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Car loan transfer refers to the process of transferring the balance of your existing car loan to a new lender. The method to transfer a car loan is quite simple and can vary from lender to lender.
If you are not too happy with your current car loan terms and if you feel you will struggle to continue repaying your current EMIs, you can start considering a car loan transfer. You will need to follow these steps to transfer your auto loan:
When you transfer your current auto loan to a new financier, you can enjoy the following benefits:
Let us assume a simple scenario to get an idea of how car loan balance transfer works. Imagine you have been paying EMIs for a car loan from Bank X. Now imagine you find a better loan with an attractive interest rate offered by Bank Y.
You need not be disappointed that you already have a loan from Bank X. If you choose the car loan transfer facility, you will be able to transfer your outstanding loan amount to Bank Y and you will no more be indebted to Bank X.
Bank Y will clear your old loan (availed from Bank X) and you can pay your EMIs to Bank Y by enjoying better loan terms and rates.
A summary from your current lender with details about your existing loan including outstanding principal, interest, and the remaining tenure
The eligibility criteria for transferring your auto loan balance may vary from lender to lender. The most common criteria include:
If you think that transferring your auto loan balance to a new lender will reduce your overall loan expenses, you should definitely go for it. You can avail the balance transfer facility for almost all private cars, whether it is a sedan or a hatchback.
However, if you think that you will end up paying more after going for a balance transfer, then you should not go ahead. Instead, you can continue looking for better loan deals to choose a good financier
As mandated by the Government, electric vehicles in India will get a separate type of number plates like other public and private transport cars. The EVs will be provided with green coloured number plates out of which the first batch has already been rolled out. While Mahindra Electric became the first company to get the green number plates on its electric cars through Mahindra eVerito, Lithium Urban Technology, a Bengaluru-based start-up is the first company to get a car with a green number plate. For the private vehicles the green plates will have numbers in white font and for commercial vehicles the plates will have numbers in yellow font. According to Nitin Gadkari, the Minister of Road Transport and Highways in India, the green number plates will inspire people to go green and make more use of electric vehicles. Moreover, vehicles driven by alternate fuel sources such as CNG, biofuel, and methanol have received all the mandatory permits to run across India.
25 September 2018
Mahindra will be launching 3 new cars in the upcoming 8 months. Following this, the company will not have any new launches in India for 1 year, between April 2019 and April 2020. The car manufacturer is preparing for the Bharat Stage 6 (BS6) emission norms that will be effective from April 2020.
The BS6 emission norms are more comprehensive than the BS4 norms. This requires auto companies to fit expensive equipments into the vehicles, specifically the diesel models. The prices of the cars are likely to increase after the BS6 norms are implemented.
Mahindra will not be the only car manufacturer that will reduce new car launches next year. The highly awaited cars from Mahindra in the future are the XUV700 luxury SUV, U321 MPV, and the S201.
20 August 2018
Volvo has revealed that the company has received 200 bookings for the XC40 – the newly released compact luxury SUV. The vehicle was available only in the R-Design trim in India, but thanks to its remarkable success, the Swedish automaker has made an announcement and revealed that two new variants will also be launched in India. The price of the base XC40 D4 Momentum has been set at Rs.39.9 lakh while the top-spec SC40 D4 Inscription can be availed for Rs.43.9 lakh. Moreover, the XC40 R-Design that was launched for Rs.39.9 lakh can now be purchased for Rs.42.0 lakh – the actual value of the vehicle. Volvo Car India’s Managing Director, Charles Frump, has revealed that the company is thrilled to have gotten a response as positive as this, adding that it’s a pretty good start for the company’s operations in India, adding further that considerable growth can be achieved in the segment come the year 2020.
19 July 2018
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