Undoubtedly, petrol and diesel vehicles give more mileage than EVs (electric vehicles) but the toxic gas emission from a petrol/diesel car pollutes the air. That is why, the Indian government has set forth a target to have an all-electric fleet by 2030. Although the Indian automotive industry is transitioning from petrol and diesel vehicles to hybrid and electric vehicles in an effort to protect the environment, it takes significant time and effort for the gas-guzzling cars to be fully phased out. In the meanwhile, some of the top carmakers across the world are launching new petrol cars and facelifts of the existing car models this year. Here is a list of the upcoming petrol cars in India in 2018-19:
Banks and non-banking financial companies offer new and used car loans to eligible customers for the purchase of most makes and models of cars in the Indian market. To purchase any of the above-mentioned petrol cars, you can opt for a low-interest rate car loan with a suitable loan tenure ranging from 1 to 7 years.
Salaried and self-employed individuals between 21 and 65 years of age with a good credit score and a steady income can apply for a car loan. Most banks and NBFCs expect minimum 2 years of work experience in the same field and a minimum net annual income of Rs.3-4 lakh. A credit score of 750 or above has higher chances of car loan approval as it represents the creditworthiness of the applicant. Before applying for a car loan, take the time to check your car loan eligibility on the lender’s website in order to avoid a loan rejection. As you know, multiple loan rejections can affect your credit score negatively, which in turn, will have a negative effect on your future loan prospects.
A car loan like any other secured loan is repaid through Equated Monthly Installments (EMIs) over a specified period of time called the loan tenure. Applicants can use the car loan EMI calculator that is available for free on the lender’s website in order to find out how much their car loan costs on a monthly basis. The tool is easy to use. Enter your car loan details such as the loan amount, interest rate, processing fee, and loan tenure into the tool. Then, click on the ‘Calculate’ button and you will get instant results in the form of an amortisation table. The table represents your car loan periodic repayment schedule.
Visit the lender’s website to download the car loan application form. Submit the duly-filled and signed application form along with the necessary documents such as identity proof (Aadhaar card, PAN card, Driving License, Voter’s ID card, and passport), age proof (birth certificate and 10th/12th school certificate), address (ration card and utility bills like telephone and electricity bills), and income proof (last 3-6 months’ salary slips and bank statements, Form 16, and IT returns).
Lenders compete with each other to offer the best services to their customers in the form of instant loan approval and disbursal. The bank will process your car loan application and upon approval, the loan amount will be disbursed to your bank account in just a matter of few hours. Tip: In order to get the best car loan offer, take the time to compare several car loan deals offered by the top lenders in the country and choose one with a low-interest rate, suitable loan tenure, zero processing fee, and flexible repayment options.