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If you have a loan, you cannot miss having a term plan

Thursday, February 15, 2018, 7:20 PM

Money can buy you many things including a car, a house, and your dream-holiday. But if you are someone who takes loans to fulfill your dreams, you need something extra. To ensure that the EMIs are paid on time, you need a backup plan to take care of your liabilities when you are not around. A term-insurance plan can be the ideal solution in such a situation.
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Choose a short tenure for your car loan

Friday, June 9, 2017, 11:08 AM

Most lenders offer up to 7-year tenure on their car loans. The longer the loan tenure, the higher is the interest cost. As cars are depreciating assets, it makes sense to repay your loan as fast as possible. However, shorter tenure leads to higher EMIs. So, first determine how much EMI you can pay and then fix the loan tenure accordingly.
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Take a look at processing fees before availing a car loan

Friday, June 9, 2017, 10:43 AM

Lenders charge this fee to cover the cost incurred while evaluating your loan application. This is usually a non-refundable fee, which can range anywhere from Rs.1,000 to Rs.10,000. Various lenders offer discounts or waive off processing fees, especially during festive seasons. However, make sure that the savings made on processing fees is not offset by higher interest rates or other charges.

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