Applying For Car Loan Simplified in the details below. Few documents, couple of formalities taken care of and you have a new car ready to be yours
We always want to buy our dream car or fulfill some of our dreams. But there could be times when we might not be able to fulfill it due to hindrances such as financial crunch or others. But should you compromise on your dreams? With the comfort of personal loans, you can achieve all your dreams. Also, if you’re out there looking for a new ride, one can now buy cars with car loans.
For personal loans,banks offers their customers with a loan amount ranging from Rs 1 lakh to Rs 40 lakh. These personal loan come with attractive interest rates and the tenure to repay the loan amount in EMI’s can last anything from a period between 12 to 60 months. You can choose the tenure and when you want to repay the amount. Due to this long period, the monthly EMI doesn’t hamper much of your monthly budget.
Below mentioned are the documents required for your personal loan are listed below:
Application Form
Identity Proof: Passport. Driving License, AADHAAR Card and Voter ID
Your address proof should consist of a valid ID proof with your permanent address and it should be at least a year old.
Your income proof will include a bank statement from the last three months
Similarly, banks also offer the best deals to finance your dream car. The car loan offered by has convenient rates, attractive features, it offers great savings and on some selected models you can even get upto 100% finance options. The car loan is not only available on new cars, but it is also available on used cars and they are tailored to suit your needs and requirements. You can apply for a car loan through banks either by an online application or by visiting the nearby branch. Based on the terms and conditions of the bank, existing customers of banks may be eligible for pre-approved car loans.
Below mentioned are the documents required for your personal loan:
Complete and signed application form
Recent passport-size photographs
Identity Proof: Passport. Driving License, AADHAAR Card and PAN Card
Your address proof should consist of a valid ID proof with your permanent address and it should be at least a year old.
Your income proof will include salary slips, bank account statements, IT returns and Form 16
Pro forma bill from the seller to ascertain value of the vehicle
After the loan has been approved, the loan agreement should be duly signed with the RTO set
For standard security the bank will need post-dated cheques (PDCs)/ECS form as applicable.
Below mentioned are the criteria for applying for your car loan are as below:
You should be at least 21 years old or your age limit should not cross 58 years. In addition to this, you should not be more than 58 years before the completion of the loan tenure. You must either be a salaried employee, a self-employed individual or in a partnership firms, and businessmen who are income tax assesses.
The income eligibility will be based on your latest salary slip as well as your Form 16 will be required your proof of residence whether you live in an owned, parental owned or a rental accommodation. For processing your application you will require your identity proof, proper documentation of your profession and the other details which will be mentioned during the initial application procedure.
If you’re out there looking for a new car or used car, you can check into a bank to know your car loan eligibility. The executives at at banks will guide you through all your enquirers and will also ensure that your loan application procedure goes smoothly. Overall, your dream car loan is not far away, but follow the basic procedures and you can walk away with your shiny new car.
