Auto loan is a kind of secured loan, which means that the lender serves the vehicle as collateral. It is a small loan for shorter tenure which is becoming very popular nowadays. One can still use the car or vehicle while it is kept as Collateral to the bank. If the borrower fails to pay back the loan the lender could seize the collateral and get recovery from it. After payment of dues the borrower is again entitle to repossess the vehicle.
1. It has lower interest rates than other unsecured loans.
2. Auto loan can be avail for both new and even used cars.
3. The lender provide up to 70% of the car value as loan.
4. It is a new loan product hence the application process is quite easier and quicker.
1. The person must be a citizen of India.
2. Professional stability and saving history is also taken into consideration.
3. The applicant should be above the age of 21 years and the repayment has to be done by the age of 60 or maximum 65.
4. Nature and continuity of employment or business is also taken into consideration.
5. Any applicant can get the loan irrespective of his profession. Any salaried, or a business person can get a best loan.
6. The applicant should have all regular and steady source of income.
7. Financial history and track record including CIBIL scores are also taken into consideration.
Note: The criteria differ a bit from bank to bank. The above mentioned criteria are some basic important eligibility criteria.
To know your eligibility now or to apply please call us on 011-45507555 or Email us at firstname.lastname@example.org
1. Identity proof – Aadhar Card / Driving License / Ration Card / PAN Card / Voters ID / Employee ID
2. Age proof – PAN Card / Bank Passbook / Passport / Driving License
3. Address proof- bank passbook or Bank account statement / Voters ID / Aadhar Card / passport flash utility bill (telephone, electricity, water)- latest month / registered rent agreement / property tax
4. Income proof- salary slip, bank statement, form 16 (for salaried individual) Last 3 years it return, last 2 years balance sheet and profit and loss account of the firm (for businessmen or self-employed)
5. Passport size photograph
6. Application form with photograph properly filled and duly signed.
7. Valuation report from approved or authorized person.
Note: The documents required differed from lender to lender. The above mentioned documents are common and generic those are required mostly.
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