Special Discounts Available When Buying a Car in a Woman's Name, Down Payment Also Halved

Car Buying Tips: If you buy a car in a girl's or woman's name, you can get special discounts in many places, which reduces the overall cost of buying the car. Read on to learn more.

If you are planning to buy a new car, a smart approach can significantly reduce the burden on your wallet. If the car is purchased in the name of a female family member, many banks and finance companies offer special discounts. These benefits include lower down payments, lower interest rates, and relief on processing fees.

There are some basic conditions for taking out a car loan in a woman's name. The woman in whose name the loan is being taken must have proof of income. She must be between 21 and 65 years old. Both salaried and self-employed women can apply. A good credit score is also required.

Processing fees are a significant expense in car loans. Typically, this can range from Rs. 700 to Rs. 12,000. However, in the case of women, many banks completely waive this fee. In some cases, even the advance EMI is not required.

The biggest advantage of car loans for women is the lower interest rate. For example, some banks offer loans to women at around 9.10 percent, while the rate is higher for men. Some finance companies also offer up to 0.50 percent lower interest rates and up to 90 percent funding of the on-road price.

Besides lower interest rates, women also receive several extra benefits. Discounts on processing fees, lower insurance premiums, and roadside assistance are included in many schemes. Sometimes, special offers are also available at the dealer level when booking a car in a woman's name.

The approval process for car loans for women is also usually simpler. The documentation is straightforward, and approval is granted quickly. Repayment options are also flexible. You can choose the tenure according to your income. According to reports, female car applicants receive interest rate reductions of 5 to 10 basis points, lower fees, and better terms. This is why buying a car in a woman's name can be advantageous. If there is a female family member who is employed or runs a business and has proof of income, consider getting the car registered in her name.