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Vehicle Transfer Form - Need, Types, Documents, How to

When you sell or buy a vehicle in India, transferring ownership officially is mandatory. This process requires filling out specific documents such as the vehicle transfer form. Known as Form 27 or vehicle ownership transfer form, this document ensures the legal shift of ownership from seller to buyer at the Regional Transport Office (RTO). Without completing this process, the previous owner may still be held liable for traffic violations, accidents, or insurance claims. In this blog, we’ll cover everything about the vehicle transfer form, including when it’s required, how to fill it, supporting documents, and the online process for a smooth transfer. Key Takeaways The vehicle transfer form (Form 27) is essential for legally transferring car ownership. Mandatory when selling, buying, or inheriting a vehicle. Can be completed both online and offline through the RTO. Requires supporting documents such as RC, insurance, PUC, and address proof. Essential for anyone applying for a used car loan to buy a second-hand car. Table of Contents What Is a Vehicle Transfer Form? When Do You Need a Vehicle Ownership Transfer Form? Types of Vehicle Transfer Forms (Form 27, Form 28, Form 29, Form 30) Documents Required for Vehicle Transfer Step-by-Step Guide to Filling a Vehicle Transfer Form RTO Process for Vehicle Ownership Transfer How to Apply for Vehicle Transfer Form Online Charges for Vehicle Ownership Transfer Importance of Vehicle Transfer for Used Car Buyers Common Mistakes in Vehicle Transfer Process Final Thoughts FAQs What Is a Vehicle Transfer Form? A vehicle transfer form is the legal document required to shift ownership of a vehicle from the seller to the buyer. Known officially as Form 27, it is submitted to the RTO where the vehicle is registered. The vehicle ownership transfer form ensures that all liabilities, including accidents, challans, and insurance claims, are shifted to the new owner. Without it, the seller remains legally responsible even after handing over the vehicle. When Do You Need a Vehicle Ownership Transfer Form? The vehicle ownership transfer form is required in the following cases: Sale of vehicle – When a car is sold to another person. Purchase of used vehicle – For buyers applying for a used car loan, submission of Form 27 is mandatory. Death of owner – Ownership transfer to the legal heir. Relocation – Transfer of registration from one state to another. Types of Vehicle Transfer Forms (Form 27, Form 28, Form 29, Form 30) While the vehicle transfer form mainly refers to Form 27, there are other related forms you may need: Form 27 – Application for assignment of a new registration mark. Form 28 – No Objection Certificate (NOC) for transfer. Form 29 – Notice of transfer of ownership. Form 30 – Application for intimation and transfer of ownership. Together, these forms ensure the vehicle ownership transfer form process is complete and legally binding. Documents Required for Vehicle Transfer To complete the transfer, you’ll need: Original RC (Registration Certificate). Valid insurance certificate. PUC (Pollution Under Control) certificate. Aadhaar or other identity/address proof. Passport-size photographs. Duly filled vehicle transfer form (Form 27). These documents are submitted along with the fees at the RTO. Step-by-Step Guide to Filling a Vehicle Transfer Form Filling out Form 27 is simple if you follow these steps: Write the name and details of the transferor (seller) and transferee (buyer). Provide vehicle details like registration number, engine number, and chassis number. Fill in insurance details and validity. Attach address proof and photographs of the new owner. Signatures of both parties are required. Submit the form along with supporting documents at the RTO. This ensures the vehicle ownership transfer form is processed smoothly. RTO Process for Vehicle Ownership Transfer Once the vehicle transfer form and documents are submitted, the RTO will: Verify the application and documents. Issue an updated RC card with the new owner’s name. Inform the insurance company about the ownership change. The process typically takes 15–30 days, depending on the RTO. How to Apply for Vehicle Transfer Form Online The Government of India has made it easier with online applications through the Parivahan portal. Steps include: Visit https://parivahan.gov.in. Go to “Online Services” → “Vehicle Related Services.” Select your state and RTO. Choose “Transfer of Ownership” and fill the vehicle transfer form online. Upload documents (insurance, PUC, ID proof). Pay applicable fees. Download acknowledgement receipt. With vehicle ownership transfer form submission online, the process is quicker and hassle-free. Charges for Vehicle Ownership Transfer The charges for vehicle transfer form processing vary by state but usually fall between Rs. 150–500. Additional charges may apply for smart card RC issuance. Importance of Vehicle Transfer for Used Car Buyers If you are buying a second-hand car through a car loan, completing the vehicle transfer form is crucial. Without it, the seller may still be liable for legal or financial issues involving the car. Buyers should also verify that hypothecation termination has been completed, ensuring the car is free from existing loans before applying for ownership transfer. Common Mistakes in Vehicle Transfer Process Submitting incomplete or unsigned forms. Missing insurance or PUC details. Delay in applying within 14 days of purchase (for local transfer). Not clearing hypothecation before applying for ownership transfer. Avoiding these errors ensures your vehicle ownership transfer form is accepted without delays. Final Thoughts Completing the vehicle transfer form process is a legal requirement and a safeguard for both buyer and seller. Thanks to digital platforms, the vehicle ownership transfer form can now be filled and submitted online with ease. Whether you’re buying a car with a used car loan or selling one, never ignore this step. It protects you from future liabilities and ensures smooth legal transfer of ownership. FAQs What is Form 27 in vehicle transfer? Form 27 is the official vehicle transfer form used for applying for a new registration mark at the RTO. Can I apply for vehicle ownership transfer form online? Yes, through the Parivahan portal, you can apply digitally. What documents are required for Form 27? RC, insurance, PUC, address proof, photographs, and duly filled vehicle transfer form. How much does ownership transfer cost? Between Rs. 150–500 depending on the state. Is hypothecation removal necessary before transfer? Yes, hypothecation termination must be completed if the car was bought on a loan. How long does it take for ownership transfer? Usually 15–30 days depending on RTO verification.

28-08-2025
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What are daytime running lamps (DRL)?

