Ways to Finance your Car Repair with an Unsecured Personal Loan

Ways to Finance your Car Repair with an Unsecured Personal Loan

Indian roads are safe, but they should be safer considering that there is one fatal vehicular accident every 4 minutes. There are innumerable non-fatal accidents which leave the owner with a massive bill for repairs. Leaving the vehicle in your garage is not a feasible option then.

But car repairs can easily be expensive. A repair can range from a simple upgrade of one or more car parts or routine servicing to a complete overhaul after an accident.

However, at times, a repair becomes inevitable. If budget is a concern, you can resort to short-term financial advances such as an unsecured personal loan for such repairs.

Leading financial institutions across the country offer such loans with affordable EMIs and instant approvals.
Here are ways how a car owner like you can easily finance the repairs with a personal loan.

Apply for insurance coverage and pay for the remainder

It is mandatory for car owners to have their vehicles insured. In case of an accident, you should contact your insurance provider at the earliest. Insurers commonly include breakdown services within the insurance policy. What follows is an often complicated ordeal of getting your car repaired as per the policy terms and conditions.

The standard protocol includes a representative from your insurance provider assessing the damage and amount of cover your insurance will provide for repairs. In case there is a remainder amount, you need to pay for it over the course of repairs.

Taking an unsecured personal loan will help you break up the remaining bill into comparatively affordable instalments.
A car repair is an unplanned expense. Apply for a personal loan to plan and pay the unavoidable expenses carefully.

Pay for the damages up front

Car insurers provide the insurance coverage as per their policy terms and conditions. If the damage to your vehicle falls under these terms, you are guaranteed of the necessary funds as the sum assured for the required maintenance and servicing. However, the insurer will not cover the expenses if the damage or the happenstance does not adhere to their pre-set guidelines.

In such cases, you will need to go forward with the necessary servicing yourself. Considering the easy eligibility criteria for personal loans offered by top financial institutions, you will find these financial advances the most comfortable option for funds.

Opt for the personal loan for your car servicing

Go ahead with the necessary maintenance and repairs with personal loans. Such advances are tailor-made for urgent and unplanned financial requirements.

Leading financial institutions also provide Flexi Loan facility with their Personal Loans. With this facility, you can choose to pay only the interest as EMI and the principal amount at the end of the tenor. Also, the interest is charged on the amount of funds you utilise from your total loan amount. Use as much funds you require and repay the remainder with free part-prepayment benefits.

If you know how to calculate your personal loan EMI, tally among lenders who provide attractive EMIs along with custom benefits on their advances to will help you complete the repayment over time.

Get your car repaired and serviced without worrying about the finances with an unsecured personal loan.

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