Cars in India are no longer a luxury as they were almost 10 years ago. A 22 years old person fresh into his/her first job can easily own a car.
He/she might not have the money to buy it outright but he/she has no dearth of financing options at his/her disposal. Therefore, it is no wonder that the Indian passenger vehicle market grew the most in 2017 as compared to any other country in the world.
While the USA market actually shrunk by 11%, Indian market registered a growth of 9.15% as it expanded to 2.98 million units in 2017-18 from 2.73 million units in 2016-17. With the four-wheeler market enjoying this boom, it is no wonder that there are so many car loan options for the customer today.
The processing time and loan disbursal time for these car loans have come down significantly in the recent years. Most of the banks in India take just about 24 to 48 hours to disburse the desired car loan amount. The quality of service has increased significantly too. These banks have also made it easy for customers to access loan information easily through the Internet.
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