every Someone has a dream, he has a big car. Everyone has their own dream car. This is a very big expense, so the decision to buy a car should be taken very thoughtfully. You should spend this expense in such a way that you do not get heavy financial burden. If you want to buy a car by taking a loan, you can take a car loan from a bank or any NBFC. This loan has been prepared according to purchasing the car. However, if you want, you can also buy a car by taking a personal loan.
Car can also be purchased from personal loan
In a personal loan, you get a lump sum amount by the bank, which you can use for many purposes. With this you can also buy a car. Personal loan is not secured on vehicle. So you have more flexibility in which you spend money. But keep in mind that the interest rate on personal loan is higher. The minimum interest rate on SBI’s car loan is 9.20 percent. While the minimum interest rate on personal loans is 10.30 percent.
Benefits of buying a car by taking personal loan
No need to mortgage anything: While taking a personal loan, you do not need to mortgage your car or any other property as protection.
Flexible use: This loan can also be used for other car related expenses such as registration, insurance and accessories.
Less paperwork and Quick Dysbersal: Personal loans have less paperwork compared to the car loan and it immediately becomes disabs.
EMI and Fixed Interest Rate: It is also easy to calculate EMI and fixed interest rates on personal loans, as interest rates are fixed and EMI payment will remain the same during the loan period.
There will be no need for down payment: If you take a personal loan of more amount, you can pay the entire price of the car with the loan amount.
(Disclaimer: This article is written only for the purpose of information. Please consult your financial advisor before any type of investment or before taking financial risks. India TV will not be responsible for any kind of risk.)
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