Car Loan Guide

Eligibility Criteria

• Now you can get your own credit report from CIBIL
  
CIBIL introduces its manual system to provide consumers with their own credit history on a test basis. ......
• I plan to buy a new car, but uncertain about the kind of loan I require. I cannot pay the down payment. What should I do?
  
Know what to do when you plan to purchase but have no down payment? ......
• How much does bank finance for purchase of new car?
  
Know how much does bank finance for purchase of new car? ......
• Tata's small car to hit the market next year
  
Tata Motors is on track to begin selling its ultra-cheap small car next year, said managing director Ravi Kant. ......
• Want to book a Nano? Get the know how
  
You can apply online to book a TATA NANO or through a form available at select out-lets. Owning a car will not be a far-fetched dream anymore. ......
• SBI declares war wants to capture pole position in home loan race
  
State Bank of India seems to be racing ahead, leading the competitive race of the banks. ......

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Did you know...?

• Car loan or Car overdraft
  
The car overdraft is essentially a secured loan like a home mortgage loan ......
• Repaying a car loan
  
One of the first things you need to look at while taking a car loan is the monthly installment, popularly known as the Equated monthly installment (EMI). While different banks would give you different ......
• Prepayment charges on auto loans
  
Most banks would charge you some prepayment penalty when you opt for the option of prepaying the loan amount. This is penalty is levied because when you prepay your loan, the bank is losing the intere ......
• Final touches to the deal
  
Negotiation for buying an old car is a must before you finally invest in it. After documentation, negotiation is the toughest part when it comes to buying a used car ......
• Govt may slash duty on hybrid cars
  
Govt may slash duty on hybrid cars ......

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Interest Rates

• Should you go for floating rate car loan?
  
Choose your loan type depending on your risk taking capacity and your outlook on interest rate movement for the next few years. ......
• ICICI Bank says floating rate will spur car loan off-take
  
ICICI Bank is hopeful that its recently introduced floating rate car loan will help reverse the slowing car loan market ahead of the festive season. ......
• Festive season to boost sales: Hero Honda
  
Hero Honda Motors Ltd expects to maintain 50 percent market share in motorcycles with an improvement in sales. It also expects a double-digit growth in scooter-sales. The expectation is fuelled by the ......
• ICICI Bank introduces floating rate car loan
  
ICICI Bank, public sector banks SBI and PNB and Kolkata-based Magnum Finance offer auto loans on floating rates, based on customer feedback and persistent demand from car companies. Floating rates bei ......
• Bad credit loans - a cause for concern, says Morgan Stanley
  
Rising bad loans dues to high interest rates is a cause for concern: Morgan Stanley report ......
• Canara bank cuts retail loan rates
  
Canara bank has reduced the lending rate on its retail loan products. ......

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Hidden Costs

• Maruti cuts discounts on Alto, Maruti 800
  
Maruti Suzuki India Ltd (MSIL) has reduced the discounts on its best selling hatch Alto and flagship Maruti 800 by Rs 1000 and Rs 4000 respectively. ......
• Bajaj, Hero Honda offer festival discounts
  
Bajaj, Hero Honda reduce prices on CD Deluxe, Platina as festival offer ......
• Freebies galore from auto makers
  
Tata Motors to offer fuel fuel on new purchases ......
• Used car prices crash
  
Used car prices crash ......
• After sales service the mantra this summer
  
Auto industry focuses on after sales service this summer ......
• Honda cuts prices of City, Civic
  
Honda reduces prices of its sedans by up to Rs 5000 ......

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Process

• New Year
  
You begin the process with the enquiry with the lenders. Then negotiate with them to get the best interest rate. ......
• Negotiate a great deal for your dream car
  
For many Indians, buying a Car is a dream that comes second only to dream of owning a house ......
• RBI to make banks responsible for their recovery agencies
  
The Reserve Bank of India (RBI) is working on setting up guidelines that will make banks responsible for ensuring that their recovery agencies do not recruit recovery agents with a criminal background ......
• Buying a car? Go online to experience the ride
  
Go online to experience the ride of buying a car ......
• Supreme Court raps banks for forcible recovery
  
Supreme Court dismisses ICICI Banks case for forcible recovery ......
• Seven steps to negotiate the best car loan deal
  
Negotiating a car loan is not that simple as the dealers tend to price in manufacturers and financiers' discount into the interest rate. Here is a step by step process to negotiate the best car loan d ......

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Documents Required

• CIBIL Credit Information Bureau Report Request Form
  
Now, you can apply for your own Credit Information Report (CIR) from CIBIL at a minimial cost. ......
• Seven steps to negotiate the best car loan deal
  
Negotiating a car loan is not that simple as the dealers tend to price in manufacturers and financiers' discount into the interest rate. Here is a step by step process to negotiate the best car loan d ......
• Negotiating a good deal for your car loan
  
How to negotiate the best and cheapest deal on your car loan ......
• Insuring your new car
  
Important aspects of car and auto insurance rules and automobile insurance companies in India. Insurance claim, NCB or No Claim Bonus and renewal of insuraance policy are important things to remember ......
• Charges applicable before and after a car loan disbursement
  
Charges applicable for car loan ......
• Car loan paperwork
  
Note on the paper work and formalities to be done before you get to drive away with your dream car ......

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Decision-making Corner

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