How important is car loan ? - letsdiskuss
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Student | Posted on | Share-Market-Finance

How important is car loan ?


Student | Posted on

The Finance availed of to buy either a new or a used car is known as car loan. Car loan is one of the complex loan products in India’s car dealers tends to include various discounts offered by car manufactures or lenders in the interest rate offered to the buyer.

There are three types of car finance available For Purchase of new car, For purchase of a used car, loan against an existing car.

Mr. Ajit Venugopalan, MD, SVC Co-Operative Bank said,” owing your dream car now becomes easy, with the multiple options to avail of a car loan extended by lenders today. Customers can choose from a range of options to select one best suited to their needs”.

Salient Features of the car loans are as follows:

 Depending upon the lender, there are a host of benefits available to the customer when availing of a car loan.

For example, easy EMI’s, Attractive rate of interest, quick approvals, personalized service.

Car loan: Eligibility criteria:

 Salaried, Self-employed Professional, Business Group, Proprietary firms, partnership firms, LLP’s and Pvt. Ltd companies, Women & Transgender

 Age Limit: 21 to 65 years for individuals, for other than individuals- minimum two years of a existence

 Finance up to 90% of the eligible amount for new vehicle and 75% finance for commercial vehicle

 Repayment tenure for the period of 4 years to 5 years.

 EMI permitted from the total deductions not exceeding maximum 75% of considered annual income

 Security: Hypothecation of the vehicle to be purchased

 Share Holdings: 25 shares of applicant & co-applicant

 Discounted rate of interest for women

About SVC Bank

Set up in 1906, SVC Bank has contributed significantly to the development of the cooperative movement in India for over a century. Today, the bank is one of the oldest and most recognized names in the country’s co-operative banking space and remains the India’s only multi-state scheduled bank with a presence across 11 states. It is also the first and only bank to develop and offer ‘Genius’ – a core banking solution to more than 80 other cooperative banks. SVC Bank has already revamped its entire banking system to embrace digitisation and adopt new technologies, mainly to cater to the youth of the country. With a total business of over Rs. 25000 crores plus and a net profit of Rs. 131 crores (FY 17-18), it has proven its strong fundamentals. The Bank offers the entire gamut of services across Retail Banking, Corporate Banking and International Banking. Headquartered in Mumbai, the Bank has a vast spread of 198 branches and has an employee strength of over 2500. For more details visit


Manager | Posted on

Purchasing a vehicle is a parcel of fun, however taking an advance can be dubious. The vast majority investigate a vehicle credit instead of passing out money, to pay for the vehicle, regardless of whether the vehicle is new or utilized. As something that amasses enthusiasm over some undefined time frame, it is critical to be set up before taking out a vehicle credit.


finance | Posted on

You can get car loan easily, but need to pay the initial amount as a down payment. Remain amount will get by a loan.  You can apply for insurance also by the process of car loans Uk.  It will depend on your lender means, Interest rates, insurance policy..etc.,

Nowadays car loans are giving you even you have a bad credit score,  and also very short time is taking. So that you can complete the loan process in 1 day, but need to wait for 7 to 10 working days to get an approval for the loan from the banks.


Employee | Posted on

Hi, there are many financial companies who are offering car loans for low-interest rates even for bad credit, depending on the eligibility criteria and credit score the lender will decide the loan.  


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