. But it is advisable to choose a shorter tenure as it reduces the interest amount on the whole.

7) Loan amount: Most banks and financial institutions provide loan amounts up to 90% of the car’s ex-showroom value, but few HDFC or SBI Car Loan provide up to 100% of the car’s ex-showroom price. Economists and financier advisers recommend at least 20% of the car’s value to be a down payment, an amount that isn’t from the loan’s principal.

8) Interest rate: Equated Monthly Installments(EMI) is the applicant’s monthly interest amount instalment to pay each month until the end of tenure. Depending on the loan amount you avail, the interest rate varies. The Car Loan EMI Calculator can be used to know the monthly instalment you’ll have to pay for the loan amount you take.

9) Car booking: If all the above suits you well and good, you can go to the dealer, recommend a car quotation, and take it to the lender to avail the money.  

Also read this: Car loan- Application process 

Life is about large numbers of the erratic circumstances which occur and as an individual up-and comer, you should all have a solid character and more mental fortitude to survive and confront any sort of situation and move beyond it without expecting that. In any case, to execute this solid nature into any sort of condition one ought to be in a situation to have some sort of hanging on anything ideal for any such conditions and can help them face it.

Presently, we as a whole know, monetary improvement isn't something somebody can anticipate consistently or can likewise never know whether it will rise or fall. So, for any such conditions or when you experience such circumstances, you ought to consistently have something close by to utilize and tackle any sort of circumstance identifying with monetary crises. One such arrangement that can be useful and valuable consistently is only a gold advance. Gold credit is one such advance that is the most secure constantly sort of advance one can consider in any sort of crisis they would confront. Gold credits are consistently accessible at a portion of the truly sensible just as a lower gold advance loan fee.

Presently, what precisely are these desperate requirements?

Indeed, desperate requirements are basically only any sort of situation in which one feeling of trepidation or stresses the most. Also, we can't say when one may have such a circumstance to look at throughout everyday life. So even in these kinds of desperate necessities, one can depend upon the gold credit as a factor of help and administration. 

How might gold advance assistance in critical conditions? 

Gold credits are the most solid sort of advances and the significance lies in the way that these can be placed into utilization for any sort of situation and they are no place confined to just specific kinds of utilization. So, an advance with no such sort of limitations is the one that will consistently help competitors regardless of how hard the circumstance is to confront. Presently speaking particularly about monetary ruin sort of a situation, everybody needs the cash as quickly as time permits to recuperate from that sort of crisis, and in the present condition, the gold advance can be a day-today existence saving choice. This is on the grounds that all they need to have is an adequate measure of gold which they can present to the credit loaning foundations and they have gold advances promptly accessible in their grasp. That costs which the bank offers as a trade-off can be utilized to beat any monetary destruction and have a specific time of security to oppose further. 

In contrast to not many different kinds of credits, as we have effectively referenced the gold advance has the most reduced revenue charges which the financial organizations offer, for instance, the HDB gold loan is viewed as truly outstanding just as less in examination with that of the individual advances or the property sort of advances. An up-and-comer can likewise appreciate the enormous scope of credit sums being introduced dependent on the value and immaculateness of the gold that has been conceded. 

Aside from simply a monetary desperation, we can comprehensively characterize gold credits to be utilized during the clinical sort of a crisis, for training purposes, and advances for a wedding additionally going under the kind of gold advances. The gold credit can likewise be additionally used to cover doctor's visit expenses, activity expenses, and medical procedure costs. Just by focusing on this point, we can most likely get sufficient data on how well the gold advance can be put for each little use. Now you have the option of gold loan apply online system also. 

Henceforth we, therefore, close by saying that no doubt gold is the most and should go for a decision in the hour of desperate necessities with no sort of qualms!

Also read this: Why is Gold Loan a Secured Loan? 

Each bank and the financial institution offers different schemes for car loans. 

The borrower has to consider several factors while obtaining a car loan -

Deciding the car : 

The first factor to consider while applying for a car loan is to extensively research cars and their models. Costs such as maintenance, insurance, fuel, etc., should also be considered. The borrower should also decide whether they want to purchase a new car or a used car. Finally, the borrower should finalise depending upon a car based on their budget and capacity to repay the loan amount without defaulting.

