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The car has become a necessity today. It is the important part of the high paced world. Every person belonging to a high or middle class family wants to own their dream vehicle. But with increasing prices of all the vehicles, it has become difficult for a common man to buy a vehicle in one time payment. Car Loan is an option that can help a person in making their dream of owning a vehicle true. There are various banks and firms that offer this deal to people and help them in achieving their dream. The loan market is flooded by various car loan schemes offered by various banks and firms like PNB Car Loan, HDFC Car Loan, Axis Bank Car Loan, ICICI Bank Car Loan etc. Also, there is no need to visit each and every bank as one can apply online for a loan. The person who wishes to avail finance for a vehicle can visit the website of the concerned company and fill the form. This mode allows the person to compare each and every deal and select the best one. Usually consumers check the Interest Rates on Car Loan while searching for a loan. The car loan is offered in two forms i.e. fixed and floating interest rates. The fixed interest rates remain constant throughout the tenure of loan whereas the floating interest rate changes with fluctuations in the market. Also, the applicant can opt for availing a secured or unsecured car loan. Secured Car Loan: Secured Loan is a Loan in which borrowers have to keep their newly purchased car or any valuable asset as collateral to the lender. So, if one could fail to pay their regular EMIs, then lender recovers their loan amount by selling that valuable asset. The person can calculate his or her EMIs, through the EMI calculator. Unsecured Car Loan: Unsecured Loan is the loan in which borrower doesn’t have to keep anything as security to the lender. The only thing, which creates the difference between both the loans, is the Interest Rate. One has to pay high rate of interest in unsecured Loans. But mainly people prefer to choose secured loan as they can repay big amount at a cheaper rate of interest. Car Loan is approved after some documentation either it is online or offline. Documentation includes some paper formalities like ID Proof, Residential Proof, Income Proof, etc. If someone fails to satisfy the income needed, then he or she can involve their family member as a guarantor to sum up the income. This will help them to meet up the requirements of the lender.
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