Quote:
Originally Posted by rudrah 
Now this is something I would like to know. What if I could take up a Personal Loan rather than a Used Car loan? Is this possible? |
You can take a personal loan for anything.
Its a simple loan wherein the bank checks your ability to pay back and gives you money.
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The eligable amount is something like 10 or 15 times your takehome.
Once you have the money its yours to spend.
Do whatever you want with it. Buy a Car, buy a computer or go on a holiday.
No one cares.
Just pay the EMI on time.
I have taken loans from Standard Chartered and Icici.
No complaints on either of these banks.
Take care on the interest part.
The interest % is dependent on your credit history and mostly on where you work. For example when I took my loan I was offered 11% by Icici but this was for my company. Otherwise the normal rate was in the range of 16% at that time.
Also there is no entry in the RC book of the car from the bank.
The car and the loan remain as separate entities.