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!
Car Loans simplified!
Buying a new car isn’t that difficult today. The biggest fight is choosing the right car. For car loan, there are many options in the market. However, it is easy to read through the lines and go for a New Car Loan without any struggle. We at MotorOctane always help you to buy the right car. You can check out our website and even our Youtube channel for all the latest car news, reviews and comparisons.
Today, we will explain the benefits of choosing car loan. And this is very helpful in many ways for most of us to decide the right car. EMI a fairly new concept in India, though it has been doing well in automobiles. There are many things you might ignore, but these are vital and will help you to make better decisions.
- Getting a higher variant/ next segment car: This has boosted sales of new cars and even encouraged many to buy cars/variants that are at the moment out of their budget. For instance, in a 10-lakh car model, the base model and high end model are priced at a difference of Rs 1 lakh. On EMI, this will translate to less than Rs 1000-2000 on EMI depending on the loan tenure.
- Increase the loan tenure: Some banks like Axis Bank offers a loan for about eight years. This makes it easier to buy a more expensive car, and adds flexibility in EMI.
- Low downpayment options: A buyer can pick up a car at lower or even in some cases zero down payment options. This makes it easier to procure a car, for those who are at the moment short on cash.
- No extra security/Guarantee: In the older days, you needed something more expensive and valuable as a guarantee for the loan. Today none of that is needed. This makes it easier to apply and get a loan.
- Fixed Interest Rates: With fixed interest rates, one doesn’t have to worry about new car loans or the fluctuating interest rates, which can sometimes give sleepless nights.
- Sell Your Car when under Loan: Many a times, you need to sell of your car to get a new one. And if your EMI is on, you cannot do that. If you can get a No Object Certificate from your bank for the same, you can sell it and repay the bank of the loan. This adds more flexibility to your finances.
- Spend Money Wisely: With a good amount of amount left in hand, you can spend it wisely or invest it to bear the returns that will help you to repay your loan. Thus saving good amount of money too.
Ways to Make Your Car Battery Last Longer
We all want our car battery to last longer but have you ever thought which all factors make the car battery have a long healthy life.A car battery is an essential part of the car. Thereby, it is important to know what makes a car battery extend its lifespan. (more…)
5 Essentials You Need to Have for a Road Trip
Road trips are fun. They are one of the best ways to enjoy a holiday. A plane, train or ship will speed up your journey, but a road trip is a journey in itself. The biggest-freedom aspect is the liberty to do what you like. Stop wherever you wish to. You get to see the world closer. If it’s your own set of wheels, then freedom is boundless. The liberty to stop anyway, explore more and meet a lot more people. This is what is the biggest advantage of a road trip. (more…)
5 Tips for Safer Roads
In India, two-wheeler sales outnumber four-wheelers. Two wheelers are used to commute and even to transport things at times. Thanks to phenomenal growth of e-commerce, a lot of deliveries are made through a motorcycle or a bike. Also,with the growing demand for food delivery, all the food deliveries are made on a two-wheeler itself. So, it is important to consider safety for car and bike riders. (more…)
BharatBenz – India’s new truck lifeline
History TV is hosting the new series of IRT (Ice Road Truckers) and this time its a complete Indian show. BharatBenz, our very own renowned truck maker has provided trucks for this trip. It is exciting to see how trucks can be made affordable without loosing out on the quality and features aspect. Leading a life as a trucker is difficult, unfortunately little attention is paid to the driver. What is more important for many is the timely delivery of goods at the lowest possible price. This is what even IRT does, the difference being these trucks are driven by celebrities. (more…)
New Toyota Platinum Etios is here
A brand that is known for its quality and bullet proof reliability has introduced a sedan. It is called the Toyota Platinum Etios. An entry-level sedan to the Toyota brand, which fulfills all the company’s requirements. Safety is one of the most important aspects and this is where the Platinum Etios excels. It is the only car in its segment that has achieved a four-star rating in GNCAP crash tests. There is an ISOFIX child seat, which isn’t offered on most of the sedans in this segment. Dual airbags and ABS is offered as standard feature on the new Platinum Etios. This ensures that the brand cares for us and our loved ones. (more…)
Pay an EMI of Re 1 on Skoda Rapid
Skoda introduces attractive finance offers across its model range. The various offers are available across variants of the Rapid, Yeti and the Superb model range. These offers are aimed at providing an easy and hassle free buying experience for customers. With the introduction of these enticing offers, Skoda enthusiasts now have multiple finance schemes to choose from. (more…)
Always a YES!
