• Features:

Choosing a car loan in India has two distinct reasons and advantages. Firstly, cars are expensive. This is a costly investment that is usually not completely affordable in the case of a typical middle-class Indian. While his/her savings may account for a sizable portion of the purchase amount of the vehicle, a significant portion of the aforementioned purchase must be covered by the amount as provided by the car loan. Secondly, massive purchases (such as buying a car) with liquid cash could get you on the IT department’s radar, plus, you lose the chance to build up crucial credit history by subscribing to a car loan and religiously adhering to the repayment cycle. The credit history thus built, will help you procure more loans in the future. Hence, car loan in India are the surest and safest way to purchase your ideal vehicle.

  • Eligibility:
    • The applicant must be an Indian citizen.
    • He/she must not be younger than 21 years and older than 60 years at loan maturity.
    • The applicant must have a secure employment, with regular income and tenure at the same job for at least 2 years.
    • He/she must have a respectable annual income that properly demonstrates his/her capacity for loan repayment. If spouse is signing up as co-applicant, then his/her salary is also considered.
    • Must possess a landline/cellphone that marks his address, and occupation of that address for an expected duration of time.
  • Documents Required:
    • Know Your Customer (KYC) Documents, including, identity proof, address proof, age verification, completed application form with photographs and substantiated signatures. The associative documents could include PAN card, Voter’s ID, Ration Card, Aadhaar Card, etc. (any government issued document).
    • Income Proof as proved by 6 months bank statement, up to 3 months’ salary slips and income tax returns.
    • PAN Card- this helps to establish the potential borrower’s credit history.
    • If the applicant is self-employed professional/ non-professional or a business/partnership firm, the bank may demand for a number of additional documents including business ownership proof, profit-loss documentation, etc.
  • Repayment options: Monthly Repayment (EMI),
  • Tenure: Min 5Years to Maximum 30Years
  • Fees & Charges: Processing Fees/ Late Payment Fees/ Pre-Payment fees/ Legal Fees/ Administrative Fees

 

 

 

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