Modern cars are equipped with many features that enhance safety and driving comfort. One of these innovations is daytime running lights (DRLs). Though simple, they play an important role in making vehicles more visible during the day and reducing the chances of accidents. Unlike headlights, which are mainly for night use, DRLs are specifically designed to improve visibility even in bright daylight or cloudy weather. Today, many car manufacturers highlight DRLs as a standard feature, not just for style but also for safety. In fact, some models even showcase unique DRL designs as part of their brand identity. For buyers considering a new or used car, understanding how daytime running lights work and why they matter can help in making an informed decision. In this blog, we’ll explain what DRLs are, their history, how they function, benefits, rules around their usage in India, and why they are becoming an essential part of modern automobiles. Key Takeaways Daytime running lights (DRLs) are designed to make vehicles more visible during daylight. They automatically turn on when the car is in motion. DRLs improve road safety by reducing the risk of accidents. Many premium cars include DRLs as standard; budget cars are now adopting them too. Whether buying new or pre-owned, you can finance your purchase with a used car loan. Table of Contents Introduction to Daytime Running Lights History of DRLs How Do DRLs Work? Benefits of Daytime Running Lights Are DRLs Mandatory in India? DRLs vs Headlights vs Fog Lamps Cars with DRLs in India Maintenance and Cost of DRLs DRLs in Used Cars FAQs Introduction to Daytime Running Lights Daytime running lights are special front-facing lights that switch on automatically when a vehicle is running. Unlike headlights, their purpose isn’t to light up the road but to improve visibility of the car itself. This small feature has gained importance in the global automobile industry as governments and safety agencies promote technology that prevents accidents. History of DRLs The concept of daytime running lights first appeared in Scandinavian countries where daylight hours are limited. The idea was to ensure cars remained visible in low-light or overcast conditions. By the late 20th century, DRLs became mandatory in countries like Canada and much of Europe. In India, DRLs became popular through luxury car imports and later trickled down to mid-range and budget models. How Do DRLs Work? Unlike headlights that can be switched on or off manually, daytime running lights are connected to the car’s ignition. They automatically switch on when the engine is started and stay on until the car is turned off. Most DRLs today use LED technology because it is energy efficient, long-lasting, and stylish. Some high-end cars even feature unique DRL designs as part of their brand identity. Benefits of Daytime Running Lights The biggest advantage of DRLs is improved visibility. Even in broad daylight, cars with DRLs are more noticeable to pedestrians, two-wheelers, and other vehicles. Other benefits include: Reduced chances of daytime collisions. Enhanced safety in bad weather like fog or rain. Better vehicle aesthetics, as DRLs add a modern look. For instance, when shopping for the most comfortable car in India, features like DRLs can make a difference in safety and style. Are DRLs Mandatory in India? Currently, DRLs are not legally mandatory in India. However, many automakers include them in new models due to rising consumer awareness and global safety standards. The Indian automobile industry is increasingly adopting international practices, so it’s possible that DRLs could become mandatory in the future, just like seatbelts and airbags. DRLs vs Headlights vs Fog Lamps Many people confuse daytime running lights with headlights or fog lamps. Here’s the difference: DRLs: Always on during the day, for visibility. Headlights: Used at night or in low-light conditions to illuminate the road. Fog Lamps: Special lights used in fog, rain, or dusty weather to cut through poor visibility. Understanding this distinction helps drivers use the right lights in the right situations. Cars with DRLs in India In India, DRLs have become a common feature across various segments. Some examples include: Entry-level hatchbacks like Maruti Suzuki Swift. Mid-range sedans like Hyundai Verna. SUVs like Kia Seltos, Tata Harrier, and Toyota Fortuner. Premium cars from BMW, Audi, and Mercedes. When evaluating cars with DRLs, buyers often compare other aspects too, such as best suspension car in India, mileage, and resale value. Maintenance and Cost of DRLs Since most DRLs use LED technology, they are durable and require little maintenance. However, if damaged, replacement can be slightly expensive depending on the car model. Basic LED DRLs can cost between ₹2,000 and ₹10,000, while premium DRL systems in luxury cars may cost more. It’s always recommended to get replacements from authorized service centers to ensure compatibility and safety. DRLs in Used Cars When purchasing a used car, buyers often focus on documents, mileage, and condition. But features like DRLs also matter, especially if you drive in high-traffic areas. A car with factory-fitted daytime running lights not only looks modern but also adds safety value. If the car doesn’t have DRLs, you can choose to install aftermarket ones. Financing such purchases becomes easier with a car loan. In fact, when transferring ownership, documents like the vehicle transfer form are as important as ensuring the car’s safety features are intact. FAQs Do daytime running lights drain the car battery? No, DRLs are designed to use minimal power, especially when using LED technology. Are DRLs useful in Indian driving conditions? Yes, DRLs improve safety in crowded roads, highways, and during low-visibility situations. Can DRLs be installed in older cars? Yes, aftermarket DRLs are available and can be fitted by professionals. Do DRLs replace headlights? No, DRLs are for daytime visibility only. Headlights are still required for night driving. Are DRLs covered under car insurance? Yes, if factory-fitted DRLs are damaged in an accident, they are typically covered under comprehensive car insurance policies.

