Car Loan

A car loan is a type of secured loan designed to finance the purchase of a new or pre-owned vehicle. Offered by banks, NBFCs, and automobile finance companies, the loan amount is usually based on the car’s value, the borrower’s credit profile, and repayment capacity. The vehicle acts as collateral until the loan is repaid in full. Car loans typically feature flexible repayment tenures, affordable EMIs, and quick approval processes, making it easier for individuals to own a car without significant upfront payment.