Is buying a car insurance policy mandatory for car loan approval?
As per the Motor Vehicles Act, 1988, any car owner who wishes to drive their car on Indian roads needs to have a third party car insurance policy. Aside from complying with the law, if you are looking for additional protection for your car, you can also purchase a comprehensive car insurance policy. This kind of policy covers the cost of damages that occur due to natural calamities, fire, theft, depreciation, and much more. Comprehensive car insurance plans also allow the benefit of add-ons.
Therefore, if you are buying a car, regardless of whether you are applying for a loan or not, you have to mandatorily buy a car insurance plan.
- What is the formula required to estimate the EMI?
- What documents are needed to use the car loan EMI calculator?
- How many times can I use the car loan EMI calculator for free?
- Is buying a car insurance policy mandatory for car loan approval?
- How much is the difference between the EMI estimated by the car loan calculator and the actual EMI quoted by the lender?