Previously, four-wheelers were considered as the status of ‘how much rich you are?’ but in the recent scenario, cars have become a symbol of necessity and urgency. In metropolitan cities public transportation is considered a challenging issue, so many people are switching their interest towards the personal automobile.
Nowadays, due to digitization, renewing a car loan has become convenient for the people. Sometimes, you can just simply switch your old lender by opting for a policy with a new lender. Renewing vehicle loan is important, but if you realized that you have passed the due date or your loan has been expired, then don’t be panic as there are some ways to fix this situation. However, the ball is in the court of the bank, therefore they impose some extra charges on the borrower to overcome such situations.
Vehicle loan renewal after the due date or expiry
Grace Period:- Different lenders offer different terms and conditions on their loans. Some lenders will offer you a grace period to repay the loan and within this period the financing institution is not going to charge any kind of interest on their clients. Generally, the grace period ranges between 3 gays to 30 days, which varies from lender to lender.
So if you are renewing your loan after the due date, here are some points to consider:
Do an inquiry with your lender about the grace period and the duration of the grace period.
Make yourself aware of all the fees while opting for a grace period.
If you are opting for a grace period, try to repay the loan amount because if you are considered as a defaulter in the grace period, then the impact will be easily seen on your CIBIL score.
After you have done the payment in the grace period, try to review all the payment details including the late payment fees to satisfy yourself.
Expired Vehicle loan renewal:-
If your vehicle loan lapsed for a long period, then you can qualify for a loan renewal. You have to apply for a new policy and if your reason is genuine, then the lender will not drag you towards a fresh application process. They will simply impose some extra charges that will be inclusive of your car loan interest rate.
It is always a better option to get your loan to renew on time to ignore some unnecessary constraints from your life. When the loan is approved from the side of the financing institution, first try to check the loan expiration date to submit loan money on time.
In the present scenario, vehicle loans have become a normal procedure for purchasing a four-wheeler. Loans like Nanital Bank Car Loan have strengthened their grip in the vehicle loan market.
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