Car Loan Application

Before you apply for a car loan, decide which car you want. Applying for this credit facility requires you to finalize the make and model of the car. Next, compare the loans that the banks and lending institutions are providing. Choose the car loan with the bank of your choice, but first, make sure you are eligible for the loan.First, you have to do is choose your bank; make sure your credit score is good (750 and above), type in the information required on the car loan EMI calculator, i.e., your name, email ID, employment type, salary, etc. You will then get the EMI amount if you satisfied with it go ahead.

Eligibility for Kotak Mahindra bank car loan:

1. Only Indian residents.
2. Minimum salary Rs. 15,000/- per month.
3. Employment stability should be one year at least.
4. Minimum age required 21 years.

Documents required for Kotak Mahindra bank car loan: 

The documents you need to furnish for a loan application vary depending on your field of employment.

1. For salaried individuals
2. KMPL. application form of bank accounts for the last six months.
3. Two passport size photographs
4. Proof of Identity
5. Income Proof: Latest Salary Slip, Form 16
6. I.T. Returns or Form 16 for the last two years.
7. Proof of Identity : - (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. 
8. Address Proof:- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity Bill/Life Insurance policy. 

For non-salaried or professional or businesspersons

1. Statement of bank accounts for the last 6 months.
2. KMPL. application form
3. Proof of Identity
4. Address Proof
5. Audited balance sheet, P&L statement for two years, shop & establishment act certificate/sales tax certificate / SSI registered certificate/copy of partnership.

 Fees and charges:

•  Cheque dishonor charges: Bouncing of cheque due to insufficient funds in the account or due to mistake in the signature. 
•  Prepayment interest on principal outstanding: Prepaid interest is the interest that a debtor pays before the first scheduled debt repayment. ... For mortgage loans, prepaid interest can also be the interim interest that accrues from the settlement day to the beginning of the first mortgage period.

Conclusion: Now that you know the application procedure, check which category you fall under and make sure you have all the documents on hand. Complying with all the requirements promptly will make the process simpler and less daunting for you. Kotak Mahindra car loan offers the longest repayment tenure of 7 years and also provides financing for 90% of the car’s ‘on-road’ price. If you already have a salaried bank account with Kotak, which has been active for a minimum of 12 months, you will not have to submit Form 16 or income tax returns when applying for a 

Must Read:- Key Features Of A Car Loan.

Your Ultimate Guide to Car Loan

 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: 

1. 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.

2. Fill the application form- place your loan application duly filled by the applicant with the mandatory documents.

3. Application verification: the bank then verifies all the documents and the application and if found eligible the bank approves the application.

4. Loan approval: it generally takes 1-5 days to approve the loan. However, the loan approval time differs from bank to bank. 

5. 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.     

Must read:- Used Car Loan Choice And Impact

Benefits Of ICICI Car Loan

Know how ICICI car loan differs from that of other banks, with features like Smart car loan EMI, competitive car loan interest rates, hassle-free documentation, and dealer tie-ups with car sellers.

Today we will talk about the ICICI car loan. All you need to do first is check if your desired car is first available on the ICICI car loan website. After this, follow the below steps to avail of the car loan through a quick and easy process. 

• Eligibility:

In the “Check your eligibility” option, fill in your personal and professional details, including name, mobile number, company information, how long you have been living at your present address, and the type of car loan you want to avail of. There is also a column for car cost calculation in which you mention the details of the car you are interested in. Once you are done, the bank comes up with an “offer they have for you”, based on the details you have previously mentioned. You can easily complete the application and upload all the documents on the website itself.

• Car loan EMI:

ICICI car loan provides a feature known as Smart EMI, which is inclusive of everything starting from full tenure insurance, maintenance, and risk protection. Also, the estimated resale value of the car is deducted upfront to lower your EMI – at the end of the tenure, and you can either choose to buy or surrender your option based on preference with attractive bonus payments. Due to their Smart EMI option, you don’t have to worry about unbudgeted and unforeseen expenses, investing in depreciating assets, and risk of resale value.

• Car loan interest rate:

ICICI Bank offers new car loans with fixed interest rates. In a fixed interest rate, the car loan interest rate will remain fixed during the tenure of the loan. The interest rate for new cars is based on factors such as customer relationship, car segment, and tenure of the loan, etc. If your tenure of credit is up to 23 months, your car loan interest rate will be 12.85%, if your tenure of credit is 24-35 months, the rate of car loan interest will be the same. However, if your tenure is 36-84 months, the rate of your car loan interest will be 9.30%. These rates are for new car loans. ICICI bank provides you with competitive rates on new cars, loan servicing at your doorstep, and the widest choice of dealer tie-ups. It also ensures hassle-free and straightforward documentation. 

Must Read-Who Can Apply For A Car Loan