Here is a list of banks that offer special car loan schemes for government employees in 2019:
Depending on the results, the car loan amount or loan tenure can be adjusted. It is advisable to maintain a low debt-to-income ratio wherein one’s EMI payments don’t exceed more than 50% of his or her income. A high debt-to-income ratio can result in skipped or delayed EMI payments. As the car serves as collateral, if the borrower defaults on his/her car loan, the bank has the right to repossess the car and put it up for auction to make up for the outstanding dues. Banks allow borrowers to prepay a part or whole of the loan amount after 6 to 12 EMI payments. Car loan EMI calculations can help decide whether it is wise to make part or full prepayment.
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