Car Loan

A car loan is a type of secured loan offered by banks, credit unions, and financial institutions to help individuals buy a new or used vehicle. The vehicle itself serves as collateral for the loan, meaning the lender can repossess it if the borrower fails to make payments.

Borrowers can choose from various loan tenures, usually ranging from 1 to 7 years, with either fixed or floating interest rates. The loan amount depends on the vehicle’s price, the borrower’s income, credit score, and down payment made.

Key features of a car loan include:

• Easy financing up to 90–100% of the car’s on-road price

• Flexible repayment options with affordable EMIs

• Quick approval and minimal documentation

• Attractive interest rates for eligible borrowers

A car loan makes vehicle ownership more accessible, helping you enjoy the convenience of personal transportation without needing to pay the full cost upfront.