Blog #SBI 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.

Everyone in life has a dream of having a car of their own. To some extent, it is fulfilled, and to some time, in most cases, it is not fulfilled by most people as it is a financial transaction of a lump sum amount. It is preferable that if someone is buying a car and having proper knowledge, one should avail a car loan and as it will reduce many kinds of risks and the burden to invest too much wealth at a time will be reduced. There have been massive changes in the last 1-2 years in case of the changes made in the loan facilities, especially to that of the home loan, car loan, personal loan etc.

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.