28-08-2025

List of 6 Seater Cars in India

In a country where road trips, large families, and shared rides are part of everyday life, 6-seater cars strike a perfect balance between comfort and practicality. Unlike traditional 5-seaters, these vehicles offer extra space without being as bulky as 7-seaters. Today, buyers can choose from SUVs, MPVs, and even premium hatchbacks that offer flexible seating for six passengers. In this blog, we’ll explore the most popular 6 seater cars in India, their prices, features, and mileage, and why opting for a used car loan can make them more accessible. Key Takeaways Explore the top models that qualify as 6 seater cars in India. Compare features, mileage, and pricing of budget and premium options. Understand the advantages of 6-seaters vs. 5-seaters and 7-seaters. Learn how a used car loan can simplify ownership. Get answers to frequently asked questions about 6-seater cars. Table of Contents Why Choose a 6-Seater Car? Best 6 Seater Cars in India (2025) Maruti Suzuki Ertiga Mahindra Marazzo Kia Carens Renault Triber Toyota Innova Hycross (6-Seater Version) Factors to Consider Before Buying a 6-Seater Pros and Cons of 6-Seater Cars The Role of the Used Car Market Financing Your 6-Seater with Piramal Finance Final Thoughts FAQs Why Choose a 6-Seater Car? Indian buyers are increasingly exploring 6-seaters as an alternative to compact sedans and larger SUVs. The reasons include: Family Comfort: Ideal for joint families or those needing extra seating without going for a full 7-seater. Flexible Layouts: Many models come with captain seats in the second row, making long journeys more comfortable. Balanced Size: Smaller than bulky MPVs but more spacious than hatchbacks. Practicality: Perfect for city driving, office commutes, and weekend road trips. This growing demand has led manufacturers to offer multiple 6 seater cars in India across different price ranges. Best 6 Seater Cars in India (2025) Maruti Suzuki Ertiga Price: ₹8.69–13.08 lakh. Mileage: ~20.5 km/l (Petrol), 26 km/kg (CNG). Highlights: India’s most affordable and reliable MPV, with flexible 6/7 seating configurations. The Ertiga remains one of the most accessible 6 seater cars in India, known for efficiency and low running costs. Mahindra Marazzo Price: ₹13.4–15.7 lakh. Mileage: ~17 km/l (Diesel). Why it stands out: Spacious interiors, captain seat option, and excellent ride comfort. The Marazzo is a family-friendly MPV that competes strongly in the mid-range 6-seater category. Kia Carens Price: ₹10.5–18 lakh. Mileage: 16–21 km/l (Petrol & Diesel). USP: Premium design, safety features like 6 airbags, and multiple engine choices. The Carens blends affordability with premium features, making it one of the most versatile 6 seater cars in India. Renault Triber Price: ₹6.5–8.9 lakh. Mileage: ~19 km/l. Why it’s affordable: One of the most budget-friendly 6-seaters, designed for middle-class families seeking space without overspending. The Renault Triber is a compact MPV, perfect for those on a strict budget but unwilling to compromise on seating. Toyota Innova Hycross (6-Seater Version) Price: ₹18–29 lakh. Mileage: ~21 km/l (Hybrid). Highlights: Premium comfort, hybrid engine, and Toyota’s unmatched reliability. Though more expensive, the Hycross is a benchmark in luxury 6 seater cars in India with excellent fuel efficiency for its size. Factors to Consider Before Buying a 6-Seater When choosing from the 6 seater cars in India, keep these in mind: Budget: Options range from ₹6 lakh to ₹30 lakh, catering to different needs. Usage: Daily city use vs. long highway journeys. Fuel Type: Petrol, diesel, or hybrid options vary in efficiency and cost. Maintenance: Consider after-sales service and spare part availability. Resale Value: Models from Maruti, Toyota, and Kia generally retain better resale value. Pros and Cons of 6-Seater Cars Pros More spacious than 5-seaters, without being too bulky. Comfortable captain seats available in premium models. Practical for both city and highway drives. Diverse price points to suit different buyers. Cons Higher price than entry-level 5-seaters. Fuel efficiency may be lower for larger MPVs. Parking can be challenging in tight city spaces. The Role of the Used Car Market For many families, the used car market is the best place to find value-for-money 6 seater cars in India. Affordable Premium Models: Cars like Toyota Innova or Kia Carens can be found at lower prices when bought pre-owned. Depreciation Benefits: Buyers save significantly on upfront costs. Wider Variety: Older models of Chevrolet Enjoy or Honda BR-V are available under ₹7–8 lakh. This makes pre-owned 6-seaters an attractive choice for budget-conscious buyers. Financing Your 6-Seater with Piramal Finance Owning a 6-seater doesn’t have to strain your finances. With Piramal Finance’s used car loan, you can: Purchase both new and pre-owned vehicles with flexible EMIs. Enjoy quick loan approvals with minimal paperwork. Select repayment plans suited to your monthly income. Whether it’s a Renault Triber for city life or an Innova Hycross for family trips, Piramal Finance ensures your car loan journey is simple and stress-free. Final Thoughts Choosing from the list of 6 seater cars in India is easier than ever, with options across all price segments. From affordable MPVs like the Renault Triber to premium hybrids like the Toyota Innova Hycross, there’s something for every family. By considering your budget, usage, and fuel preferences, you can select the right 6-seater that balances comfort and efficiency. And with Piramal Finance’s support, financing your dream car becomes effortless. FAQs Which is the cheapest 6-seater car in India? The Renault Triber is currently the most affordable 6-seater. Are 6-seater cars fuel-efficient? Yes, depending on the model. Petrol and diesel MPVs average 16–20 km/l, while hybrids like the Innova Hycross can offer 21 km/l. Which is the best family-friendly 6-seater? The Maruti Suzuki Ertiga is ideal for middle-class families due to affordability and reliability. Can I buy a 6-seater under ₹10 lakh? Yes, the Renault Triber and lower trims of the Ertiga fall within this budget. Do 6-seater cars have good resale value? Yes, models like Ertiga, Innova, and Carens maintain strong resale demand. Can I finance a pre-owned 6-seater? Absolutely. Piramal Finance’s used car loan helps make ownership affordable. Which is safer, a 5-seater or a 6-seater? Safety depends on the model. Many 6-seaters now come with airbags, ABS, and high NCAP ratings.

