Owning a car is one of the most common wishes on almost everyone’s bucket list. For some of us this is not a distant dream, however, for the majority of us, owning a car is indeed a big deal, owing to the ever-rising prices. For the latter ones, the only option to tick off this wish is by availing a car loan. A car loan or an auto loan is a loan taken to purchase a car – new or pre-owned – that could range from a small car to an SUV or an MUV. A car loan is quite similar to other loans like home loans or personal loans and the like, and thus, have similar factors like tenure, the rate of interest, EMI, eligibility criterions, rejection criterions, and so on. Well, the tenure for a car loan can range anywhere between one to five years, but some banks also offer a loan period of up to seven years. The amount of loan you can avail depends on various factors like your income, type of the car, and the cost of the car you are seeking a loan for. In any which case, no bank offers a 100% loan. As most banks provide a loan of 80% to 90% of car price, you will need to make a down payment of at least 10-20% of the total cost of the car. The EMI for the loan gets calculated based on the interest rate. Aside, all these factors, you will have to provide mandatory documents to verify your eligibility for seeking a car loan.
The history of car loans dates back to quite a few decades. And, with increasing disposable income and heightened aspirations, more and more people are open to upgrading their lifestyle by owning a car. This trend of purchase has led more banks and non-banking finance companies (NBFCs) to include car loan as part of their core services. Tata Capital is one of the major players in the segment of car loans. It offers loans not only for the purchase of brand new cars but also for used cars. Tata Capital is considered as one of the most trusted and reliable brands for all types of loans including car loans. Tata Capital Limited is a subsidiary of the legendary Tata Sons Limited. With the primary aim to provide transparent and focused financial solutions to help people realize their dreams, Tata Capital Limited was established in 2007. A decade into the business, Tata Capital Limited has garnered commendable trust from its customers. It is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India. The company is engaged in providing multiple services that include Commercial Finance, Infrastructure Finance, Wealth Management, Consumer Loans and distribution and marketing of Tata Cards. It is a one-stop financial service provider catering to the needs of diverse businesses encompassing retail, corporate and institutional customers. By far, Tata Capital Limited has 100 branches and is steadily increasing the count. Backed by a persevering and abled team, Tata Capital Limited also has a host of credible alliances, making it even more reliable. Mizuho Securities Co. Ltd., Mizuho Corporate Bank Limited (MHCB), Mitsubishi UFJ Securities Co. Limited, International Finance Corporation, AIMIA, and Century Tokyo Leasing Corporation are the alliances that have remarkably assisted Tata Capital Limited to offer excellent service across all its financial fragments.
With the vision of becoming ‘the most admired financial solutions partner’, and the mission ‘to do what’s right for all our stakeholders, including our employees, customers and society at large’, Tata Capital Limited has a commendable history of offering all types loans including car loans and strives to be the best in its services.