With the world growing in leaps and bounds, owning a car has become necessary for you and your family to live a stable and comfortable life. Fortunately, today with the emergence of several financial institutions, interest rates for car loans are less and online car loans can be availed within no time. Download the Navi App today to avail vehicle loans within just a few minutes at the convenience of your home.
To avail car finance through Navi, follow the steps given below-
Here are a few noteworthy features and benefits to apply for cheap car loans through Navi-
Navi ensures that the entire process of availing loans is fast and easy. The loan application at Navi gets instant approval, and your funds are credited to your bank account instantly.
At Navi, only minimal documents are required to complete the process, making it the best platform for availing car loans. All you need is your PAN card and Aadhar card.
You can customise a repayment plan according to your convenience in the Navi App. Choose the EMI plan based on your income and outgoings.
Low-interest rates car loans can be availed at Navi, without difficulty if the credit score of the applicant is good.
The Navi App provides the users with an online EMI calculator which can be helpful for choosing the best EMI plan for you, based on your income and outgoings. This EMI calculator is one of the best benefits given to the users of Navi.
Here are a few documents you need to avail a car loan at Navi-
Mostly, your Aadhaar Card and PAN card serves as the identity proof, age proof and address proof for a car loan.
The interest rates of a Car Loan at Navi depend entirely on the loan amount, the duration, the EMI plan etc. However, the average interest rates for car loan ranges from 7.50% to 13.0% pa.
Navi does not prescribe a complicated procedure for availing a car loan, and it only requires you to meet a few basic parameters such as-
Do’s | Don’ts |
Choose the option that offers the best interest rates for car loans. | Do not apply for a loan amount above your eligibility, as this might increase the chance of rejection. |
Read about the insurance premium of your car as it a recurring cost. | Do not opt for a car with high maintenance cost as this may increase your financial burden. |
Check out for offers before applying for a car loan. | Do not rely on dealers for applying for a car loan as they may not give the best interest rates for car loans. |
Here are a few tips to get your loan approved faster –
Ensure to have a good credit score to get your car loan approved faster. A minimum of 650 and above is a requirement for availing a car loan.
Make sure to pay your already existing loans on time, because that indirectly reflects your credit history. Avoid penalties and keep a clean record of improving your chance of getting a new car loan faster.
To avail a new car loan faster, be prepared with your down payment and other required documents. If the miscellaneous formalities are completed, the chances of your loan being rejected are less.
Foreclosing means that the applicant decides to pay back the loan amount before the tenure terminates. Most financial institutions charge a penalty fee, although a few lenders allow you to foreclose the loan without any penalty. Once you have foreclosed the loan, you will get the full ownership of the car. Before deciding to foreclose the loan, Take a look at the rules and regulations prescribed by the institution to understand if foreclosing a loan attracts penalties or not.
Foreclosing a loan would only be a good option if your income has increased and you wish to clear off your liabilities.
Car financing essentially means that the applicant will take a new loan to repay the balance of the existing car loan. People go for the refinancing of car loans if they wish to save money. You may choose to refinance your auto loan to enjoy low-interest rates, extended tenure period and reduction of EMI payment burden.
Car refinancing should only be opted if the interest rates on car loans have been reduced from that of the original loan, or if your financial condition has improved. However, refinancing a car loan would not be a prudent decision if you have already paid a substantial amount of the original loan or if the value of your car has depreciated.
If you decide to purchase an electric vehicle (EV) with the help of a loan, it could help you save a considerable amount of money. As a part of the government’s efforts to curb pollution, the government has introduced many benefits for purchasing an electric vehicle. The Finance Minister in the Union Budget of 2019-2020 announced a tax rebate of Rs. 1.5 lakh on the interest paid for an electric car loan. Therefore, you will be able to get a benefit of around 2.5 lakhs during the entire tenure of the loan. The government has also reduced the tax rates on electric vehicles from 12% to 5%.
It is always prudent to avail a personal loan for a car instead of opting for a car loan from the bank for the following reasons-
Applying for car loans through Navi is a straightforward and fast process. It does not require much documentation, and the technology-driven process of Navi checks your loan eligibility within minutes. Navi also has a car loan calculator where you can easily check your EMI plan and other loan-related amounts.
Interest rates on car loans are affected by factors like your income, EMI plan, debts etc
You can prevent your application’s rejection by complying to all the eligibility criteria and having a good credit score.
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