28-08-2025

Is a Home Loan Balance Transfer Worth It? A Checklist for Indian Homeowners

Are you paying a high interest rate on your home loan at a time when other banks are offering a better one? Do not worry! You are not tied to the bank that you have taken a loan from; you can transfer the home loan to another bank that offers a better interest rate. Here, we’ll walk you through a home loan balance transfer checklist that can help you make the switch with confidence. Key Takeaways ● Understand when a balance transfer is beneficial and when it's not ● Learn the complete process to transfer a home loan to a new bank ● Calculate the real savings after considering all costs ● Discover insider tips to negotiate better terms with your current lender ● Get a step-by-step action plan for switching lenders Table of Contents What is Home Loan Balance Transfer? When Should You Consider a Home Loan Balance Transfer? A Complete Home Loan Balance Transfer Checklist Hidden Costs when Transferring a Home Loan Steps to Calculate if a Home Loan Balance Transfer is Worth It Home Loan Balance Transfer Process Timelines Final Thoughts FAQs What is Home Loan Balance Transfer? A home loan balance transfer means moving the home loan from one bank to another that offers better benefits. The new bank pays the entire outstanding loan amount to the old bank, and you need to start paying EMI to the new lender. In most cases, even though the paperwork may look meticulous, you can have better savings that will be worth your time. When Should You Consider a Home Loan Balance Transfer? Here are some situations when you can go for a balance transfer: ● When the interest rate differs by 0.5% or more ● Poor customer service experience ● The remaining tenure is long ● The loan amount is substantially higher But do not transfer if you are in the last 3-5 years of your loan tenure, as the savings may not justify the costs involved. A Complete Home Loan Balance Transfer Checklist Here is the home loan balance transfer checklist that you need to make your decision: Financial Assessment is the topmost priority: ● Compare the current interest rate with the new rate offered while considering the balance loan amount and the tenure. ● Make a note of the processing fees or any other fees that may be applicable. ● Verify if there is any pre-payment penalty with your current lender and any legal or technical valuation charges for the new lender. Getting the documentation in place is the next priority: ● Get all the property papers and a No Objection Certificate (NOC) from the society. ● Keep your latest payslips and IT returns. ● Provisional statements and loan repayment records. ● Up-to-date KYC documentation. Evaluate the new lender: ● Check the new lender’s reputation and customer service records. ● Know about the banking network and digital banking facilities offered. ● Do some research and get to know about any hidden charges. ● Understand if you are flexible about EMI dates and the pre-payment options. Keep an eye on the timelines: ● How long will the entire transfer process take? ● Are there any upcoming changes in the interest rates? ● Your job situation during this transition period Hidden Costs when Transferring a Home Loan Many home loan applicants focus on the interest rate differences alone and miss some of the other costs that need to be paid. Here are some of the one-time charges that you need to account for: ● Processing fee, which is usually 0.5 to 1% of the entire loan amount ● Legal and technical evaluation charges, which may be anywhere between Rs. 10,000 and Rs. 15,000. ● Administrative charges, which can be anywhere between Rs. 2,000 and Rs. 5,000 ● Stamp duty charges on the new loan documents. It depends on the state in which you are applying for the loan. Steps to Calculate if a Home Loan Balance Transfer is Worth It Step 1: Calculate the total interest you will pay the current lender. Step 2: Calculate the total cost with the new lender. Include the interest with the new rate, all transfer charges, and any pre-payment penalty. Step 3: Find the difference. If savings exceed ₹2 lakhs over the loan tenure, it is worth considering. Home Loan Balance Transfer Process Timelines Once you decide to transfer your home loan to a new bank, follow the process as per the table. The entire process typically takes 6-8 weeks if all documents are in order. Phase Timeline Key Activities Application Week 1-2 ● Apply to multiple banks for quotes ● Submit all required documents ● Get property valuation done Approval Week 3-4 ● The New bank verifies your documents and property ● Loan sanction letter issued with final terms ● Accept the offer if the terms are satisfactory Legal Process Week 5-6 ● Legal verification of property documents ● NOC from current lender ● Registration of new loan documents Fund Transfer Week 7-8 ● New bank releases funds to old bank ● Outstanding amount is settled ● You start paying EMI to the new bank Final Thoughts If you can save anything more than Rs. 2 lakhs with a tenure of more than 7 years, the current financial institution service is not up to the mark, you have a stable income, and all the documents are handy, then GO for a transfer. If the net savings are less than a lakh with a tenure less than 5 years and you are satisfied with the services offered by the current lender, DO NOT GO for a transfer. If the loan outstanding is between 1 and 2 lakhs and you are having an acceptable service with the current lender, try to negotiate with the same vendor for better interest rates. Frequently Asked Questions Q1. What is a home loan balance transfer? A home loan transfer is moving your existing home loan from one bank to another. Q2. How much can I save through a balance transfer? Savings depend on the rate difference and remaining tenure. Typically, you can save Rs. 2 to Rs. 5 lakhs on a Rs. 50 lakh loan with a 0.5% reduction in the rate of interest. Q3. What charges are involved in transferring my home loan? Processing fees, legal charges, technical valuation, and administrative fees are usually applied for home loan transfers. Q4. How long does the balance transfer process take? In most cases, a balance transfer may take 6-8 weeks if all documents are ready. Q5. Can I negotiate with my current bank instead of transferring? Yes. Show them competitor offers and your repayment history. Many banks reduce rates to retain good customers. Q6. Is it worth transferring if I have only 5 years left on my loan? No. The savings in the remaining tenure may not justify the transfer costs. Calculate carefully before deciding.