A lot of our readers have asked us about which car loan to opt for? Just the other day, I was looking for the banks that have one of the quickest car loan processes. I did browse through various bank websites for car loans. I will not name the bank websites, but most of them weren’t user friendly. There are too many things popping at the same time. Eventually I did lose my focus as I was jumbled between a lot of unnecessary questions. (more…)
10 Points to Consider Before A Road Trip
With so many public holidays coming, a lot amongst us are planning a road trip as a weekend getaway.
“A good beginning is half the battle won.” So, be it any season, you need to keep your car in good shape and serviced before a road trip. Else, a breakdown means cancelation of all the plans and even waste of your money and time for your friends and family. We at MotorOctane are committed to share 10 important tips for stress-free road trips.
- Visit a service centre or your local mechanic to get your cars fluid levels checked.
2. Check the entire underbody for any corrosion
3. Check all your car papers, registration, PUC and most importantly car insurance. It is illegal to drive without car insurance. Royal Sundaram General Insurance offers quick online renewal options, if yours has expired
4. Get all your tyres checked and wheels aligned.
5. Ensure all your head and tail lamps are working properly
6. Do check if all the wires are insulated and there are no loose ends.
7. Do carry a puncture repair kit or a mobile tyre inflator.
8. At the same time even check the spare tyre and get it inflated too.
9. If its monsoon time, then get your wipers checked. Try and get the AeroTwin wipers, which have a cleaner sweep.
10. Ensure you carry sufficient amount of food and water for safety reasons.
This content is powered by Royal Sundaram General Insurance.
Michelin India rolls out EMI scheme for buyers
Need new tyres but the wallet isn’t quite full yet? Fret not, for there’s a solution in sight. Michelin India have announced the roll-out of a unique, EMI (Equated Monthly Instalment) scheme for buyers. Available for both, the passenger car as well as the light truck tyre range, the offer is being rolled out via select Michelin Priority Partner (MPP) & TYREPLUS stores across the country. (more…)
Royal Enfield sees 42% jump in sales in April
Royal Enfield has been going from strength to strength this year. The leisure motorcycle giant has sparked off a new segment in the motorcycling scene, with the successful launch of their adventure motorcycle – the Himalayan. The brand has just reported a record breaking 42% jump in year-on-year sales for April 2016, with 48,197 units being sold in this period. (more…)
Bajaj Qute still stuck for an approval
Bajaj’s Qute is the company’s quadricycle that was showcased as RE60 in 2012 and since then it has struggling to make its entry in India as quadricycles aren’t allowed to sold in India. Quadricycles are common in developed and even developing markets, and is a perfect four-wheeler replacement for bigger and heavier cabs. A quadricycle is also a lot safer than these bigger & heavier cabs due to restricted speed. (more…)
Royal Enfield sales jump 63% in February
Royal Enfield, the lifestyle motorcycle manufacturer has been growing from strength-to-strength in the past few years. 2016 too has begun well for the manufacturer who has just posted a record figure of 49156 motorcycles being sold in the month of February. This strong surge on the sales front has been the result of both, domestic as well as export demand and represents a 63% hike in y/o/y growth over 2015.
To give you a further break-up of the sales mix, the company’s exports grew a staggering 112% when it sold 1589 units overseas, as compared to 749 units last year. Domestic sales too rose by 61% from 29491 units in Feb 2015 to 47567 units for the same month in 2016. (more…)
Maruti Alto reaches 30 lakh sales milestone
Maruti Alto, which has been the highest selling car in India for more than a decade has crossed a new milestone. The hatchback has now reached 30 lakhs sales units in the indian passenger car market. It has taken 15 years and 6 months for Alto to reach this record milestone.