In today’s age, getting a car is very simple. Recently, Ford had put its new Ecosport on sale through Amazon. It did receive more than 100 bookings in just a few hours. It isn’t because buyers have more money, just that today getting car loans is a lot simpler than before. Previously, buyers had to go through a tedious process of applying for a car loan and even getting an approval. There wasn’t enough clarity on the benefits and EMIs available in the market.
In the days gone, there was a lot of paper work. Now things are a lot simpler. One can easily apply for a car loan. There are various means to apply it online too. The wait has come down and even the paper work has seen a reduction. This means ease of getting car loan, increasing the sales of new cars. Most of the banks are offering cut throat car loan interest rate to increase their profits. This is one of the reasons why India is one of the fastest growing car markets in the world. India will be the third largest car market in the world. We have seen a major jump in sales and technologies in the last decade. By 2019, all cars will need to have dual airbags and ABS as a standard feature.
Moving back to car loans, there are some banks that offer a good amount of flexibility in their car loan options. For instance there is Axis Bank that is offering multiple benefits to their customers and the ease of choosing loan. The car loan interest rate is competitive. There are high value loans also granted starting from Rs 1 lakh and up to 85% of on-road funding is given. This tenure is also highly flexible. Starting at an attractive 11%, these are highly competitive rates on offer. One can easily go on the car loan EMI calculator and findout the exact costing for the vehicle and the monthly EMI cost. This is highly flexible and makes it easy for a buyer to decide on the correct choice with complete transparency. There is a benefit of high LTV ratio, up to 95% of the ex-showroom price.
There are also special benefits available to Axis bank customers. The loan tenure is flexible from 1 year to 7 years. These loans are available for individuals as well as for self-employed individuals, proprietorships, HUF, partnership forms, limited liability partnerships firms, trusts, societies and companies.
With easily available car insurance at a customer’s disposal today, purchasing a car is no longer a far-fetched dream. Therefore, planning a car today is just a few clicks away!