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Having a car is a dream shared by almost everyone. It is a great feeling to own a car as it is not serves the purpose of transportation but also acts as fixed asset. It gives a person a sense of prestige as well as is symbolic of one’s social status. There are many reasons why people require vehicles; they may have to travel long distances to their work places or they may be living with their families. Purchasing a vehicle is not difficult in today’s times. Not only do people have the ability to browse about different policies online but there are also a number of banks as well as financial institutions that help people to purchase their vehicle. With festive season just around the corner, there are many banks as well as finance companies offering a number of attractive interest schemes for car loans. There are a number of Navratri as well as Diwali season trends where a number of offers and discounts are being offered. It is like rolling out a red carpet for customers who want to buy vehicles. In fact, the new age media has made life just a click away as far as buying car loans is concerned. Many banks as well as financial institutions have their presence online and potential customers can read about the different types of car loans that are offered by different companies, the features offered for the different schemes that are offered, their interest rates as well as prices. Banks across the country are known to offer different interest rates offering features as well as privileges to distinguish themselves from other dealers. Considered to be secure loans, there are a number of factors which affect the car loan that is taken. Some of these include: 1) The income of the customer (annual as well as monthly): A working professional can obtain loans up to three times of their annual incomes, while those who are self-employed can apply for a loan five to six times of their annual income. 2) Market interest rates as well as other charges: Various factors such as processing requirements, processing charges, fees as well as the market demand for the same. 3) Price of the cars: The loan that you take also depends on the price of the car. In most cases 80-90 % of the price is covered by the bank loan. One of the most important factors to take into consideration is one’s eligibility to obtain the loan as well as their repayment capacity. These loans are personal loans which are taken by people so as to pay for the vehicle. They then repay the bank/financial institution through a series of monthly installments along with an interest fee that is included as well. The discounts that are offered differ depending on the model as well as make of the car and the bank that is offering the loan. Now, is the time for you to buy your dream car by obtaining some of the best offers for car loans in India.
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