Want to bring home your dream car, but don’t have enough funds? Now, you don’t need to wait for some more months or years to buy your dream car as you can take a car loan to meet your fund requirement. We can make this drive easy for you, apply for a car loan with loan4india.com and become pride owner of your dream car.
Features of Car loans:
A Car loan is a great way to drive your dream car without making the complete payment upfront. Some other traits which make a car loan more feasible are:
✔ Flexible contract terms and comfortable tenure of loan i.e. upto 7 years
✔ Competitive and attractive rates of interests
✔ A tax deduction may be applicable if the vehicle is to be used for business purposes
✔ Almost everyone with a Permanent Income can apply for a car loan
✔ Some banks offer up to 100% of car finance on ex-showroom price and generally upto 85% of car finance on ex-showroom price is available.
✔ Very low processing fees and prepayment charges.
Check your Eligibility for a Car loan:
The certain factors that determine your eligibility for a car loan are:
✔ Kind of employment
✔ Period of employment
✔ Previous running EMI’s and CIBIL score
Car loan interest rates can be vary from user-to-user based on different parameters. Some of these factors are:
- Banks give lower interest rates to the employees who have salary accounts with the same bank.
- It gives lower interest rates to employees of top 5000 companies of India.
- Based on your income per month you might get some waivers or on the total loan amount you may get cheaper rates.
List of Documents Requirement for Car Loan In India
Car loan Documents Required for Eligibility – or needed for car/auto loans in India. Several documents establishing your identity, proof of income and residence are required for a loan. But, the documents pertaining to the car, new or old are very important. So even if you are eligible for a loan, without proper car documents you can not get a loan.
Other Papers and Documents – Income proof:
Salaried individuals :
Latest Salary Slip and 2 years Form 16/ Income tax returns.
Income Tax Returns of 2 previous financial years.
Partnership Firms, Societies & Companies :
Income Tax returns of 2 previous financial years along with complete financial/audit report.
Documents supporting customer information :
Identity Proof, Signature Proof and Address Proofs as per Bank norms.