This article focuses on how to check vehicle loan status online. A car loan is a scheme that is offered by some insurance companies and banks. It helps you land your dream car with some form of security. It was one thing to get a vehicle loan, and it is another thing to keep tabs on the application and repayment procedure.
Steps On How To Track Vehicle Loan Status Online
One way to track your vehicle loan status is to head to your lender or institution and key in details related to the vehicle loan. Then you will see the progress of loans and significant prompts on how to make repayments.
- Log in to the website of the bank where you obtained the vehicle loan.
- You will be prompted to key in your reference number that was used in the successful application for the vehicle loan.
- After that, you will see the reference number, the repayment terms, date of repayment, interest rate, principal amount, and so on.
What Do You Stand To Gain When You Opt For A Vehicle Loan?
When you purchase a vehicle with a loan in India, there are lots of benefits accrued to it. One of the peak benefits is that you will have your dream car available to you at a reduced price. A car that is used is always cheaper than one that is new.
This would make the principal amount of the car loan low. Another interesting benefit is that the interest rate on getting this car would be lower. Finally, the borrower of the vehicle gets to enjoy car loan tax exemption.
This offer is only available to vehicles that were acquired for commercial reasons. This tax exemption is in accordance with India’s Section 80E of Income Tax of India Act.
Things To Bear In Mind Before Taking A Vehicle Loan
Here are some capital things that are worth considering before a vehicle loan is accrued:
Finalize Your Vehicle Loan Budget
The first step to put into consideration when you want to opt for a vehicle loan is its cost. Other than paying the lump sum for the vehicle loan, other costs need to be accounted for. Some of which include; fuel costs, insurance premiums, and so on. You need to know your financial limits before getting a vehicle loan.
Look Out For Your Desired Car Specifications
There are lots of car brands in the Indian car market. You need to find a car that fulfills your requirements. Nothing is more satisfying than loaning a vehicle that fits your budget, taste, and lifestyle. Before you go all out to look for vehicle models, pen down your desired specifications.
Focus On The Total Cost Of The Vehicle Loan Rather Than The Monthly Payments
One popular mistake that borrowers can make is to get swayed by numbers rather than getting to know their significance. Most drivers in India easily get swayed by low-cost vehicle loan offers, but in actuality end up paying a much higher amount in total. This is usually due to add-ons.