Kunal seemed a little stressed since morning. I was aware that his wife
is pregnant and over the weekend she had her first ultrasound. I was anxious
and wanted to ask whether everything was alright, but before I could say
anything, Raghav, our colleague came with a box of sweets. “My wife just had a baby girl!” he
exclaimed with a smile spread wide across his face.
Kunal said, sounding rather depressed.
“What’s wrong Kunal?” Raghav asked.
“Riya, my wife is pregnant with twins. I was very happy at first, but then
it hit me. As happy as I am, this means double expenses, a lot more care for
Riya and extra medication.” Kunal was
almost in tears. “Further, the doctor said,
it would be better if Riya avoids public transport and two wheelers are
completely prohibited. I can’t afford a car
with all these expenses, especially when my older kid is going to start his
elementary school in few months.
“Don’t worry Kunal I have a plan for you. Wipe off those tears and start
choosing a car for yourself.” Raghav opened a
used car site on Kunal's laptop.
are some things that Raghav told Kunal about purchasing a used car:
- For starters, banks and NBFCs provide used car loans
online. All you have to do is fill a form and keep your age, address and id
- Since you are a salaried employee and earn more than Rs. 2.5 lakhs per annum, you can avail the used car loan for almost 90% of the car cost. Thus, you can use all the money you would have spent on the down payment to pay for the extra expenses of your twins and Riya’s medication. Also, there is no need for collateral against your loan apart from the purchased car.
- The loan disbursal policy is hassle free and
transparent. Once you have submitted all your required documents, you can avail
your loan with 24-36 hours. Hence, you can take Riya for her next check-up in a
is that easy and quick.
- Used car loans are available at competitive rates,
that leads to lower interest rates. This will reduce your EMIs by a substantial
amount and you will end up saving a lot of money over the entire loan tenure,
lowering your overall expenses. Some lenders, like Tata Capital also offer repayment
options such as Step-Up and Step-Down where your EMIs will gradually increase or
decrease over the years, respectively. Other options include Bullet Payment
where you can make part prepayment at periodic intervals and Ballooning Option
which means lower EMIs with bigger payment in the ultimate EMI. Therefore, you
can align your EMIs with your bonus and incentives.
- Finally, you can choose to repay this loan over a
period of 60 months, giving you more time to clear out the loan without it
affecting your finances. Thus, you will be loan free, latest by the time your
twins start elementary school.
“I think you should buy an SUV, after all, soon you are going to be a family of five.” Raghav nudged Kunal before leaving.