Credit score :

The borrower should consider their credit score before applying for a car loan. The borrower’s credit score determines their eligibility and the interest rate of the car loan. A minimum credit score of 750 is considered beneficial for the borrower.

Interest rate :

The borrower should consider the interest rate charged by the bank or the financial institution. A low interest rate is advantageous for the borrower. This is because it directly affects the equated monthly instalments to be paid by them; the lower the interest rate, the lower the EMI. Hence, they would save more money with a low interest rate.

Repayment capacity :

The borrower should consider their repayment capacity before availing of a loan. In addition, they should consider their existing debts, if any. Finally, they should use the Car Loan EMI Calculator available on the bank’s website to calculate the EMI they would have to pay on availing of a car loan. Then, the borrowers should calculate different combinations of loan amount and loan tenure to figure out the one that fits their requirements.

Tenure :

Based on their repayment capacity, the borrower should consider the loan tenure, whether short-term or long-term. In a short-term car loan, the monthly instalments are bigger, but the interest rate charged would be less, and they would get rid of the debt faster. In a long-term car loan, the monthly instalments would be smaller, but the interest rate charged would be higher, and it would take more time to get rid of the loan. The borrower should decide on the tenure based on their repayment ability and financial requirement.

Prepayment and foreclosure charges :

The borrower should consider the prepayment and foreclosure charges on the car loan. Prepayment allows the borrower to pay off the loan amount before the tenure end and save up on interest; however, banks charge a fee on prepayment and foreclosure. The penalty rate differs in every bank, so the borrower should decide accordingly.

Loan to ratio value :

The borrower should consider the loan to ratio value on the car loan offered by the lender. Many lenders offer a loan to ratio value of upto 100% on both new cars and used cars. 

Processing fee :

The borrower should consider and compare the processing fee charged by each bank and financial institution. The lower the processing fee, the more the money saved by the borrower. Such information is available on the website of the bank or the financial institution.

Insurance :

It is a wise decision to take insurance cover on the car purchased. However, the borrower should consider doing their research on insurance covers rather than accepting the one offered by the lender because the lender offers a cover from an insurance company with whom they are affiliated, so the borrower may not get the best deal. 

Other factors :

The borrower should also consider other factors such as the service tax, acceleration clause, offers and discounts, etc., on the car loan.

ICICI Car Loan provides detailed information regarding the loan process, interest rates, processing fees, eligibility criteria, documentation, etc. Any individual can access this information on their website and use it to make the right decision while obtaining a car loan. The borrower has to repay the principal amount in addition to the interest charged upon it during the decided loan amount.
Also read this: Factors to think before availing a Car Loan 

Nowadays, a person can easily get a gold loan online by following some simple steps. But it becomes very important that one should have a sound knowledge of how to go about getting these loans. So let us discuss some of the important points on how to choose the right gold loan for you.

Getting a gold loan is not really a process involving a lot of hassle or stress; if everything is done precisely, one should do all the steps carefully and check all the criteria twice before getting to a bank to avail of a gold loan. Certain formalities need to be taken care of before getting any type of loan. This completion of formalities may take up a lot of time. Still, as in the case of gold loans, they are easy to avail, so the process can be completed pretty quickly if the requirements are catered to correctly.

First, let us talk about the right eligibility to apply for a gold loan. One should apply for a gold loan only if he can fulfil the eligibility criteria. Otherwise, he may not be sanctioned for the loan, so a person should be self-employed, salaried, professional, businessman, farmer, trader etc. so that he can avail a gold loan, then, he should be able to meet the age criteria that is, the age limit for availing a gold loan should be between 21 to 60 years of age.

What documents should one carry for applying for a gold loan? For applying for a loan, banks and money lenders ask for a lot of documents, but minimal documentation is required in the case of a gold loan. Some of the documents required are stated as below: One should carry their identity proof, which involves PAN card, Aadhar card, and then, current address proof is also very important such as, aadhar card, postpaid bill, landline bill, water bill, electricity bill, address updated in bank statement/ bank passbook, driving license, voter ID, passport, rent agreement, gas bond paper with the latest receipt, credit card statement etc.

