Buying a car in cash will necessitate a substantial outlay of funds. Instead, you can put the money into financial instruments like fixed deposits (FDs), mutual funds, and so on and earn interest on it. You could also simply save money for a rainy day. You never know when an emergency will occur. Your car loan can be repaid in easy equated monthly installments (EMIs), which you can choose but will be determined by the repayment tenure you select and the interest rate charged by the lender. EMIs alleviate the burden of having to pay a large sum of money towards loan repayment all at once. Instead, you can repay in smaller amounts based on your ability to pay. When you get a car loan, you don't have to provide any collateral because the vehicle itself serves as one. The car will be hypothecated to the bank, and if payments are missed, the lender will have the authority to seize the vehicle, auction it, and recoup the loan amount. You are not required to provide any additional security/collateral for a car loan.
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