What are the loan tenure options?
The tenure of the loan could range from 1 to 7 years for new cars and from 1 to 5 years for used cars. What are the lending rates? The lending rates vary on the basis of discounts, which are offered by dealers and banks. How is the interest charged/calculated? Interest is calculated on a monthly reducing balance basis. Do I have to pay any additional charges? Every bank charges a processing fee, which varies from bank to bank, are based on factors as loan amount, car make, car loan new or old rate of interest etc. How much time will it take for my loan to be approved? The loans are generally approved within 2 working days at the day of submission of complete documentation. Who can be the co-applicants for the loan? Your spouse or any blood relative staying in the same residence can be a co-applicant. Is a personal guarantor a must? No, a personal guarantor is not a must. What security/collateral do I have to provide? No additional security/collateral needs to be provided, apart from th