What is the tenure for gold loans? As tenure plays a major role in deciding whether one is in the state to apply for a gold loan or not, one should keep this in mind. The tenure for a gold loan is six months, and it can be renewed for another six months without any extra renewal charges. Since the tenure on a gold loan is very short, one should make sure before availing the loan that he will be able to repay it within the stipulated time; otherwise, the gold pledged can be taken if one fails to repay their loan within time. 

Another important thing that you need to know is how long it takes to get your gold loan sanctioned? So, as you may know till now that getting a gold loan is quite easy and simple and if you have all the necessary documents and you are able to meet the lender’s criteria, then getting a loan will no longer be a timely procedure; you can even get a gold loan in one day.

One of the easiest ways to avail of a gold loan with minimal documentation and transparent charges can be through the HDFC gold loan. HDFC provides a quick and easy solution to get a gold loan. HDFC bank gold loan comes with a variety of interest rates on term loan, overdraft, EMI based loan etc. One can easily repay them on their own terms of tenure as they provide flexible tenure ranging from 3 months to 24 months. They require minimal documents such as passport, driving license, voter’s ID card, aadhar card issued by UIDAI, PAN card or form 60, a passport size photograph, Agri allied occupation documentation etc. If you are able to present a few documents correctly to the bank, you will surely be sanctioned for the loan in no time.

Also read this: GOLD LOAN FOR BUSINESS PURPOSE 

There are a lot of people who do not know much about car loan and are vulnerable to some mistakes. Therefore, to ensure that a borrower does not make any mistake before obtaining a car loan, here are some of them to make you aware: -

1. NOT SELECTING A SHORTER TENURE-  A borrower should opt for a shorter repayment tenure rather than going for a longer tenure. A borrower does this in order to lower the interest rate, but he ends up paying a lot more than the actual price just because of the selection of the longer tenure. The loan repayment tenure and the rate of interest are inversely proportional to each other, so a borrower tends to choose a longer tenure of repayment to get a lower rate of interest, but it is not beneficial at all. A borrower should choose the shortest term that he is comfortable with in order to minimize the interest outflows and maximize the benefits of the loan.
   
   
2. NOT SHOPPING AROUND- The smartest and the most important thing that a borrower has to do before applying for a car loan is to research and do all the homework before applying for a loan and even before selecting a vehicle. Selecting a good four-wheeler on a good deal is very important, but arranging reasonable and affordable financing is much more important. Most of the car buyers only focus on the car that they are buying and not on the best deals for the car loan. A borrower must check all the options and the available benefits and then select the car loan, which has the best interest rates and the best features.
   
   
3. ONLY FOCUS ON EMIs- Most of the borrowers tend to make this mistake. The only focus of them is on the Equated Monthly Installments (EMIs). Some of the car loans offer smaller EMIs and longer tenure of repayment. The one thing that we need to know is just because the EMI looks reasonable and affordable to you, at first sight, does not mean that it is the best option. You need to look at the big picture and all the other aspects too. A borrower has to check how much is the interest that he will pay in total and everything else before selecting a particular option. You cannot make a decision only on the basis of the amount of the EMI.
   
   
4. SELECTING THE  NO DOWN PAYMENT OPTION-  This is a common mistake that the borrowers make. Down payment means that you have to pay a certain amount of money at the start of the loan to get your car. However, in some of the loans, there is a ' no down payment option, where you do not have to make the down payment. This option sounds tempting but is not beneficial in nature. This is because the option of no down payment implies that the borrower will have to pay more on the EMIs in the future. In addition, the amount will be higher because there will be a higher interest rate on them. Also, there are some fees and hidden charges that the borrower does not know.
   
   
5. NOT CHECKING THE ONLINE PLATFORMS: - This is one of the biggest mistakes that a borrower can commit. You have to check the online platforms too, maybe because they will be more easy and affordable. Getting a loan online is easy as compared to the offline mode. You need to check the deals as it is important. Bank of India car loan has attractive interest rates.
   
