Car Loan

Features and Benefits of Car Loan

1. Ownership : Car loans enable you to own a vehicle outright, providing the freedom to use it as needed.
2. Flexible Terms: Car loans come with various term options, allowing you to choose a repayment schedule that fits your budget and financial goals, leading to Financial Control.
3. Fixed Interest Rates:Many car loans offer fixed interest rates, ensuring predictable monthly payments, which can be particularly advantageous for Budget Planning.
4. Improved Credit: Timely repayments on a car loan can positively impact your credit score, potentially opening doors to better financing options in the future.
5. New vs. Used Vehicles: Car loans can be used for both new and used cars, providing the flexibility to choose a vehicle that suits your preferences and budget.
6. Convenience : Car loans streamline the purchasing process, allowing you to acquire a vehicle quickly, enhancing your mobility and convenience.

Car Loan Eligibility Criteria

1. Credit Score: Lenders typically assess your credit score to evaluate your creditworthiness.
2. Income Stability: Proof of a stable income source is essential to ensure you can make regular loan payments.
3. Down Payment: Lenders may require a down payment, which varies depending on the loan amount and the lender's policies.
4. Loan Amount vs. Vehicle Value: Lenders often consider the loan amount in relation to the vehicle's value to determine the loan-to-value (LTV) ratio.
5. Age and Residency: Borrowers should meet the legal age requirements and residency status specified by the lender and local regulations.

Documents required to apply for Car Loan

• KYC documents (Valid Photo ID Proofs)
• PAN Card
• Last 2 years' ITR as proof of income
• Salary Slip (latest 3 months)
• Salary account statement (latest 6 months)
• Signature Verification Proof