26-08-2025
Tips & Advice

RBI's Latest Move: What the New Repo Rate Means for Your Home Loan EMI in 2025

The Reserve Bank of India's (RBI) repo rate decisions have a direct impact on your monthly home loan EMI. That is how it can impact your dream of owning a house. If you are wondering how the latest RBI announcements will affect your finances, you can get clarity here. If you are not sure about the eligibility for government benefits like PMAY CLSS, this guide simplifies it for you. Whether you are looking to book your first home by taking a loan or are someone who has an existing loan and worries about a change in your EMI, we will help you understand what RBI repo rates mean and how they may impact your financial future. Key Takeaways ● Learn how RBI’s repo rate changes impact your home loan interest rate and your EMI. ● Understand if you are eligible for the PMAY CLSS scheme ● Know how to manage any changes in the home loan EMI ● Time your home loan to enjoy the Pradhan Mantri Awas Yojana benefits. Table of Contents What is RBI Repo Rate and Why Is It Important? How Repo Rate Changes Affect Your Home Loan EMI Understanding PMAY CLSS Eligibility 2025 Smart Strategies for Home Buyers in 2025 Final Thoughts Frequently Asked Questions What is RBI Repo Rate and Why is it Important? The Reserve Bank of India lends money to commercial banks at an interest rate, and that is the repo rate. Think of it as a cost to any bank. When this rate changes, banks adjust their lending rates accordingly – and that directly affects your home loan interest rate. Here is why it matters to you: When the repo rate goes down, your home loan interest rate reduces and hence the home loan in itself becomes cheaper. When it goes up, you pay more. If you are planning to buy your first home or are already paying a home loan EMI, a change in the repo rate can either ease or cut into your finances. How Repo Rate Changes Affect Your Home Loan EMI When the RBI decreases the Repo Rate, banks reduce their lending rates. Due to this, your home loan interest rate decreases, which in turn reduces your monthly EMI. When the RBI increases the Repo Rate, banks increase their lending rates. Due to this, your home loan interest rate goes up, which in turn increases your monthly EMI. Most home loans in India are linked to external benchmarks like the repo rate, which means changes happen relatively quickly. In most cases, the changes are imposed within 3 months of an RBI announcement. Understanding Pradhan Mantri Awas Yojana (PMAY) CLSS Eligibility The PMAY Credit-Linked Subsidy Scheme (PMAY-CLSS) continues to help aspiring homeowners with affordable housing. Here's what you need to know: Who Can Apply: ● Middle Income Group 1 (MIG-1): Annual household income between Rs. 6 lakh and Rs. 12 lakh, and the eligible loan amount is Rs. 9,00,000 with interest subsidy of 4% per annum. ● Middle Income Group 2 (MIG-2): Annual household income between Rs. 12 lakh and Rs. 18 lakh, and the eligible loan amount is Rs. 12,00,000 with an interest subsidy of 3% per annum. ● Economically Weaker Section (EWS): Annual household income up to Rs. 3 lakh, and the eligible loan amount is Rs. 6,00,000 with interest subsidy of 6.5% per annum. ● Lower Income Group (LIG): Annual household income between Rs. 3 lakh and Rs. 6 lakh, and the eligible loan amount is Rs. 6,00,000 with interest subsidy of 6.5% per annum. Key Benefits: ● The subsidy is calculated based on the eligible loan amount, and it can be for a loan that goes up to 20 years. ● Direct credit to your loan account, which reduces your total loan outstanding amount ● Discounted Net Present Value (NPV) Rate of 9%, which is one of the best in the industry It works with the existing interest rates in the market, giving relief when the repo rate changes may suddenly increase your burden. Smart Strategies for Home Buyers in 2025 When you are planning to take a home loan: The first thing to do when planning to buy a home by taking a loan is to monitor RBI policy announcements for a favorable timing. You can get pre-approved loans when the rates are low - this can ensure that you save money. Include the Pradhan Mantri Awas Yojana plan when you start looking for a home loan. Consider floating-rate loans if you expect rates to fall further. If you already have a home loan: Firstly, check if your loan is linked to the repo rate or any other external benchmark. You can consider taking a loan through this scheme if you are on an older or higher-interest-rate loan. Go for partial prepayment options when rates are low and review your loan structure annually. Final Thoughts RBI’s monetary policy decisions can have a direct impact on your budget if you are already repaying a home loan or plan to do so in the near future. Keep yourself up-to-date on the repo rate changes and PMAY-CLSS scheme options to make these policies work in your favor. Make informed decisions so that your long-term goals need not be compromised. Frequently Asked Questions Q1. When can the repo rate changes affect my home loan EMI? Most banks announce changes in their home loan interest rates within three months of RBI announcements, so you can expect the same time. Q2. Can I apply for PMAY CLSS in 2025? You can apply for the PMAY CLSS scheme if you are eligible. Check with approved lenders for the latest guidelines and application processes. Q3. Should I choose a fixed or a floating rate during uncertain times?Floating rates offer a better value over a period. Fixed rates can save you the headache of a changing EMI and it will stay constant. Q4. How to calculate Pradhan Mantri Awas Yojana subsidy? The Pradhan Mantri Awas Yojana subsidy is calculated based on the loan amount you are eligible for. Q5. What documents do I need for PMAY CLSS eligibility?Income certificate for all the members of the family, property documents, Aadhaar card, bank statements, and Form 16 are commonly asked for. Some specific requirements may be added by the lender. Q6. Can existing home loan borrowers benefit from PMAY?PMAY-CLSS is primarily for new home loans. However, check with your lender for any possibility of transfer or top-up loan options.

