Few years back, owning a car was a lifestyle choice, but as the economy progressed, the earning capacity of the youngsters grew along with it. Economy growth brought with it multiple auto companies which helped in easing the supply as well as brought down the prices to common man’s reach. Nowadays, in the fast-paced world, owning a car is more of a necessity. The pathetic state of public transport or the sheer absence of it also makes the ownership of the car more of a need than status symbol.
Even though the cost of cars have come down, shelling out a big amount upfront is still daunting. Though Indian Banking system offers great loan products specifically tailored for the masses. The auto loans offered by various Bank/ Financial Institutions are very affordable and simple to understand. The auto loan markets is highly competitive which has helped the Indian consumer to make the car ownership more affordable. The process of availing a car loan remains very simple and is approved against the income, identity and credit check.
Taking an auto loan and sticking to the repayment schedule is also a great way to built your credit history and built a strong credit profile. This comes in very useful when one is looking for another loan or a bigger loan to buy a house.
Usually each lender has very customized offering and special offers for various customer segments, the list below gives an overview on what to expect.