This new era belongs to women elevating to new heights. Women are leading approximately all industries across the globe. This led to an introduction to specific financial schemes & economic schemes specially designed for women. These schemes are offered for supporting the overall growth.
One such grand scheme is uniquely designed car loan schemes. These car loans have a distinct presence in the banking institution for women borrowers. Special interest rates are provided to women borrowers. Additional, distinct benefits as per the customer requirement are also available.
Usually, car loans are accessible for women at a lower-interest-rate compared to other loan borrowers. The critical condition for borrowing loans is in the women category; she needs to be the primary loan applicant. Additionally, women must have an authentic driving license. Besides, she needs to hold employment in a reputed firm with income proof.
Below-depicted is the list of a few banks that facilitate distinct women-based car loan schemes.
SBI Car Loan
State Bank of India facilitates a much affordable car loan scheme. With SBI car loan schemes, women can have access to more flexible repayment options. Additionally, you get access to a convenient time period, no charges for foreclosure, option for life insurance cover & facility of overdraft with more relevant features.
Andhra Bank Car Loan
Andhra Bank facilitates women borrowers with loan schemes for four-wheeler vehicles. Borrowers are permitted to access joint applications. These applications ask to borrow in a joint way, husband and wife because it improves the overall eligibility criteria of income.
To borrow this loan, you need to be a salaried individual with permanent employment. Additionally, you must have an authentic driving license, and then only you can apply for car loan schemes in Andhra Bank. The quantity of loan approved is 90 percent of the total car cost & repayments. You get permitted to pay with flexible tenures, which range from twelve months to seventy-two months. Besides, you can avail of zero processing charges.
Punjab National Bank Car Loan
Women can get sanctioned with car loans from Punjab National Bank. Applicants have permission to consider their spouses in place of co-borrowers. This allows for achieving better eligibility criteria. The maximum amount of loan which can be sanctioned by Punjab National Bank is Rs.100 lakhs. Additionally, this amount can be 25 times the monthly salary/ income of the applicant.
What now?
Applying for a car loan can be relatively easier as you will have to make minimal effort. The only tricky part is loan repayment. Thus, when you apply for a car loan, you are known with various eligibility criteria and the repayment terms and conditions. As per the eligibility criteria, opt for the best suited EMI option:
● Fixed EMI: With the fixed EMI option, you get access to regular loan-repayment. In this repayment option, interest rates are fixed. Additionally, it is calculated on an equal basis for the entire period. With this, you can avail of the lowest rate of interest. Apart from this, you get the facility to pay at the month beginning or in the end as per your convenience.
● Step-Up EMI: If you are not prepared to take financial stress and overhead, this will be the best suitable option. You will not have to take a lot of pressure within the 1sst year of car purchase. The EMI for a car loan is lowest within the very first year. Further, it keeps on increasing with every passing year, as per the increase in salary, your EMI increases.
● Balloon EMI: Its criteria are quite similar to the previous one. You avail the facility of paying a lump sum amount that is 20% of the principal amount that too at the end of the repayment time period. It helps in reducing the overall financial stress.
● Step-Down EMI: Its criteria are thoroughly opposite to Step-Up EMI. In this repayment option, higher interest rates are charged in the beginning and keep on decreasing.
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