The prospect of owning your desired four-wheeler is very thrilling. The first major plunge into a comfortable and prosperous life. A car reduces your driving challenges and extra costs while improving your social standing. But what if you can't afford the car you want to own? You can't waste any of your money on your car. In such a case, it's a car loan that comes to your rescue. There is financial progress achieved by banks or financial institutions to assist individuals in the purchasing of the desired vehicle. At the moment, having a car loan from banks has been very simple and comfortable. A simple monthly payment alternative is to repay the balance of the car loan. This is also a win-win situation, where you will behave intelligently by buying the right vehicle to escape unnecessary debt. But when you're using a car loan for the very first time, it's highly important to know the fundamentals of car lending before you take the plunge.
Criteria for qualifying for a car loan
- The specific qualifying details for a car loan are as follows:
- The claimant shall live in India, whether in rural, semi-urban, or urban India.
- The applicant's age cap for filing for an auto loan should be at least 18 years or a maximum of 75 years.
- He/she is supposed to have a monthly salary of Rs. 10,000.
- The applicant should be either a salaried employee or a self-employed person with a job experience of at least 3 years.
- A home with a significant amount of parking space inside or outside should be accepted for the applicant.
- He/she is supposed to have residential stability of at least one year.
You can move to the next stage of paperwork if you are willing to apply for a car loan. You can try getting a car loan from City Union Bank Car Loan. The following obligatory documents are necessary in order to ensure the loan operation is carried out seamlessly by the banks or by any other financial entity of your choice:
Valid proof of identification – The applicant should have clear proof of identity which may include a PAN card, AADHAR card, driving license, passport, or some other identity certificate provided by the Government.
Age verification – Since the claimant should be at least 18 years of age, he/she should have a supporting document indicating explicitly his/her age. It could be a driver’s license, passport, ration card, school leave stamp, or some other official document that mentions age.
Valid proof of address – It is highly necessary to have a certificate provided by the government with the address at hand. It may be an AADHAR card, a PAN card, etc.
Evidence of income – Preferably, there are two forms of employment: salaried and self-employed. Employees can send the latest 6-month pay slips, The last three months of bank statement, form16, revised ITR, etc, and the last three months of bank statement, balance sheets, P&L account, ITR, etc. have to be submitted by independent staff.
Signature verify – Signature verifying proof is required to ensure the signature is unique.
Recent photos: two versions of pictures, two passports, and pictures in stamp form can ideally be kept handy.
Know your budget - To know what kind of vehicle you can buy, it is very important to know your budget well. You should determine the expenses that will incur when you apply for a vehicle loan, such as vehicle repair costs, car insurance costs, etc.
Plan the balance to be forgiven - Plan the annual installment amount that will go towards getting the amount back, according to the budget. If required, measure the interest rate, the tenure of the loan term, and the amount to be repaid in EMIs with the help of the car loan calculator.
Get approved first - To make the car loan process simpler and flexible for you it is important to get your car loan approved. Just before you're able to shop for the car of your choosing, have it certified.
Go shopping for a car-This is the last step until you're about to look for the car of your choosing. Study in advance to know which car is ideally suited to you and would meet your needs. Remember to buy a car that suits your schedule.
Deciding on the right time to buy the vehicle, particularly during the year-end and festive season, will help you obtain heavy discounts when banks offer low-interest rates, transaction fee waivers, and other deals during these periods. Lookout during the holiday seasons for sales and discounts.
Also Read This-Handling car loan EMI
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