Loans - Automobile Loan, Education loans

Automobile Loan/Car Loan:

Things were never this good before. With a bunch of auto loan offers that are available in these days, it is now within the reach of many to bring home their dream cars. Be it a brand new car or motorcycle or used cars, auto loans are there to make your dreams come true. One should always check out the various auto financing schemes available in the market before deciding upon which scheme to go for. One can avail of the advance EMI schemes, deposit payment schemes or margin money schemes.

Car Loans

The size of the car loan usually depends on the type of the vehicle (standard or premium), the percentage of financing and the cost of the vehicle. A loan of up to 90% of the total cost of the car can be availed in case of a new car. To be on the safe side, some of the finance agencies set a limit beyond which they do not offer any loans and most of them come with different terms and conditions for different models. For example, Maruti 800, for having a high resale value always comes with a higher percentage of finance provided by the financing company because in case the buyer defaults, the financing company can get a higher resale value of the car. Interestingly, there is no need of any collateral to avail a car loan. The procedure involves the bank or finance company hypothecating the vehicle in its name. Normally the tenure of repayment of the auto car loans varies from 1 to 5 years. However, there are some banks which offer a flexible repayment option of up to 7 years

Education Loan/Student Loan:

Money borrowed to finance education or school related expenses. It is an advance of funds to a student for the purpose of financing a college or vocational education. A student loan is designed to help students pay for college tuition, books, and living expenses. It differs from other types of loans in that the interest rate is substantially lower and the repayment schedule is deferred while the student is still in school.

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