With a personal loan for a car from Piramal Finance, you can buy any car with an on-road price of less than INR 10 lakh. Thus, you can easily afford to buy commercial and small-to-medium-sized cars with this loan product.
No, both are different types of loan products. While a car loan is a type of secured loan that aids with the funding needed for vehicle acquisition, a personal loan is an unsecured loan that you can utilize freely as you see fit. Many people prefer using personal loans to buy cars over car loans because they won’t have to use the car as collateral.
If you want to buy a new car, you can use a personal loan or a car loan to finance the cost of the car. Personal loans are considered unsecured loans, whereas automotive loans are secured loans because the vehicle is mortgaged to the bank until the loan is fully repaid.
You can indeed foreclose on your debt before the intended term. You can do this by making a single, full loan payment. A prepayment fee may be applicable for personal loan foreclosures assessed by Piramal Finance.