With the rapidly growing economy and the increasing number of salaried individuals with passive income streams, the demand and sale of automobiles are on the surge. More and more people are now buying or planning to buy a new car.
Piramal Finance is making the most out of this situation and extending secured car loan offers at reasonable terms to people from all sectors. However, Piramal Finance finds it easy and quick to help people make their dreams come true via online mode of operations. With everything available online, anyone can easily apply for instant approval car loans and get their loan disbursed in no time.
Thanks to online personal auto loans, now getting the car of your dreams has become easier than ever. Continue reading to explore all about a personal loan for a car, its features and benefits, eligibility criteria, and more. Have all the knowledge you need and take the next step to apply for a car loan.
With India’s rising population and transportation issues, owning a car has become more of a necessity than a luxury. However, spending all your savings just on a car in a single go can be a challenging and unwise financial decision for any average-earning person. This is where an instant car loan comes into aid.
Simply put, a personal loan for a car provides you with the requisite funds you need in addition to the minimum down payment for the car. A low-rate car loan is usually a secured loan where we will consider the car as collateral. On the other hand, a personal loan is an unsecured loan that gives you the freedom to use it in any way you want – for instance, using it to buy a car.
Furthermore, no loan provider offers 100% financing for buying a car. It implies you’ll have to pay the rest of the amount from your savings as a car down payment. So, what to do then? The best alternative is to get a personal loan to buy a car with Piramal Finance and bring your dream car home without any hassle.
Anyone obtaining a personal loan for used car or a new car must submit an application that has been properly filled out and signed, as well as two passport-size photos of themselves and the co-applicant. Additionally, you must submit the following paperwork:
You may want emergency cash if you want to purchase your dream car because it might be a significant expenditure. Applying for a personal loan from Piramal Finance gives you the option to use the money to pay for a car. Piramal Finance is the best option for a loan because of their minimal paperwork requirements, competitive interest rates, and flexible tenure. Apply now!
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.