Buying a car not just helps you to commute to places, but basically, makes you independent and upgrades your life. In today’s world, too much research goes into selecting an apt car model and having a price that suits our pockets. One wants to have the best buy in terms of comfort, advanced features, latest engine, etc and SUV, sedan or hatchbacks to choose from. Opting for all this, a few years back could easily burn one’s pocket, however, with widely available car loans have made all this accessible.
Buying a car is everyone’s dream, and one can achieve this sitting at home or office just a few clicks away. Thanks to e-commerce and availability of Internet; today’s customer is well-informed about the new models, specifications, features, prices, and competition.
Once the purchase decision is made about which car to buy; most customers look for financing options.
A car loan helps to buy your dream car with much ease.
The best options are A) trust the salesperson and go with the finance company offer that the dealer has a tie-up with, B) Go to the nearest bank and apply for a loan or C) Inquire with the bank the company one works for has a tie-up with.
Did you know you could also apply for a car loan online?
With the advancement of technology, one can easily apply for a car loan online.
Benefits of applying for a car loan online?
- Save time and hassle of traveling – One does not require visiting multiple banks to understand if he or she is eligible for a car loan. It saves you a lot of time, energy and also the hassle of traveling.
- Car Loan EMI Calculator – This helps to quickly check your eligibility and the applicable EMI for the amount of loan one is required to buy their dream car from a bank.
- Compare interest rates – One can compare car loan interest rate from different banks and avail the best rate and finance scheme
- Processing fees – Banks charge a processing fee which could range from Rs. 1000 – Rs. 3000 depending on the bank. By checking online, you could save some money on the processing fees.
- Loan Value – One can also compare the loan value, tenure, and on-road financing amount online. Most banks today offer 85% on-road funding for up to 7 years tenure. Some banks also offer up to 100% ex-showroom price & Zero Foreclosure charges.
Documents required for Car Loan
- Age proof
- ID proof
- Application form
- Residence proof
- Income proof
- Bank statement
- Signature verification proof
- Pro-forma Invoice or Rate List
(List of documents may vary depending on the bank)
Who are eligible to buy a car loan online?
Salaried individuals with Minimum 21 years of age, Maximum 70 years of age at maturity having a Minimum Net Annual Salary of Rs. 2,40,000 p.a. for all approved car models with Income eligibility based on latest salary slip and Form 16 and Minimum of 1-year continuous employment
Self-employed individuals with Minimum 18 years of age, Maximum 75 years of age at loan maturity with a Minimum Net Annual Business income of Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others. The Income eligibility based on latest Income Tax Returns and has Minimum 3 years of employment in the same line of business.