Buying a new Car is everyone’s dream, but when Bank Account has just ₹3 lakhs and glances ₹20 lakhs of gleaming cars, most people think “Is it possible?” The truth is that with a little understanding and correct financial planning, this dream can become a reality. Let’s know how you can only name ₹3 lakh to ₹20 lakh Car without Stress. So let us explain to you.
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Get A Car Loan
If you have ₹3 lakh, then a car loan is the best option for the remaining amount. Nowadays, most banks offer car loans at an interest rate of 8% to 11%. You can keep the loan tenure for 5 to 7 years so that your EMI remains manageable.
For example, if you take a loan of ₹17 lakh for 7 years at an interest rate of 9%, your EMI will be around ₹28,000 to ₹30,000 per month. Just remember, before taking a loan, estimate your monthly income so that there is a balance between EMI and other expenses.
Challenges
Now don’t think that taking Car Loan is just an easy task like filling out a form. If your Income is low, repaying EMI can put pressure on your Budget. With this, expenses like Fuel, Insurance, and Maintenance are also added.
If EMI is missed a month, your Credit Score may fall, making it difficult to get Future Loans. So, before taking Loan, get an accurate idea of your financial situation.
Documents Required
- ID Proof (Aadhaar, PAN etc.)
- Income Proof (Salary Slip or ITR)
- Bank Statement
- Address Proof
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Exchange Offers and Festive Deals
If you have an old car, you can exchange it to reduce your down payment on a new car. Furthermore, during the festive season, companies and banks offer various offers—like zero down payment, corporate discounts, or cashback deals. These offers can save you not thousands, but lakhs.