Blog #Car Loan

A car loan is a secured loan, it means that the car that you want to purchase with the help of a car loan, acts as a collateral or security to the bank or the money lender. After the successful completion of the repayment of loan, the ownership of the car will be transferred to you.

Cars are the ultimate objects of desire and envy among the middle-class segment of society and thereby possessing a car makes you feel like you have gained social respect and a sense of status in the society which you can gain when you possess a car. Apart from the fact that it generates social utility, it is extremely beneficial in generating economic utility as well.

It is one of the greatest efforts as per the Reserve bank of India announcements, and the moratorium has been revised as per the resolution framework 2.0, which was less than two years earlier but now it is upto two years. The implementation of the new rules and the frequent changing reforms for the safeguard of the financial market of an economy and the world as well. In the present situation, most of the eligibility and interest rate have been put in for the easy access of the people in this international financial crisis.