Follow These Steps to Get an Easy Car Loan in India

by Maruti Suzuki Best Cars in India

As the world has moved towards owning a car for daily commutes, long road trips, and everyday needs, the demand for four-wheelers has increased correspondingly. One of the biggest catalysts for the surge in demand is easy access to finances for buying a car. Previously, the only way to do so was to pay the entire amount of the car upfront. However, today, you can easily finance it by paying the minimum down payment and converting the rest of the repayment amount into EMIs. For instance, if you aim to buy a Maruti Suzuki Dzire on finance or a car loan, then you can find several platforms ready for car financing. Choosing the automaker’s financing solution is the best choice in this case.

Here are the steps to Maruti Suzuki Dzire finance from any car financing platform in India:

Shortlist Your Car

The car financing is determined by the model and variant of the vehicle that you have chosen. The lender typically offers a car loan based on the car's ex-showroom price. Some of the lenders provide 100% of the loan amount for a new or old car. It is recommended to check the EMI that you have to pay later, apart from the down payment paid at the time of purchase. This helps you manage your monthly budget, as EMIs need to be paid on time.

Check Your Eligibility

Though the eligibility criteria for obtaining a car loan are not stringent, you need to check the eligibility criteria before applying for the loan on any platform. These days, a few of the best platforms offer pre-approved car loans and custom-generated loans to customers, which makes the car-buying process easy and smooth. Some platforms also offer car loans to self-employed customers without any proof of income.

Loan Tenure, Amount, and EMIs

This is a crucial step that should not be messed with. Loan tenure is the period of time for which you want to take the loan. The loan amount is the total amount of money borrowed from the lender to make a purchase, and the EMIs are the monthly payments you must make until you have completely paid off the loan amount to the lender.

You can use an online loan calculator to know your car EMI, down payment and tenure of the loan. It's simple and easy.

Interest Rates and Additional Charges

When you avail of any loan, interest rates are charged by lenders on the entire loan amount. This is how their business model works. You should be mindful of the interest rate that you are paying, along with any other charges such as platform charges, processing fees, and others.

It’s always a good idea to weigh loan offers from different lenders and go for the one that offers more benefits and lower interest rates. Few of the best platforms have multiple financiers, which allow the customer to make an informed decision.

Car financing is not a new concept. However, a set of online car financing platforms has brought a wave of change that has made car financing very easy.