26-08-2025
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Top 10

Best 1500 CC Cars in India (2025) | Hatchbacks, Sedans & SUVs

When it comes to balancing performance, fuel efficiency, and practicality, 1500 CC cars in India often hit the sweet spot. With engines powerful enough for highways yet efficient enough for city driving, these cars are among the most popular choices for Indian families. In this blog, we’ll explore what 1500 CC engines mean, the benefits of choosing them, and a detailed list of the best 1500 CC cars available in the Indian market today. Key Takeaways Understand what makes 1500 CC cars in India so popular. Explore a list of top 1500 CC cars across hatchbacks, sedans, and SUVs. Learn the advantages of buying a 1500 CC engine, from efficiency to performance. Discover financing options with Piramal’s used car loan. Compare models to choose the right fit for your needs. Table of Contents What Does 1500 CC Mean in Cars? Why Are 1500 CC Cars Popular in India? Best 1500 CC Hatchbacks in India Best 1500 CC Sedans in India Best 1500 CC SUVs in India Factors to Consider Before Buying a 1500 CC Car Financing Your 1500 CC Car with Piramal Finance Final Thoughts FAQs What Does 1500 CC Mean in Cars? Before diving into the list, let’s understand what 1500 CC cars in India really mean. The “CC” stands for cubic centimetres, which measures the engine’s displacement—essentially, the total volume of all its cylinders. A 1500 CC engine indicates that the engine’s cylinders can collectively displace 1,500 cubic centimetres of air-fuel mixture. Why does this matter? Engine displacement affects: Power output – larger displacement generally means more power. Fuel efficiency – balanced displacement often results in better mileage. Performance feel – smoother aCCeleration and reliability. This is why 1500 CC engines are considered a sweet spot in India: powerful enough without being too costly to maintain. Why Are 1500 CC Cars Popular in India? Indian buyers appreciate cars that deliver value for money. 1500 CC cars in India are loved because they strike an excellent balance of: Performance: Stronger than entry-level engines (like 800 CC or 1000 CC), ideal for highways. Fuel Efficiency: Most 1500 CC cars still return respectable mileage, making them economical. Variety: Available across multiple segments—from compact hatchbacks to full-sized SUVs. Affordability: Priced competitively compared to higher-displacement vehicles. Best 1500 CC Hatchbacks in India While hatchbacks usually come with smaller engines, a few premium ones feature 1500 CC options. Hyundai i20 (1.5L Diesel) Offers sporty handling with excellent fuel efficiency. Mileage: ~24 km/l (diesel). Honda Jazz (Discontinued but Popular in Used Market) Spacious hatchback once offered with a 1.5L diesel engine. Great choice in the used car loan segment. These hatchbacks deliver strong city performance with the added benefit of high mileage. Best 1500 CC Sedans in India Sedans in the 1500 CC range are plentiful, making them a favourite for family buyers. Honda City (1.5L Petrol & Hybrid) Legendary reliability and premium features. Available in petrol and hybrid versions. Hyundai Verna (1.5L Petrol & Diesel) Stylish, feature-loaded, and versatile. Diesel version particularly efficient. Maruti Suzuki Ciaz (1.5L Petrol) Affordable sedan with spacious interiors. Competitive pricing makes it a strong option. These sedans prove that 1500 CC cars in India can be practical yet premium. Best 1500 CC SUVs in India SUVs with 1500 CC engines are increasingly popular as families seek versatility. Kia Seltos (1.5L Petrol & Diesel) Stylish design, advanced tech, and reliable engine options. Hyundai Creta (1.5L Petrol & Diesel) One of India’s best-selling SUVs with excellent all-round performance. Honda Elevate (1.5L Petrol) Honda’s newest compact SUV with a robust 1500 CC engine. Mahindra XUV300 (1.5L Diesel) Compact SUV with impressive safety features and torque. SUVs in this category combine road presence with affordability—perfect for urban and semi-urban buyers. Factors to Consider Before Buying a 1500 CC Car When choosing from the many 1500 CC cars in India, here are some factors to evaluate: Fuel Type: Petrol engines are smoother; diesel engines provide higher torque and efficiency. Maintenance Costs: 1500 CC engines are affordable to maintain compared to larger engines. Usage: Long-distance travellers may benefit more from diesel variants. Resale Value: Cars with 1500 CC engines generally retain decent resale value due to balanced demand. Safety: Look for cars with good NCAP ratings for added peace of mind. Financing Your 1500 CC Car with Piramal Finance If you’re planning to buy a new or pre-owned car, Piramal Finance makes the process simple. With our used car loan, you can: Buy popular models like the Honda City, Hyundai Creta, or Kia Seltos at affordable EMIs. Choose flexible repayment options to suit your budget. Get fast approvals and minimal paperwork. Whether you are upgrading to a family-friendly SUV or opting for a fuel-efficient sedan, our car loan solutions ensure you drive away in the vehicle that best meets your needs. Final Thoughts 1500 CC cars in India are an excellent choice for buyers who want power, efficiency, and affordability in one package. From hatchbacks like the Hyundai i20 to sedans like the Honda City and SUVs like the Hyundai Creta, the options are wide-ranging and impressive. By considering your usage patterns, budget, and safety needs, you can find the perfect match. And with Piramal Finance by your side, owning your dream 1500 CC car becomes easier than ever. FAQs What mileage can I expect from a 1500 CC car? Most 1500 CC petrol cars return 15–18 km/l, while diesel versions can deliver 20–24 km/l. Which is the best 1500 CC sedan in India? The Honda City continues to be one of the most reliable and feature-rich sedans in this category. Are 1500 CC cars expensive to maintain? No, maintenance costs are quite reasonable, especially compared to larger 2000 CC+ vehicles. Which is the most affordable 1500 CC car in India? Among sedans, the Maruti Suzuki Ciaz offers strong value for money with a 1500 CC engine. Can I get a used 1500 CC car financed? Yes, Piramal’s used car loan is perfect for financing pre-owned 1500 CC models like the Honda Jazz or Hyundai Verna. Do 1500 CC cars have good resale value? Yes, they usually retain value well, especially popular models like the Creta, Seltos, and City. Is a 1500 CC car suitable for city driving? Yes, they balance efficiency with performance, making them great for both city commutes and highway drives.

25-08-2025
How To?

How Does a Salary Account Help to Get Personal Loan?

For many working professionals, a personal loan is one of the quickest ways to manage urgent financial needs like medical bills, weddings, education, or travel. But did you know that your salary account can play an important role in getting a personal loan approved quickly and at better terms? Let’s understand how a salary account helps in personal loan eligibility and approval. What is a Salary Account? A salary account is a special type of savings account opened by your employer to credit your monthly salary. It often comes with added benefits such as zero minimum balance, faster transaction processing, and exclusive offers. Since it reflects your income, expenses, and financial stability, lenders consider it an important factor when you apply for a personal loan. How a Salary Account Helps in Getting a Personal Loan 1. Proof of Stable Income A salary account clearly shows regular monthly credits from your employer. Lenders use this to confirm that you have a steady income source, which reduces the risk of default and makes you a more reliable borrower. 2. Easy Verification Since all salary details and transactions are visible in the account, lenders don’t need to spend much time verifying your income documents. This makes the loan approval process faster. 3. Higher Loan Eligibility If your salary account reflects a healthy income with minimal liabilities, lenders may offer you a higher loan amount. A higher take-home salary improves your repayment capacity, which directly boosts personal loan eligibility. 4. Preferential Interest Rates Many banks and financial institutions provide special interest rate offers to customers who maintain salary accounts with them. This could mean lower interest on your personal loan compared to regular borrowers. 5. Quick Disbursal When your salary account and personal loan provider are the same bank, loan disbursal is usually much faster. In some cases, pre-approved personal loans are offered instantly to salary account holders. 6. Better Creditworthiness A well-managed salary account without frequent overdrafts, cheque bounces, or irregularities helps you build a stronger financial profile, which positively impacts your loan approval chances. Things to Keep in Mind Maintain consistent salary credits in your account. Avoid cheque bounces or excessive overdraft usage. Keep your debt-to-income ratio low to improve eligibility. Even with a salary account, your credit score plays a major role in loan approval. Final Thoughts Having a salary account doesn’t just make salary management easier. It also improves your chances of getting a personal loan approved quickly and at better terms. From faster verification to higher eligibility and preferential interest rates, it acts as a financial advantage for borrowers. If you’re planning to apply for a personal loan, maintaining a healthy salary account history can work strongly in your favour.