   
6. BUYING A LOT OF UNNECESSARY SERVICES- Most of the banks or money lenders offer some additional services to the buyer. It may include life insurance schemes, warranties. Though all of these services are beneficial, you should check heir every aspect before applying for a loan.

Also read this: Can I get a car loan if my credit score is low? 

Many clients with gold in their hands are looking at gold loans as a method to meet their credit demands, and Indian financial institutions provide a range of gold loan options as well. Gold lending companies and banks have observed an increase in demand for gold loans in the preceding year after the coronavirus epidemic.

Many customers with gold in their possession are exploring gold loans as a way to satisfy their credit needs, and Indian financial institutions provide a variety of choices for gold loans too. Since the coronavirus outbreak occurred, gold loan firms and banks have reported a rise in demand for gold loans in the previous year. Customers may also apply for a gold loan online, where the bank would assist them in selecting loan options through their website or mobile app. Customers can compare interest rates and select the most advantageous choice. The applicant is subsequently verified by the financial institution using their Aadhaar card data and a video-based KYC procedure. From this point forward, the financier assures the safe custody of the gold until the loan is repaid and the gold is not taken back by the client. If the client does not repay the loan capital, the lender has the right to keep the loan and auction it off to reclaim the investment. This is where the Yes Bank Gold Loan comes into play, as clients are asked to repay on time and, in the case of a claim, to renegotiate the loan payback terms.

When a user agrees to part with gold jewellery or bars by vowing against the financial entity's gold loan transfers, they are given a receipt, also known as a pawn ticket, that contains all of the facts about the claimed ornaments, including weight, images, and other information. When clients choose this service, a business representative comes to their house to assess their gold jewellery on the spot and select and agree on a credit amount, which is subsequently sent to the customer's account. Always check the credentials of policymakers who are scheduled to visit ahead of time to ensure security. With the effect of COVID, the customers can request this doorstep facility to avoid contact with people in this epidemic situation.

How does the gold loan work?

Customers are not required to pay back the loan in monthly instalments. They have the option of making bullet repayments, which refer to a one-time payment for the whole amount owed on a loan, generally at maturation. The consumer has the choice of repaying the balance and closing the account or reviewing the jewellery to extend the term. Before giving a loan amount, the lender examines the pledged jewellery in terms of purity and weight, as well as the jewellery ownership and identification documents supplied, before determining the LTV (loan to value). Gold has been regarded as a valuable treasure by civilizations from the dawn of time. Gold is a proven technique to create cash resources rapidly in times of need. If you're thinking about taking out a Gold Loan against your real gold, you should use Yes Bank's Gold Loan Calculator to plan out your gold strategy. The calculator is a simple, user-friendly online tool that may be used to determine your monthly, quarterly, or half-yearly interest/EMI for a gold loan repayment. You can figure out what loan you're qualified for and how much interest or EMI you'll have to pay if you know the quality and net weight of gold jewellery.

How to attain credit scores in a gold loan?

Credit score providers are cautious of notifying gold loan companies about defaulters, and a downgrading may hurt a customer's chances of receiving other types of loans. Because gold loans are backed by your gold, you should be cautious about loan repayment and only borrow the amount you need and can comfortably return.

Conclusion

Clients are required to return the loan on time and, in the event of a claim, to renegotiate the loan payback conditions. This is where the bank gold loan comes into play. Customers may also apply for a gold loan online, where the bank will guide them through the loan selection process via their website or mobile app.

Also read this: No Need To Require Income While Avail Gold Loan 

What are the eligibility criteria for a car loan?

Eligibility criteria is a set of framework that determines whether or not you are qualified to apply for a car loan. Before applying for a car loan, every individual has to go through an eligibility criteria check to ensure that they are qualified. 

A lot of banks (like PNB Car loan or ICICI Bank) have eligibility criteria calculators on their website, so if anyone is interested in applying for a car loan at their bank, they can use that calculator to check whether or not they're eligible to do so. 

