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Car loan repayments are not eligible for tax deduction under Section 80C of the Income Tax Act in India. Section 80C provides deductions for specified investments and expenditures, but car loans do not fall into this category.
In India, car loans typically do not include insurance as a part of the loan package. While the lender may require you to have insurance coverage for the vehicle, it is generally your responsibility to obtain and pay for the insurance separately. Lenders often mandate comprehensive car insurance coverage to protect their financial interests in the event of an accident or damage to the vehicle. It is important to shop around and select an insurance policy that meets your needs and satisfies the requirements of your lender. You will need to arrange and pay for the insurance policy independently of the car loan.
The insurance amount for a car in Tamil Nadu varies based on factors such as the car's make and model, location, and type of coverage. The annual premium can range from Rs. 2,200* to 8000*, depending on individual circumstances and coverage choices.
The insurance amount for a car in Karnataka varies based on factors such as the car's make and model, location, and type of coverage. The annual premium can range from Rs 3,000* to 9000*, depending on individual circumstances and coverage choices.
The insurance amount for a car in Telangana, like in other Indian states, varies based on factors such as the car's make and model, location, and type of coverage. The annual premium can range from Rs. 2,400* to 5,500*, depending on individual circumstances and coverage choices.
The insurance amount for a car in Maharashtra, like in other Indian states, varies based on factors such as the car's make and model, location, and type of coverage. The annual premium can range from Rs. 2,500* to 8000*, depending on individual circumstances and coverage choices.
The insurance amount for a car in Kerala, like in other Indian states, varies based on factors such as the car's make and model, location, and type of coverage. The annual premium can range from Rs. 2,000* to 5000*, depending on individual circumstances and coverage choices.
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