Car loan

You can avail a loan from a bank to purchase a brand new car. You have to pledge the car as collateral to avail this loan. You can also avail a loan for a pre-owned car.

What are the types of Car loan?

Secured car loan: Your car is the collateral for your loan. If you do not repay your car loan, the bank can repossess and sell the car to get the money back.

Unsecured car loan: You avail an unsecured car loan to purchase a used car. You need not offer the car as security for the loan. You are sanctioned a smaller quantum of loan than a new car loan, and at a higher interest rate.


Why avail Car loan?

Interest rates

Banks offer you a car loan at competitive interest rates. Women customers are offered a discount on interest by most banks.

Higher loan margin

Banks are willing to finance 90-95% of the cost of the car. Many banks lend for the full value of the car.

Easy Documentation

You can walk into the bank branch and bank officials would willingly answer your loan queries. Documentation is fast and convenient.

Special Discounts

Banks offer attractive interest discounts for car loans availed in the festive seasons.


Salaried person

What if you have a pre existing disease before availing the health insurance plan?

  • A pre existing disease is a disease that exists before availing the health insurance plan. Life style diseases like diabetes or heart ailments are common pre existing diseases. You are covered for pre existing diseases only 2-4 years after you avail the health insurance plan. This depends on the type of health insurance plan you avail.

Will the health insurance plan pay your hospital room rent if you opt for an expensive room?

  • Your health insurance plan does pay for the hospital room charges, but only up to a limit called a sublimit. The health insurance plan would pay up to INR 1000 per day for the room rent depending on the health plan you take. If your hospital room rent exceeds this amount, you have to pay it from your own pocket, called an out of pocket expense. Your health insurance plan might not pay for certain surgical procedures you might undergo and you have to pay this from your own pocket.

If you are a senior citizen will the health insurance plan pay for the total hospitalization expenses you incur?

  • If you are a senior citizen, then your hospitalization expenses will be very high and possibly frequent. The health insurance plan will cover you only under the co payment clause. You will have to pay part of the hospitalization expenses yourself and the health insurance plan will pay the remaining amount. This could be determined at the time you avail the health insurance plan, as a fixed percentage. You will have to pay say 10% of the hospitalization expenses yourself and the health insurance plan will pay the remaining 90%.

Types

Individual Health Insurance Plan:

  • This is designed to cover an individual against various illness with cashless hospitalization and other add-on features.

Family Floater Insurance Plan:

  • With this plan, you can cover all your family members against diseases under a single policy.

Surgery and Critical Illness Insurance Policy:

  • This is usually brought as a standalone policy or as a rider in case of treatment against serious illness like cancer, kidney failure, heart attack, paralysis and so on. As the treatment of such diseases is expensive, the premium is also on a higher side.

Senior Citizen Health Insurance Plan:

  • This offers to protect you from health issues during your old age. According to IRDA norms, every insurer must provide cover for people up to the age of 65 years.

Preventive Healthcare:

  • Undoubtedly health care is expensive and who wants to fall sick. So now insurers’ have preventive health care that offers to take care of you and not let you fall sick. This includes preventive care treatments like regular checkups, consultation charges and other tests or x-ray fee concessions. The idea is to monitor your health at timely intervals and provide overall health care benefits.