According to the news report, car sales have got a boom this year. Well according to the statistics, since May 2017, the sell in-car has grown 23% including the 9% growth in their sale in 2019 only that constitutes 39% solely. So we can say that the major boom came a previous year in which 2.5 lakh cars were sold every month. Even domestic companies like Mahindra or Maruti Suzuki have seen tremendous growth by 15% in last year only. The car selling industry itself saw the selling of 1.1 million vehicles in the first four months of 2020 only before lockdown.
As of March 31st, 2020 3 million cars were sold setting a record of the decades. What a great way to start a new year and a new decade right? With a flood of youth on Indian roads, the industry will see more and more boom and the roads will be filled with more cars as more and more people will be able to buy cars. So there is no doubt in it that the demand for Car Loans is increasing. According to the latest report, the new non transport vehicle loan companies in India will double by 2025. The approximate value of the market in the coming future will exceed Rs. 1,60,000 crore. It also mentions that the Car Loan market in India is a growing market and finance stands at 70%. These estimates were given hoping that India’s selling of vehicles will increase exponentially to about 50% more sell in vehicles.
Car loan approval is one of the most important steps in the car buying process. It’s only one factor. While short approval time might be appealing, you could end up with a scam. It can take a variable time to get a loan. These include what type of lender, your finances, and the type of car you’re interested in buying. Many banks or NBFC’s offer preapproved loan. But it depends on the amount of the money you need and your credit score following is the time taken to get your loan approved:
Submitting your application. In an online application, it hardly takes 10-15 minutes. Some lenders offer instant preapproval after you submit your application. They immediately respond to you and approve your loan. HDFC Bank car loan provides instant online car loans with a very low car loan interest rate.
Full approval. The time taken for full approval depends on the amount of money you require. Once your loan is fully approved, it can take up to one to three business days.
Must Read:- Does Availing a Car Loan Affect My Credit Score
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