Having a car, these days, has become a basic need for everyone. It is quite easy for self-employed and salaried person to get a car loan in India, but it gets really difficult for unemployed people to get a loan for car. But people with no regular income too might get car loans against any mortgage in India.
Banks have simplified their norms to help anyone who want to drive home a car on loan. As mentioned above, banks, these days, are providing unemployed car loans against any sort of mortgage such as mutual funds and shares, gold, etc. The minimum value of securities for the banks is Rs. 1 lakh. One can get a loan of around 50 per cent of the value of the property or other mortgage, but the terms and conditions for loan amount might vary bank wise. Though, in general if your property has the value of Rs. 10 lakh, you can avail loan of up to Rs. 5 lakh.
Though some banks have been offering unemployed car loans against mortgage, it’s still very difficult to get it approved since the property or possessions should be on your name. Therefore, the alternative way is to get gold loans to drive your car home. These are the loans where one needs to give gold as security for the loan amount at an interest rate of 12 to 14 per cent.
It is advisable to get loans from banks, which are the most trust worthy source of getting car finance in India and elsewhere. Banks, these days, offer good rate of interest especially with the increasing competition among private and government banks. Since the entire process of getting car loan in India could be hectic, you can also look for online car financing options.
