Owning a personal car that too of your own choice is a dream come true situation. It is like taking the first big step towards a prosperous and happy life. A car cuts down all the unnecessary expenses and also improves societal status. At present getting a car loan from banks is a convenient option. You can repay at a lower car loan interest rate in easy monthly installments. Thus it becomes a win-win situation for the borrower. He can buy his dream car also and not get into any kind of unwanted debt. But one should always know the main points for availing of a loan.
Eligibility criteria: the applicant should be a resident of India, with a minimum age of 18 and the maximum age of 75 years. He should have at least a monthly income of Rs. 10,000. The applicant should be a salaried or self-employed person with a working experience of 2-3 years. He should have the residential stability of at least 1 year.
Documents required: if you pass the required eligibility criteria, the next step comes to collect all the documents required. To make sure that the loan approval process goes smoothly, the applicant should be aware of the documents needed. Though it depends on one bank to another some common documents are ID proof, age proof, address proof, income proof, signature verification, and recent photographs. All the documents mentioned above must be valid with the government.
Car loan application and approval process: a car loan can be applied both online and offline. Applying it online reduces the hassles. The steps involved in availing of a car loan include:
Check the credit score- a credit score is the most important aspect while availing of a car loan. The applicant should have a good credit score/history in order to avail of a car loan.
Fill the application form- place your loan application duly filled by the applicant with the mandatory documents.
Application verification: the bank then verifies all the documents and the application and if found eligible the bank approves the application.
Loan approval: it generally takes 1-5 days to approve the loan. However, the loan approval time differs from bank to bank.
Disbursal of the loan- loan amount is disbursed in a few days after the approval, either in the applicant’s account or directly in the account of the car seller.
Conclusion: Availing of a car loan is an easier and convenient option to get through if you are wanting to buy a dream car of yours. It helps to fulfill your wish without getting into any kind of debt.
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