Let us understand Car Loan
Many of us have their own dream car and we try hard to ride that dream one day. Now no need to wait longer as car loan solutions makes it very affordable to own your dream car. Many leading loan lenders in India are offering car loans with lowest rates, minimum documents and hassle-free approvals. Paying a full amount to buy a car can surely create a big hole to your hard earned savings. Keep your savings for other dreams as car loan options are proved to be more affordable than buying it in cash.
Eligibility and Document Requirements for Car Loan
Eligibility
- Age - Loan applicant should be above 21 years of age.
- Employment - Any salaried, self-employed or professional can apply for car loan. Salaried person in job for more than one years and self employed or businessmen should be in same business for more than 2 years.
- Monthly Income - Minimum repayment capacity or salary requirements varies as per borrowers terms and conditions.
Documents Required
- Age Proof - Any one of Pan Card, Voter ID etc.
- Identity Proof - Any one of Pan Card, Voter’s ID, Passport, Driving License.
- Address Proof - Any one of Utility Bills, Passport etc.
- Income Proof - Any one of Salary Slips, Bank Statement, IT Return etc.
Characteristics of Car Loan
Generally car loans in India are provided with fixed rate on interest thus giving a clear idea to loan applicant how much he has pay to per month as an EMI. Car loan EMI is not that much low as compared to two wheeler loan, thus having a clear view of EMI amount helps individual to manage their budgets.
Depending upon the applicant’s repayment capability, banks offering car loan provides flexible repayment tenure from minimum 1 to maximum 7 years. Thus many banks also allow pre-closure of your loan without any additional penalties
Your car itself is secured against your loan so no need to mortgage your property or any other assets to get your car loan approved. Thus you can add more assets in your corpus due to easy documentation and quick approval process.
