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Vehicle Loan

An individual vehicle makes each day driving substantially more helpful in a nation where the framework of open vehicle is disintegrating. Be that as it may, not every person has the hard money to pay for everything of bike vehicle or four-wheeler vehicle. This is the place a car credit or a vehicle advance causes a person to claim a vehicle simply paying a limited quantity of cash each month.

A vehicle credit or a car advance is monetary loaning by the banks and NBFC organizations to people who thus reimburse the whole advance sum in parts known as EMI (Equated Monthly Installment). The purchaser follows through on the aspect of the all out cost as an initial installment while the remainder of the installment is financed by the loan specialist.


Benefits of Vehicle Loan

  • Future savings: You may be tempted to purchase a used vehicle simply to avoid having to take out a loan. But in the long run, this isn't always the most cost effective option. Used cars tend to break down more often, sometimes requiring costly repairs. When you finance a new car, you get the peace of mind that you won't have to pay for those repairs for quite some time.
  • No collateral needed: To get a car loan, you technically don't need any collateral. This is because your car will automatically serve as the collateral for the loan. Failure to pay your outstanding balance will lead to the lender seizing your car.
  • Great for credit history: Even if you have poor credit, you're likely still able to obtain an auto loan. The great thing about car payments is that they actually help your credit history, as long as you stay on top of payment deadlines.
  • Increased value: Nowadays, car finance options are usually accompanied by bonuses. Auto loan financiers usually give added perks such as free road tax, free servicing, and free fuel.
  • Improved budgeting: When you reach an agreement on your car loan, you get to decide how much money you pay each month. This means you won't be overspending or having to make adjustments elsewhere in your life. With a reasonable car loan, you could even have enough money left over to start saving for your next new car.

Eligibility

  • An applicant must be atleast 18 years old
  • If you are a salaried employee, you can apply for a car loan until you are 60 years old.
  • If you are self-employed or run a business, you can apply for a car loan up to 65 years.
  • Minimum monthly income must be ₹10,000.

Required Documents

  • Photo ID with age proof (like, PAN card, passport, driving license).
  • Signed application form with 3 passport sized photographs.
  • Residence proof like Valid passport or Voter id card or Driving license or Postpaid utility bill (gas bill and electricity bill) or Updated passbook or bank account statement or Notarized registered rent agreement. Even if you have poor credit, you're likely still able to obtain an auto loan. The great thing about car payments is that they actually help your credit history, as long as you stay on top of payment deadlines.
  • Bank statement for the last six months.
  • If the applicant is a salaried individual, then Last 3 months salary slips and Form 16 or Income Tax Returns.
  • If the applicant is a self-employed individual, then balance sheet and profit and loss account, computation of income for last 2 years, Income Tax Returns - last 2 years, business proof and TDS Certificate (Form 16A) / Form 26 AS for income declared in ITR.

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