Compound interest waiver in a car loan
The view of the unprecedented and extreme of this COVID-19 situation, the government has announced a very major relief for individuals and all the borrowers by the waiver of the compound rate of interest on specified loans for some months. The car loans eligible under the scheme include all the loans.
In very simple words, all the borrowers need to pay a very simple rate of interest on their car loan amount for some month as against the compound rate of interest. The borrowers who have also paid their dues on time will also get cashback from the lenders equal to a sum of the compound rate of interest paid.
All the borrowers will be eligible to receive the payment irrespective of whenever the borrower had totally availed or partially availed or not availed of the moratorium on the repayment announced by the Reserve Bank of India earlier this year, which was also extended.
Some of the borrowers whose aggregate of all kinds of facilities with lending institutions. Also, car loan accounts should not be non-performing assets.
Most of the lending institutions have to be either a banking company or any public sector bank, co-operative bank, or some of the regional rural banks.
The eligibility for car loan most of the banks offer at a very attractive rate of interest to both salaried as well as self-employed individuals who meet our age and the income eligibility criteria. With the help of an eligibility calculator, most of the borrowers can also know the lenders who can easily provide him with the expected car loan amount under this kind of eligibility condition. Car loan eligibility always depends on various factors. This car loan eligibility calculator helps an individual to get a good approximate idea of the amount they are eligible for loans.
You also spend a considerable amount of time deciding to buy the car as this possession requires a very great deal of planning and execution. This kind of moment when you decide to buy the car, some other thing that comes to your mind is the lender to whom you can easily approach a car loan as paying the total price of the vehicle in one go may disturb all the finances. So, the focus should be on getting a very high amount of the car loan at very low interest, very minimal processing fee, and some other things. This Canara Bank car loan is the best bank to give a car loan. This bank procedure is very simple whether online or offline it depends on you how you like both procedures are very simple and very quick.
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