Factors that affect car loan eligibility

The eligibility criteria usually differ from one bank to another. There are many variables that impact the eligibility criteria of the bank. 

Some of them are:-

1) Credit Score:- This is the essential criteria to check whether or not an individual is eligible for a car loan. A credit score is basically a number between 300-900 that defines a person's creditworthiness. So if your credit score is high, then your application will quickly get approved. But if your credit score is low, then you'll have to go through some variables. 

2) Car:- The type of car you're purchasing also plays an important role in determining whether or not you're eligible for a car loan. Because a vehicle is an asset, so its value will keep depreciating. So the bank checks the model and the model's resale value before approving your loan application. If the resale value is high, you'll be required to qualify for a specific eligibility criterion different from the usual standards. So a car's resale value is an essential factor to determine your eligibility. 

3) Income:- Banks only allow employed individuals to apply for car loans. So if you're unemployed or a fresher, then your application for a car loan will be rejected. Banks check not only your employment status but also your income. The minimum revenue required is INR 10000 per month to apply for a car loan. So if your income is less, then you won't be able to apply for a car with a high value. So if your income is high, then you can easily get approval for a high-value vehicle. Your 60% of the income is taken for EMI. So you can calculate the EMI you'll be paying in advance using tools like Car Loan EMI Calculator. 

4) Employment status:- An individual needs to be employed. They can either be salaried or self-employed individuals. And the minimum work experience required for a salaried individual is 1 or 2 years. And if you are a self-employed individual, then your business should be at least two years. 

5) Relationship with the bank:- Your relationship with your lender is significant. You should maintain a healthy relationship with the bank that already has your account with them. So in times of need, they can help you with the whole car loan process, and you can even negotiate the interest rate and other charges. 

The eligibility criteria usually vary from one bank to another. 

Some of the essential eligibility criteria are: 

1) Age:- You should be at least 18-60 years to be eligible for a car loan. But this usually varies from bank to bank. Some banks only accept individuals who are 21 and above. 

2) Income:- You should at least have an income of INR 10,000 per month. 

3) Employment status:- You can be a self-employed individual or a salaried individual. 

4) Work experience:- You should have a minimum of 2 years of work experience in order to be eligible for a car loan. 

If you can't meet all these criteria, then your loan application will be rejected. But if you're really determined about getting a car through a car loan. Then you can get a co-signer or a guarantor to take the car loan responsibility with you. But be sure to compare all the banks and then choose the one that fits you perfectly.

Also read this: What is the tenure period of a car loan? 

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.

Also read this: What Will Happens When I Do Not Repay Car Loan 

Everyone wants to have a high amount of money and that money amount can be either from borrowing or earning. But if a person is earning there is no issue but if the person is in need of money he is great at using his/her gold asset.

Gold Rates Today may differ as per the purity of the gold in various Banks. As the  Bank offers different Gold Loan Rates according to the carats and purity of the Gold.As per the official Website of the Bank, It offers 7.65% Gold loan rates.

Many people believe that a gold loan is known for luxury purposes but the real role of a gold loan is to fulfil the needs during an emergency. People are not able to arrange many from financial institutes but because of the gold loan where there is no requirement of credit score the borrower will get the desired amount as per his/her gold’s purity. After the tenure period, the borrower will get benefits in the credit score as well through which he/she can get extra discounts on other loans and can be eligible for other loans as well. This is also an ideal loan during an emergency because the person can be at high interest as well but it will offer you a low interest rate.

Bank has one of the lowest gold lending rates, at 7.65%, for both current bank clients and new borrowers. The interest rate on a  Bank jewel loan varies depending on the amount borrowed, the purity of the gold, and the loan-to-value ratio.

Gold Loans are loans that you can get by pledging your gold jewellery to a bank. Bank gold loans can be used for both personal and company expenses such as children's schooling, marriage, and other financial crises in the household. The below are some of the advantages of getting a loan from a Bank:

• Easy, no-hassle loan.
• Your gold ornaments are completely healthy.
• The interest rate that is fair.

Features of a Gold Loan

The interest rate on a Canara Bank gold loan starts at 7.65%.

