Planning to buy a car? Here's why you should opt for a Step-up Car Loan

Our grandparents or parents would have dreamed of buying a vehicle of their own, to feel the exhilarating independence it brings, and to enjoy the status that comes with owning a luxury item. But in most instances that dream would have remained a dream.

Times have changed. The most recognisable change of all is the transformation of luxury to necessity. Gone are the days when owning a car used to be a luxury and a matter of pride. These days, not owning a car has so many drawbacks that everyone seems to want one.

Higher standards of living coupled with burgeoning material aspirations have further paved the way for the car to take its spot in the list of affordable luxuries.

The comfort and freedom of owning a vehicle are much sought after by the working middle-class. However, many hold back from buying a car because of inadequate finances. The good news is that with a certain amount of savings and financial planning, the dream of owning a car can now be converted into reality.

If you are depriving your family of the joy of having a car or holding back your own dreams of owning a car due to a tight budget, opting for a Car Loan is the best decision you can take.

Car Loan refers to a loan taken specifically for purchasing a car. The interest rates and EMIs are customised and specific to the car industry. HDFC Bank is one of the leading banks in India that provides more than just your standard Car Loans. It offers exceptional features, one which includes the Step-up EMI feature. A Step-up EMI is a loan where one can pay lower Equated Monthly Instalments (EMIs) in the initial years, and increase the EMI amount throughout the tenure, as compared to the standard loan.

Some of the benefits of opting for Step-up EMI are:

  • It lessens the burden of repayment in the early years and thus is very suitable for people who have just begun their careers and will eventually progress later on.
  • This is also beneficial for those who want to purchase a bigger car, but are compromising their choice for a smaller car due to finances.

A Step-up Car Loan can help people who have just started out as well as those on budget own a car of their dreams by adjusting their finances into lower EMI’s. These are some of the major reasons why Step-up EMI is a preferable option rather than opting for a Car Loan.

Also, it’s no wonder HDFC Bank is the preferred option for a Car Loan. Its unique Step-up EMI scheme makes it possible to own a bigger car for the EMI of a small car. These ‘Custom-Fit’ Car Loans also come with the following exclusive features:

  • 100% financing on select vehicles
  • Flexible repayment tenure
  • Pocket-friendly EMIs

A Step-up EMI feature is a one-stop shop for Car Loans; it allows you to research and compare cars at the ‘New Car Bazaar’ option. If all this wasn’t alluring enough, you can also check your Car Loan eligibility online.

It gets even better if you are an HDFC Bank customer. The entire process of taking a loan becomes as easy as shopping for groceries. It enables you to enjoy quick disbursal of funds, special rates of interest, and a lot more. You can get a perfect loan for the perfect car, whenever you want it.

Getting your dream car is now possible with a bit of financial planning and a Step-up EMI from HDFC Bank!

If you are looking to apply for a Car Loan, Click Here to get started!

Do you know New Year is the best time to apply for a Step up Car Loan? Click here to know more.

* Terms & conditions apply. Car Loan disbursal at sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.