There was a time when owning a car was a dream not all could afford to have. Buying a car was an achievement for everyone who could shell out those huge amounts of money all at once to buy their dream car. Along with time, change in demographics and emerging car loan lenders, for a majority of the Indian middle class, owning a car today is no longer a luxury, but instead a necessity made possible by taking a car loan.

You cannot imagine living without a car because it would restrict you from going to places for work, duties or leisure, hindering a good social and professional life. But with improved technologies and with lesser resources, the cost of cars on a raise, often making it extremely difficult for an average individual to purchase their vehicle outright only using one’s savings. Therefore, viewing the huge demand for financing both used and new cars, leading loan lenders in India offer car loans, which are floating products, which enable you to purchase your car and pay off the car loan amount borrowed bit by bit through EMIs or Instalments.