The money you borrow for buying your four wheelers can be from various sources- banks, a
private lender, a credit company, or a non banking financial company. The loan is to be
repaid with interest in installments within a fixed period.
However, loan aggregators help you with the best repayment options for a good 5 years.
Explore Buddy Loan in order to reap more benefit for a car loan.
Car Loans and Their Availability
Instant Personal loans for four wheelers- You want to buy that expensive car but don't have the
funds? Saving money to buy that much needed four wheelers isn't always an option. That
classy car you have been eyeing for months may go out of style by the time you save the
cash for it!
This is where Instant four wheeler loans online come into the picture. Buy that car you have been longing for, today. Reasonable EMIs, affordable interest rates, and simple documentation are the
main reasons many Indians are opting for car loans off late.
While the amount of loan depends from lender to lender. Loans are available in the following
manner-
Main Features
● Loans are available starting from Rs.1000/- to Rs.15,00,000/-
● The tenure of the loan ranges from 6 months to 5 years.
● Interest rate starting at 11.99%
● Minimal Documentation
What is an EMI?
A fixed amount of installment is required to be paid every month over the tenure of the loan,
called Equated Monthly Installments.
An EMI consists of two portions- the principal amount of the loan and the interest charged on
the same.
How To Calculate EMIs on Four Wheeler Loans?
EMIs are mostly fixed for the entire tenure and can be calculated using the following formula-
EMI= P*R* (1+R)^n/[(1+R)^n] -1
Where,
E is the EMI payable on the loan amount
P is the Car loan Principal Amount
r is the interest rate value computed on a monthly basis
n is the loan tenure in months
Easy Application
Loan for four wheelers can be easily applied for online. The documents required are also
minimum. One quick online search will tell you that the documents to apply for car loans are
as follows-
● Proof of age
● Identification proof
● Application form
● Passport size photograph
● Proof of residence
● Income proof
● Bank statement
● Signature verification proof
● Pro-forma Invoice or Rate List
The formalities post-application is prescribed by the lender.
CIBIL Score
Acquiring a CIBIL score for obtaining that car loan is a must. A score of 750 or higher is
generally considered credit-worthy. Higher the score, the greater the chances of getting a
loan.
How Do I Repay The Loan?
People often hesitate to take loans with the stress of repaying them. Please note that once
you take a car loan, keep the loan repayment at utmost priority, and you will be done with it
as soon as possible.
If you get a chance, repay huge amounts as and when you can, thus reducing the tenure
and interest.
Use the benefit of taking four wheeler loans to fulfill your necessity and wishes.
private lender, a credit company, or a non banking financial company. The loan is to be
repaid with interest in installments within a fixed period.
However, loan aggregators help you with the best repayment options for a good 5 years.
Explore Buddy Loan in order to reap more benefit for a car loan.
Car Loans and Their Availability
Instant Personal loans for four wheelers- You want to buy that expensive car but don't have the
funds? Saving money to buy that much needed four wheelers isn't always an option. That
classy car you have been eyeing for months may go out of style by the time you save the
cash for it!
This is where Instant four wheeler loans online come into the picture. Buy that car you have been longing for, today. Reasonable EMIs, affordable interest rates, and simple documentation are the
main reasons many Indians are opting for car loans off late.
While the amount of loan depends from lender to lender. Loans are available in the following
manner-
Main Features
● Loans are available starting from Rs.1000/- to Rs.15,00,000/-
● The tenure of the loan ranges from 6 months to 5 years.
● Interest rate starting at 11.99%
● Minimal Documentation
What is an EMI?
A fixed amount of installment is required to be paid every month over the tenure of the loan,
called Equated Monthly Installments.
An EMI consists of two portions- the principal amount of the loan and the interest charged on
the same.
How To Calculate EMIs on Four Wheeler Loans?
EMIs are mostly fixed for the entire tenure and can be calculated using the following formula-
EMI= P*R* (1+R)^n/[(1+R)^n] -1
Where,
E is the EMI payable on the loan amount
P is the Car loan Principal Amount
r is the interest rate value computed on a monthly basis
n is the loan tenure in months
Easy Application
Loan for four wheelers can be easily applied for online. The documents required are also
minimum. One quick online search will tell you that the documents to apply for car loans are
as follows-
● Proof of age
● Identification proof
● Application form
● Passport size photograph
● Proof of residence
● Income proof
● Bank statement
● Signature verification proof
● Pro-forma Invoice or Rate List
The formalities post-application is prescribed by the lender.
CIBIL Score
Acquiring a CIBIL score for obtaining that car loan is a must. A score of 750 or higher is
generally considered credit-worthy. Higher the score, the greater the chances of getting a
loan.
How Do I Repay The Loan?
People often hesitate to take loans with the stress of repaying them. Please note that once
you take a car loan, keep the loan repayment at utmost priority, and you will be done with it
as soon as possible.
If you get a chance, repay huge amounts as and when you can, thus reducing the tenure
and interest.
Use the benefit of taking four wheeler loans to fulfill your necessity and wishes.