• The bank charges a processing fee of 0.5 per cent of the loan volume, with a minimum of 1,000 and a maximum of 5,000 rupees.
• The term of a Gold Loan varies from 6 to 12 months.
• Bank offers the lowest EMI per lakh on a gold loan with the lowest gold loan interest rate of 7.65% and the longest loan term of 12 months.
• The bank charges a fee on prepaying jewel loans.
  
  

Bank Documentation
Bank's documentation process is simple. To obtain a gold loan, you must have one proof of identity and one proof of address. The following is a list of name and address proofs:

1. PAN Card, Driver's License, Passport, Voter's ID Card, Aadhar Card are all acceptable forms of identification.
2. Voter ID cards, Aadhar cards, rent agreements, utility bills, and bank statements are all acceptable forms of proof of address.

Other Charges being objected by Canara Bank
 There are various other charges that have been charged by Canara Bank which includes the following:

The  Bank offers 1% of the loan in its processing fee.

Faq’s

Does the bank provide Gold loans at Low Rates.?

Yes,  the Bank has lowered the lowest interest rate on gold loans, which will take effect on April 21, 2021.  Bank currently provides gold loans beginning at 7.65%, a reduction of 1.05 per cent from the previous average of 8.70 percent.

What is the maximum amount of gold loan I can get from the Bank?

Bank will lend you up to Rs. 20 lakh as a gold loan.

There and always an important question that arises in the mind of the loan borrower or the applicant. The question is how a credit score influences the procedure of the two-wheeler loan and vice versa.

First of all, to know the same concept, one will have to go through the proper meaning of the credit score. A credit score is nothing but a three-digit number generally prepared and issued by credit rating agencies or bureaus. Through the credit score information, a loan provider gets the exact and accurate information about all the types of loans availed in the past by an individual. It is preferred by most of the banks, and nbfc is that if a person has a positive credit score, that is a high rate of credit. If a person has nearly 700 for 800,, he will be given the full fever to receive loan approval for the two-wheeler. 

A credit score is an important thing based on which the rating calculation depends. The first and foremost thing which comprises the top part of the credit score is the payment history. It generally covers all the style or the pattern based on which it availed all the types of loans, how it has been paid or has been handed will be checked to provide the approval for the loan. The most important thing is the current debt, or any credit loan service is already going on now. Then the next turn comes for the length of the tenure period, which means for how much period or months or year the loan was granted. Then the two other components, that is, the new credit and the credit mix, contribute about 10%and 10% respectively.

Bad payment behaviour

• An important factor that influences the credit score while availing two-wheeler loans is the bad payment behaviour during the loan repayment. From the different kinds of service, it has been noticed that a 30 days delay in the repayment period reduces about 100 points in the credit score, which will be very tough to regain by following the proper repayment rules of a new loan. Bank of Baroda two wheeler loan offers better facilities to the customers. Most of the time, it has been noticed that people use multiple credit cards at a time. It does forget to manage it properly as they do not have an intention of paying it properly with proper reminder alerts, and this is the reason due to which they miss the due dates of the payment and take a hit as it adds two different types of penalties or charges along with the exponential rate of interest.

The tenure of the loan

• The loan's tenure period plays a vital role in influencing the credit score in a two-wheeler loan. For example, suppose the two-wheeler loan is an event for the return of 5 years or more. In that case, there will be a maximum number of which will include interest as well as repayment principal, but in this case, the rate of interest which will be charged which means the value of the interest amount total collected will be much more than that of a two-wheeler loan availed for three years. This will eventually increase the cost of the borrowing of the two-wheeler loan. At the same time, on the other side, there is cutthroat competition in the market where some of the financial institutions will offer the same tenure period at a low rate of interest to attract the customer who is involved with the other financial institution.

Conclusion

High credit utilisation ratio, outstanding debt, and payment of the minimum amount also play a vital role in influencing the credit score while travelling for the two-wheeler loan. the income source capacity of the loan applicant also checked as besides the the two-wheeler itself, the income is the source with which the loan repayment EMI is will be paid each month