Car Loan

A car or auto loan is a secured financing option where the vehicle purchased serves as collateral for the loan—meaning if the borrower defaults, the lender can repossess the vehicle

These loans are paid back through fixed EMIs over terms commonly ranging from 36 to 84 months, depending on the lender and vehicle type

Because the loan is backed by collateral, car loans generally come with lower interest rates compared to unsecured alternatives like personal loans

Typical eligibility includes a decent credit score, steady income, and identity/income documentation 
In India, loans may cover up to 100% of the on-road vehicle price, with tenures up to 7 years