25-08-2025
Know More

Car Depreciation Rate in India

Whenever you buy a new car, its value starts to decline the moment it leaves the showroom. This reduction in value is known as depreciation. Understanding the car depreciation rate is essential because it directly affects resale value, insurance premiums, and even loan eligibility. Whether you’re a new buyer or a current car owner, knowing the vehicle depreciation rate can help you make better financial decisions. In this blog, we’ll explain how depreciation works, factors that affect it, and how you can minimize its impact. Key Takeaways Car depreciation rate refers to how much a car’s value decreases over time. Factors like brand, mileage, condition, and demand affect the rate. High depreciation leads to lower resale value. Buyers can save by considering cars with a slower depreciation rate. Financing options like a used car loan help you manage costs effectively. Table of Contents What is Car Depreciation Rate? Why Does Vehicle Depreciation Rate Matter? How is Car Depreciation Calculated? Factors Affecting Car Depreciation Average Car Depreciation Rate in India Car Brands with Lower Depreciation Tips to Reduce Vehicle Depreciation Rate Car Depreciation and Insurance Claims Depreciation and Resale Value in the Used Car Market FAQs What is Car Depreciation Rate? The car depreciation rate is the percentage by which your car’s value decreases each year. Depreciation starts the moment the car is purchased and continues throughout its life. While all cars depreciate, the rate varies based on make, model, and usage. For example, a brand-new sedan may lose up to 20% of its value in the first year alone, whereas a well-maintained SUV may hold value longer. Understanding vehicle depreciation rate helps owners predict future value. Why Does Vehicle Depreciation Rate Matter? Depreciation impacts several aspects of ownership: Resale Value: Higher depreciation lowers the amount you can recover when selling. Insurance: Insurers calculate premiums and claim settlements based on current value. Loans: Lenders may evaluate depreciation when approving a car loan. So, knowing the car depreciation rate is important whether you’re planning to sell, insure, or finance your vehicle. How is Car Depreciation Calculated? In India, insurers and tax authorities often follow standard depreciation charts. For instance: 0–6 months: 5% depreciation 6 months–1 year: 15% depreciation 1–2 years: 20% depreciation 2–3 years: 30% depreciation 3–4 years: 40% depreciation 4–5 years: 50% depreciation This chart helps in calculating the vehicle depreciation rate for insurance claims and resale purposes. Factors Affecting Car Depreciation Several elements influence how quickly your car loses value: Brand reputation – Premium brands often depreciate slower. Mileage – Higher mileage reduces value. Car condition – Well-maintained vehicles depreciate less. Market demand – Popular models hold value better. Fuel type – Cars with higher efficiency depreciate slower. Even the most comfortable car in India can lose value quickly if it’s not maintained well. Average Car Depreciation Rate in India On average, cars in India depreciate at: 15–20% in the first year 10–15% annually for the next 4 years By year 5, cars lose around 50% of their original value Luxury cars often depreciate faster due to higher maintenance costs, while budget-friendly cars may hold value longer. Car Brands with Lower Depreciation Some brands in India are known to have a slower car depreciation rate: Toyota – Known for reliability and resale demand. Maruti Suzuki – High demand in both new and used markets. Honda – Durable cars with balanced resale value. Hyundai – Popular for affordability and wide service network. These brands are also featured in lists of best resale value cars, making them great choices for budget-conscious buyers. Tips to Reduce Vehicle Depreciation Rate While you cannot stop depreciation, you can slow it down: Keep mileage in check. Service your car regularly. Repair dents and scratches promptly. Install modern features like infotainment systems. Retain service and insurance records. If you’re buying pre-owned, opting for cars with lower depreciation ensures better value for money, especially when financed with a used car loan. Car Depreciation and Insurance Claims Insurance companies consider vehicle depreciation rate while settling claims. For example: Plastic parts: 50% depreciation. Metal parts: 30–50% depending on car’s age. Paint work: 50% depreciation. To protect yourself, you can opt for zero depreciation insurance, which covers replacement costs without factoring in depreciation. This is why comparing comprehensive vs zero dep insurance policies becomes important for car owners. Depreciation and Resale Value in the Used Car Market Depreciation is a key factor in determining resale value. A car with high depreciation will fetch lower prices in the used market. On the other hand, models with strong demand, such as Toyota Innova or Maruti Swift, retain higher resale value. We have already covered the best resale value cars in India before. Make sure you go and check it out. If you’re planning to sell, knowing the car depreciation rate helps you price it fairly. For buyers, it indicates which models offer better long-term value. FAQs What is the average car depreciation rate after 5 years? Cars generally lose about 50–60% of their value after 5 years. Does mileage affect vehicle depreciation rate? Yes, higher mileage leads to faster depreciation since it indicates more wear and tear. Which cars have the lowest depreciation in India? Toyota, Maruti Suzuki, and Honda models are known for slower depreciation. Can depreciation affect car loan approval? Yes. Lenders evaluate current car value, and higher depreciation can reduce loan eligibility. How can I protect myself from depreciation in insurance claims? Opt for zero depreciation cover while buying your policy. Is car depreciation the same for petrol and diesel models? Not always. Diesel cars usually have lower demand today, leading to faster depreciation compared to petrol or hybrid models. Does vehicle depreciation rate impact resale value directly? Yes, depreciation is the single biggest factor affecting how much your car will sell for in the used market. Can buying a used car reduce the impact of depreciation? Yes, used cars have already undergone most of their depreciation, making them a cost-effective choice.

