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Car Loan Guide for Women Borrowers

Car Loan Guide for Women BorrowersChanging scenario has a major impact on the mindset of women. Whether she is working professional or a homemaker, she loves to stay independent. It has become a necessity for both working women and homemaker to have a personal vehicle as a means of regular transportation. It is hardly impossible to rely on the public transportation for the working women to commute to their office on time. When it comes to the homemaker who wears different hats handling many responsibilities during the different times of the day like picking up children from the school, shopping monthly households and much more, they cannot rely on the public transportation that kills their time at a time. Purchasing a car with the help of the car loan sounds good solution to your transportation problems.

  Car Loans for Women Borrowers

Eligibility

After you have zeroed on the decision to purchase a car, you should check your eligibility through free tools like eligibility checker that are available in the loan comparison sites like logintoloans.com. Reaching the lender without checking your eligibility for a car loan may end up the rejection of the loan. Credit score and your repayment capacity are the two important factors that the lenders will take into consideration while approving your car loan. Check for the CIBIL threshold to stand eligible to get a car loan along with any errors in the report before you move on to hunt the right lender for your car loan. Few banks are offering the car loans at slashed interest rates to encourage women borrowers to take a car loan.

There are many repayment options provided by the lenders to help the women borrowers to repay the loan comfortably.

Fixed EMI 

If you have very planned budget to meet your regular expenses every month, this EMI option for auto loan suits you at the best. You will be charged a fixed rate of interest over the tenure of the loan. This type of repayment option has lowest interest rates when compared to all other types of interest.

Step-up EMI

If you have any other loans in your portfolio and you don’t want to take much stress about the repayment of the in the first year of purchasing the car, your EMI will be lowest in the first year and increases as the year passes by.

Balloon EMI

This repayment option of the car loan allows you to make a share of the principal amount at the end of the tenure to reduce the burden in the beginning.

Step-down payment  

Step-down repayment works just works opposite to step-up repayment option. The borrower will pay large EMI in the begging and reduce as the year passes. This could be your option if you want to pay the principal amount quickly or you have taken the loan at later stages of life.

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