What are CarLoans?

Car Loans are the loans that help you to purchase a car by facilitating the required principle amount at a certain rate of interest which depends on the bank or the financer you choose. Some benefits of owning Car is mentioned below:

(i) You need not wait for long hours for a public transport.

(ii) You can follow short and best route to reach your destination and save time.

(iii) You can travel directly from your home to your destination without having a break through in your journey which can save your time.

Here are some facts which will help you understand better as to why salaried should take a car loan and benefits associated with it:

• Loan Amount: Buying your dream car is now easy with car loans up to Rs.20,00,000/- which can be as per your financial requirement and planned suiting your budget and pocket. You can purchase a new car by opting for a car loan to make your travel experience better and comfortable.

• Mode of Repayment: Car loans can be paid through a well calculated monthly Equated Monthly Installments (EMI’s) via ECS (Electronic Clearing Service) or even through cheques as per your own convenience.

• Rate of Interest: Interest rate of car loans is approximately 11.50% - 13.75% p.a. which may vary depending on the bank you choose to avail car loan.

• Car Loan Tenure: Loan tenure for availing car loan can be anything ranging between 38 months, 46 months to 7 years which depends on your capacity to pay back your loan amount.

• Nil-Fore Closure Charges:You can choose from car loan product which not pose any penalty towards Fore-closure charges in case you wish to make a pre-payment of your car loan at any point during your loan tenure.

• No guarantors / collaterals: You are not required to provide any guarantor or deposit anything token as a security to avail a car loan.

• Eligibility for availing Business Loan: Car loan can be availed by anyone who is a salaried individual and earning a minimum of Rs. 10,000/- per month. You must at least 18 years of age to avail car loan also should have 3 years of working experience out of which atleast 2 years of working experience is required in the current firm or the company. Any salaried individual can apply for the car loan from anywhere across the country.

• Co-applicant: You can apply for a car loan along with other co-applicants to increase your loan eligibility as well as increase the loan limit provided the co-applicant should be your blood-relation

• Documents: Documents that are required to apply for a car loan are your KYC documents, application form, passport sized photographs, income tax return certificate, work experience certificate, 3 month’s salary slip along with Form 16-A of last two years.

How to apply for a Car Loan?

• Car loans can be easily applied online, at www.letzbank.com

• Before you start your application process you should check various car loan offers available.

• letzbank serves as a single window to apply for all kinds of loan products with just a click online.

• Advantage of choosing Letzbank is that you get to compare from an assortment of car loan offers available on our website being offered by leading banks across the country.

• You can quickly apply for a car loan once you’ve compared the various car loans.

• Submit your application and we will assist you further.

• You may track your application online.

• For more information on business loan offers dial+91-9347474444

• We offer 100% free services for applications submitted online.

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