25-08-2025
Best
Top 10

5 Seater Car Lowest Price in India | Affordable Hatchbacks & Sedans

For most Indian families, a 5-seater car offers the perfect mix of comfort, practicality, and affordability. Whether it’s for daily commuting, weekend outings, or long highway drives, 5-seater cars continue to dominate the market. But with rising costs, many buyers want to know which models are available at the 5 seater car lowest price without compromising on essentials like safety and mileage. In this blog, we’ll explore the most affordable 5-seater cars in India, compare their features, and share financing tips to make them easier to own. Key Takeaways Discover which models qualify as the 5 seater car lowest price in India. Explore hatchbacks and compact sedans perfect for budget-conscious buyers. Understand key features, pros and cons, and mileage performance. Learn why financing through Piramal Finance makes sense. Get answers to FAQs about affordability, safety, and resale value. Table of Contents Why 5-Seater Cars Are Popular in India Best 5-Seater Cars at the Lowest Price Maruti Suzuki Alto K10 Renault Kwid Datsun GO (Used Market) Tata Tiago Maruti Suzuki WagonR Factors to Consider When Buying a Budget 5-Seater Pros and Cons of Choosing a Low-Priced 5-Seater Why the Used Car Market Offers More Value Financing Your 5-Seater with Piramal Finance Final Thoughts FAQs Why 5-Seater Cars Are Popular in India India’s roads and family structures make the 5-seater configuration the most practical. Compared to compact SUVs or larger 7-seaters, these cars are: Affordable: Easier on the wallet, especially for first-time buyers. Fuel Efficient: Typically smaller engines mean higher mileage. City-Friendly: Compact designs suit narrow streets and tight parking. Low Maintenance: Service and parts are readily available at affordable costs. That’s why models at the 5 seater car lowest price remain in high demand across metros and smaller towns alike. Best 5-Seater Cars at the Lowest Price Here’s a closer look at some of the most budget-friendly 5-seater cars in India: Maruti Suzuki Alto K10 Price: ₹3.99–5.96 lakh (ex-showroom). Mileage: 24–33 km/l (Petrol + CNG). Why it’s popular: Affordable, fuel-efficient, and backed by Maruti’s strong service network. The Alto K10 is often considered the benchmark for the 5 seater car lowest price category. Renault Kwid Price: ₹4.7–6.3 lakh (ex-showroom). Mileage: 21–22 km/l. Highlights: SUV-inspired design, touchscreen infotainment, and competitive pricing. The Kwid is stylish yet budget-friendly, making it an attractive alternative in this segment. Datsun GO (Used Market) Price (Used): ₹2.5–3.5 lakh. Mileage: ~19–20 km/l. Why consider it: Though discontinued, it remains a value-for-money option in the used car space. For those considering pre-owned vehicles, the Datsun GO is worth exploring. Tata Tiago Price: ₹5.6–8.1 lakh. Mileage: ~20 km/l. USP: Strong build quality, good safety rating, and robust after-sales support. The Tiago slightly stretches the budget but is worth it for its features and safety. Maruti Suzuki WagonR Price: ₹5.5–7.3 lakh. Mileage: 23–34 km/l (Petrol + CNG). Why it works: Spacious interiors, tall-boy design, and proven resale value. While not the absolute lowest, the WagonR remains among the best-selling 5-seaters for families. Factors to Consider When Buying a Budget 5-Seater When searching for the 5 seater car lowest price, keep these factors in mind: On-Road Price: Ex-showroom prices differ from actual costs after insurance and registration. Fuel Type: CNG variants may cost more initially but save money long-term. Safety Features: Look for dual airbags and ABS even in entry-level variants. Resale Value: Cars from Maruti and Tata tend to retain value better. Pros and Cons of Choosing a Low-Priced 5-Seater Pros Highly affordable for first-time buyers. Excellent mileage figures. Easy to maintain with low servicing costs. Compact design makes them perfect for city life. Cons Limited premium features like touchscreen or advanced safety. Smaller engine power may not suit frequent highway driving. Rear seat comfort can be basic in some models. Why the Used Car Market Offers More Value For those with strict budgets, the 5 seater car lowest price often points to the used car market. Here’s why: Wider variety: Cars like Hyundai i10, Chevrolet Beat, and older Swift models are available under ₹3–4 lakh. Better trims: Higher-spec variants of older cars can fit within a modest budget. Value retention: Well-maintained cars can still offer good resale opportunities. Exploring pre-owned cars also helps buyers access better safety features and comfort at the same price point. Financing Your 5-Seater with Piramal Finance Even when targeting the 5 seater car lowest price, financing makes ownership easier. With Piramal Finance’s used car loan, you can: Buy new or pre-owned cars with flexible EMIs. Access quick approvals with minimal paperwork. Choose repayment options suited to your monthly budget. Whether you’re eyeing an Alto K10, Renault Kwid, or a pre-owned WagonR, Piramal Finance helps you make the right choice with confidence. Final Thoughts A 5 seater car lowest price does not mean you have to compromise on quality or safety. Models like the Alto K10, Renault Kwid, Tata Tiago, and WagonR show that affordability and practicality can go hand in hand. For budget-conscious buyers, the used car market opens up even more choices. With Piramal Finance’s car loan solutions, you can confidently step into car ownership while keeping your finances on track. FAQs Which is the cheapest 5-seater car in India? Currently, the Maruti Suzuki Alto K10 is among the most affordable. Can I buy a 5-seater car under ₹4 lakh? Yes, entry-level trims of the Alto K10 or used cars like Datsun GO are available in this range. Which is the best 5 seater car lowest price for families? The WagonR offers the most space, while the Tiago provides stronger safety. Do low-priced 5-seaters offer good mileage? Yes, most deliver 20–30 km/l depending on fuel type. Can I finance a budget 5-seater? Yes, Piramal Finance offers tailored car loan solutions for both new and used cars. Are these cars safe for highways? Yes, but it’s better to opt for models with dual airbags and ABS if you plan frequent highway trips. Do these cars hold resale value? Models from Maruti and Tata generally offer better resale compared to smaller brands.

25-08-2025