Car Loan
What is a Car Loan?
A car loan (also known as an automobile loan, or auto loan) is a sum of money a consumer borrows in order to purchase a car. Generally speaking a loan is an amount of money that is lent to an individual, a business, or another entity. The party that lends the money is known as the lender, while the party borrowing the money is called the borrower. When taking out a loan a borrower agrees to pay back the full loan amount, as well as any interest (a percentage of the loan amount, usually calculated on an annual basis), by a certain date, typically by making monthly payments.
Car loans follow most of the same rules and procedures that apply to other loans. In most cases when purchasing a car, a borrower will specifically apply for a car loan; however, a consumer can also use a personal loan (a loan obtained by an individual to use at his or her discretion) for the same purpose. All car loans are for specific lengths of time, generally anywhere between 24 and 60 months, although some car loans can be for longer periods. This type of loan is also known as financing. Car loans generally include a variety of fees and taxes, which are added to the total loan amount.
Current Interest Rates
- Loan Type
- Home Loan
- Loan Against Property
- Business Loan
- Personal Loan
- Gold Loan
- New Car
- Used Car
- Lowest Rate %
- 8.40%
- 9.50%
- 14.00%
- 10.75%
- 10.50%
- 8.75%
- 13.00%
Own your dream ride with car loans from eloanmart. Get a car loan to purchase a vehicle of your choice. With our loans, you can buy a hatchback, sedan, MUV, SUV, sports car or a luxury car. Our auto loans are available to salaried employees, businessmen, professionals, corporates as well as NRIs and PIOs. We offer attractive interest rates on car loans with up to 90% financing, making our loans the ideal choice for funding your brand new car.