With an array of options available in the market and a rise in disposable income, purchasing the right car that suits your needs is more difficult than it sounds. In addition to affordability, fuel-efficiency, comfort, and safety, there are a number of important factors that play a key role during a car sale. Whether you are a student looking to buy a car or a parent planning to gift one to your son/daughter, see the below mentioned list for cars that are best suited for students to find the one that matches your needs.
It can be difficult to gather the funds in order to buy a car while paying for the educational fees of a student. Whether you want to buy a new car or an old one, you can opt for a low-interest car loan to receive the money you require while purchasing a car. With the process of loan application and approval becoming easier by the minute, you can quickly receive the funds to purchase your dream car.
Car loans can be availed even if you are a student in India if you meet the basic eligibility criteria set by the bank or Non-Banking Financial Company (NBFC). While this may differ from lender to lender, the basic criteria for age is to be above 18 or 21 years. So if you are above the age of 18, you can apply for a car loan if you also have salary slips to show as income proof from a full-time or part-time job. You can also apply with a guarantor in order to increase your chances of approval.
You can improve your chances of getting approved for a car loan as a student if you apply with a guarantor, who can be your parent or sibling who has a steady job and source of income to show as proof. If they have a good credit score also, your chances of getting approved will be higher.
Most banks or NBFCs give up to 100% of the car value as a loan for new cars and up to 80% of the car value of pre-owned cars as a loan. So if you can afford a down-payment, the quantum of loan that you require will decrease which will also make it far easier to get the loan approved. You also get to save on the interest which leads to more savings over time.
This would depend on your budget and requirements. If you have a limited budget as a student, a pre-owned car could be more affordable in the long run as prices of cars do come down quickly over time, so you could easily get one of the cars in the top 10 list as a pre-owned car if you wait for a couple of months.
This would depend on your budget. Cars with automatic transmission start at around Rs.5 lakh in India. The cars with automatic transmission that are available around this price range include the Maruti Swift, Tata Tiago, and Hyundai Elite i20.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.