Why wait for tomorrow to enjoy life, when you can do it today? Retail loan products such as car loan can help you make the most of the present moment. Ever thought about going on a vacation with your family or friends in your own car? How about driving to office in a brand new car to make the right impressions? Going on a long drive with your loved one also seems like an exciting idea. With a car loan, you can unlock all of these and many more opportunities that will make life a lot more satisfying and fulfilling.
When you need funds for anything else, you can apply for a personal loan. The great thing about personal loan is that you do not need a guarantor or collateral to get this loan. Personal loan is classified as an unsecured loan and lender does not have any right on anything the borrower owns. The funds you get through a personal loan can be used to fulfill any of your needs such as wedding expenses, home renovation, travel plans, etc. Personal loan also works great in case of any medical emergencies.
Things to consider when applying for a Car Loan
Choose the best car: With a car loan, you can afford to buy your favorite car, even if it is slightly above your budget. You just have to pay monthly installments and not the entire value of the car, which would be easily manageable. And don’t forget that your income will most likely increase in the future, so buy the best car that may be available.
Interest rates: Check interest rate on car loan to make sure it is less than or at par with market standards.
100% finance: Check to see if your lender can provide 100% finance of your favorite car. This would be really great, as you do not have to pay even a single penny from your pocket. Usually, lenders provide 100% finance on select models.
Easy repayment options: Your lender should be able to provide flexible tenure for car loan repayment. You can choose the repayment tenure based on your income. The longer the tenure, the easier it will be for you to manage your monthly budget.
Things to consider when applying for a Personal Loan
Eligibility check: Your lender should have an online personal loan eligibility calculator that you can use to check your eligibility.
Fast approval and disbursal: Your lender should be able to complete the process of loan approval and disbursal in the shortest possible time. This is to ensure that your plans don’t get delayed due to lack of funds.
Apply online for personal loan: In the digital age, you should not be made to stand in a queue to get a personal loan. Your lender should have an online system for customers to apply for personal loan.
Check interest rates: Interest rate on personal loan should be less than or at par with prevailing industry trends.
Flexible repayment options: You should be able to choose the tenure of your personal loan. The longer the tenure, the easier it will be to pay the monthly EMIs.
Easy part prepayment: Your lender should have easy part prepayment options for borrowers. This will allow you to reduce your loan whenever you have extra money with you. For example, if you receive a bonus, you can use that money towards part prepayment of your personal loan.
Life is all about gaining new experiences, so don’t hold yourself back. There are tons of exciting opportunities waiting for you and your loved ones, which you can unlock with just a few clicks. Go ahead and apply for a car loan/personal loan, so that you can realize your dreams and make the most of your life.