In such type of loans, the buyer can avail the loan amount either before or after purchasing the car, however it is up to the bank's discretion. The car is hypothecated as security and the user needs to pay the EMIs regularly to pay off the loan amount within specified loan tenure.
A car loan is the agreement between you and a lender that says they will give you the money to buy a car. In return, you'll pay them back with .
An auto loan will give you the advantage of buying a vehicle with monthly payments you can afford. Auto loans also help build your credit rating, provided that you make the payments on time, and give you the opportunity to buy a better vehicle that may have been too expensive if you were to pay cash.
A Car Loan can help you save on tax if you are a self-employed professional or business owner and use the car for business purposes. But a salaried employee cannot claim tax deductions on Car Loan interest repayments like with a Home Loan. The reason behind this is that a car is considered as a luxury product.
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Proof of identity documents: Aadhar card, passport, pan card or voters ID card etc. Proof of address documents: Aadhar card, passport, telephone or electricity bill, Shop & Establishment Act certificate (for self-employed individuals), among others. Proof of income documents: Bank statement of the last six months.