Previous year except for some people, a significant portion of the employees did their work by work from home system. But this year, the scenario is the opposite, a considerable amount of people is going to the office to do their job. So here, the challenge has started. People have to travel to go to the office, but the public transports are fully packed up. Social distancing is one of the critical points to survival from COVID-19. Now people are worried about what to do, how they manage the work and health? So here the solution comes, owning the car.
At this point, the question arises, but how? It is not to borrow a car, also in this scenario where everyone needs money to survive. Relax, here we come with a solution to help you out from this situation, and the answer is a car loan. Yes, you read it right. A car loan is the best solution to borrow a car within your budget. But you think it is impossible, right? How can any ordinary person apply for a car loan? Is it too risky? Don’t worry, and I will tell you how to do it.
First of all, as we mentioned before that you are an employee of any company( any private company or any government organization) for sometimes, cause no one(except some experienced and high qualified person) got recruited last year, so after working more than one year, definitely you have some savings. Here you can use your saved money as your downpayment for the car loan. It is not necessary that you have to have a considerable amount of money for your downpayment for a car loan. With decent money, you can go for the first step of the car loan process.
Now the second step and the step is the eligibility criteria of a car loan. The eligibility criteria are straightforward. Take a look below:
The minimum age of the borrower should be 18 years and maximum 75 years.
He/she has valid identity proof like voter card, adhaar card, PAN card, passport, etc. one of them.
A borrower has to have a PAN card, and it is beneficial for checking the credit score of the borrower.
Payslip of his/her monthly salary.
The monthly income of the borrower should be 20,000 rupees per month
Last six months bank statement.
The borrower should have a driving license.
These are the essential points of the car loan eligibility criteria; other than this, and there are some criteria, it depends on lenders to lenders.
After understanding the eligibility criteria, I think you also can understand what type of documents are required for a car loan. Arrange all your forms near your hand. If you go to apply for the loan today, check interest rate of car loan , always check the car loan rate before using, then go to the lender and apply for the loan.
Now you have to search for the lender, and this is the big task anyway. Search for the lenders and banks online, check all details that they have mentioned on their site regarding car loans, always make sure that you read the instructions very carefully, and choose wisely the lender as per your requirement. After selecting the lender, compare their interest rate, eligibility criteria, processing fee, etc., with the site of the Reserve Bank of India(RBI). If you found any significant difference in the basic needs, do not go for the lender. Maybe they are fraud. So always go for the genuine one who will actually help you to get your car loan. Do not trust anyone easily, and there are lots of fake lenders over there who are always trying to misuse the borrower’s money and also offers mock papers as documents. So, beware of them.
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