Consumers in India prefer an 8-seater car for big families that travel together or taxi operators who have to carry more passengers/transport goods. With an 8-seater car, you can transport your extended family, pets, and excess luggage comfortably.
Here is a list of the best 8-seater cars available in the Indian car market:
Banks, NBFCs and other lending institutions offer new and used car loans to individuals with a good credit score and a steady income. First, pick out a car of your choice, then compare various car loan offers online through a reliable third-party comparison portal. Choose a car loan with the lowest interest rate and flexible repayment options. Before applying for a car loan, check your car loan eligibility criteria. Applicants must be 21 to 65 years of age and meet the minimum income requirements set by the bank.
You can apply for a car loan online through the bank website, just download the application form, fill it up, and submit it along with the necessary documents such as identity proof, age proof, income proof, and address proof. The bank will verify the documents and process the application. Upon approval, the car loan amount will be disbursed to your bank account instantly. You can use the free online car loan EMI calculator to find out how much your car loan will cost you monthly. Depending on the results, you can choose a loan tenure that is suitable to you. Just ensure that your debt-to-income ratio is low so as to avoid defaulting on your car loan. Your car loan EMI payments should not exceed more than 50% of your salary.
Banks will charge a processing fee at the time of loan disbursal. This is a small percentage of the principal loan amount that will be deducted from your car loan. Some banks may waive off the processing fee for special occasions or existing customers. Banks also charge a penalty fee for prepayment or preclosure of your car loan. This again is a percentage of your loan amount. After about 12 EMI payments, banks will allow you to prepay a part or whole of the loan amount before reaching the end of the tenure.
You can make a high down payment to reduce the cost of your car loan. Until the car loan is paid fully, the car is mortgaged in favour of the financier. Banks will repossess the car if you skip or miss out on making EMI payments. The repossessed car will be put up for auction to compensate for the outstanding dues. This process is called car loan foreclosure. The bank will advertise the auction details and if you have the funds to bid for your car, you can do so.