Car Loan
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Car Loan
Purchasing a vehicle is one of the huge buys that individuals make, second just to buying a home. Some time ago possessing a vehicle was an extravagance and along these lines could be managed by a couple of rich. In any case, with the accessibility of secure financing choices having a vehicle isn’t only a fantasy however a need that the greater part of us can without much of a stretch manage. Regardless of whether you are intending to purchase another vehicle or an old vehicle, you can back your vehicle by taking a vehicle credit at moderate vehicle advance rates. The rates for a vehicle credit change according to the estimation of the vehicle, the advance sum you have applied for, and the reimbursement capacity of the borrower. You may get up to 100% of the ex-showroom cost of the vehicle.
Types of Car Loan
New Car loan:
If you are planning to purchase a brand-new car from a showroom, if you are eligible for a New Car Loan from a bank or other lenders offer new car loans at the lowest interest rate. Usually, the interest rate starts from 9-14% p.a. and the loan tenure go with 1 to 5 years. New car loans are available for most makes and models of cars in the market.
Used Car:
As name suggests used car loan is used to purchase pre-owned or used cars that are less than 5 years old or don’t exceed more than 10 years at the time of loan maturity. With a used Car Loan, you may get up to 90 percent of the car’s valuation as a loan. Funding is available for the purchase of cars that are not older than five years. Interest rate for used car is little higher compare to new car loan, starts from 12 percent and the tenure up to 5 years.
Loan against car:
When someone in need of immediate funds, he or she can pledge the car as collateral to obtain sufficient funds to meet his/her needs. Loans are available up to Rs10 lakh or 100% of the estimation of the vehicle. The pace of interest on such credits is impressively higher than other vehicle advances. Banks charge a premium of 14 to 15 percent for every year.
Benefits of Car loan
Easy to buy:
Many banks give up to 90% of loans to purchase a car you don’t need to stand by long to purchase your fantasy vehicle
Tenure Flexibility:
Banks offer car loans for a tenure of up to 7 years. You have the flexibility to choose the tenure at your convenience.
Easy Approval
Because of the easy application process of a car loan, it does not take much time for loan approval depends, on overall loan eligibility and based on the budget
Eligibility criteria for a Car loan
- Minimum Age: 18 years, some asks minimum age 23 years
- Minimum Monthly Income: 20,000/- For business people Minimum turnover 3 Lakhs Rupees
- Employment: Salaried/Professional/Business People
- Work Experience: Salaried - Minimum 1 year, Self-Employed - Minimum 2 years
Documents Required for Car loan
- Identity & Age Proof: Pan Card, Aadhar Card, Voter ID, Passport
- Address proof: Passport, driving licence, Voter ID, utility bills (electricity/water/gas), Registered Rental Agreement
- Salary Slips along with latest Form 16 or income tax returns (ITR)
- Bank Statements Latest 3 months
- Approved Car Model
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