Here are benefits of buying car during Diwali

Posted on: Nov 8, 2023 | | Written by:

Here are benefits of buying car during Diwali

Published on November 08, 2023. EST READ TIME: 3 minutes

The festive season of Diwali is here, and what better way to celebrate than by purchasing a new car! Buying a car during Diwali can bring a lot of benefits, especially when it comes to car insurance. From discounted car insurance prices to third party car insurance, there's a lot to gain. You can even opt for new car insurance which comes with its own set of perks. Here are benefits of purchasing a car during Diwali and how you can save a ton on car insurance costs.

Diwali car loan schemes: A financial beacon

Diwali car loan schemes are specially designed to lure prospective car buyers during the festival season. Financial institutions, including banks and non-banking financial companies (NBFCs), roll out enticing offers such as reduced interest rates, flexible repayment options, and even reduced processing fees.

Here's how these schemes can work to your financial advantage:

1. Reduced interest rates

One of the most significant benefits of Diwali car loan schemes is the reduced interest rates. Banks and NBFCs often slash the interest rates during this period, making your car loan considerably cheaper than during the rest of the year. The reduced interest can translate into substantial savings over the tenure of your loan.

2. Flexible repayment options

Financial institutions may offer flexibility in terms of repayment. You could benefit from options like step-up EMI structures, which start with lower EMIs and gradually increase over time. This feature is particularly beneficial for individuals whose income is expected to grow in the coming years.

3. Nil or reduced processing fees

During Diwali, some car loan schemes may waive or reduce processing fees. This is a direct financial benefit as you save money on upfront costs associated with loan processing.

4. Extended loan tenure

Diwali car loan schemes may allow for extended loan tenures. While this might result in slightly higher interest payments over the long term, it can significantly reduce your monthly EMI, making it easier to manage your finances.

5. Quick approval

The festive season often means faster loan processing. You can expect quicker approvals, making it possible to drive your dream car home sooner rather than later.

Making the most of Diwali car loan schemes

While Diwali car loan schemes indeed offer a host of benefits, it is essential to approach them prudently:

1. Check the fine print

Read the terms and conditions of the loan scheme carefully. Ensure you understand the specifics of the interest rate, loan tenure, and any additional charges or fees.

2. Compare offers

Don't settle for the first offer you receive. Shop around and compare offers from different financial institutions to find the scheme that best aligns with your financial goals.

3. Plan your repayment

Carefully plan how you'll repay the loan. Assess your budget to determine how much EMI you can comfortably afford. Remember that the loan should be a financially manageable commitment.

4. Keep an eye on your credit score

A good credit score can help you secure a car loan with better terms. Make sure your credit score is in good shape before applying for a loan.

Benefits of buying a car during Diwali

Listed below are the benefits of buying a car during Diwali.

1. Exciting discounts and offers

During Diwali, car dealerships across the country roll out enticing discounts and special offers. These deals may include reduced prices, extended warranties, complimentary accessories, or lower interest rates on car loans. Buying a car during this time can lead to significant savings.

2. Competitive car insurance price

One of the most significant benefits of purchasing a car during Diwali is the competitive car insurance prices available. Insurance companies often introduce special Diwali-specific offers and discounts for new car owners. You can secure a comprehensive car insurance policy or opt for third party car insurance at a competitive price, ensuring your vehicle is well protected.

3. Enhanced resale value

A car bought during Diwali tends to have a better resale value in the future. With the latest model, your car is likely to remain current for a more extended period, attracting better resale prices when you decide to sell or upgrade.

4. Improved safety features

Automakers frequently introduce new models and upgrades during the festive season. Buying a car during Diwali means you'll likely have access to vehicles with the latest safety features and technologies. These enhancements enhance your driving experience and safety.

5. Favorable loan terms

Financial institutions often offer special Diwali loan schemes with favourable terms. These include lower interest rates, longer repayment tenures, and reduced processing fees. These terms make it easier to finance your car purchase, reducing the financial burden.

6. Attractive car accessories

Diwali car sales are often accompanied by the offer of complimentary or discounted car accessories. These extras can add both style and functionality to your new vehicle, enhancing your driving experience.

FAQs:

1. Is it essential to purchase car insurance when buying a car during Diwali?

Yes, it's essential to have car insurance when you buy a new vehicle, regardless of the time of year. Diwali may offer competitive insurance prices, but it's crucial to secure your car with a comprehensive or third party car insurance policy for legal and financial protection.

2. What should I consider when comparing car insurance prices during Diwali?

When comparing car insurance prices, focus on coverage benefits, such as coverage for third-party liability, own damage, and additional options like zero depreciation. Also, evaluate the insurance provider's claim settlement process, customer service, and network of garages for repairs.

3. How can I ensure that my new car is adequately insured?

To ensure your new car is adequately insured, consider your driving habits and requirements. A comprehensive car insurance policy offers broader coverage, while third-party car insurance provides basic protection. Customise your policy to fit your needs and budget, and consult with insurance experts for guidance.

Conclusion

Diwali presents a golden opportunity to welcome a new car into your life, with numerous financial benefits of purchasing a car during Diwali that make the purchase more appealing. The competitive car insurance prices, coupled with other new car insurance discounts, sweeten the deal. However, make an informed choice when selecting your car insurance, ensuring that your vehicle and your finances are adequately protected. This festive season, celebrate with the purchase of a new car, bringing joy, safety, and a bright future to your Diwali celebrations.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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