Own a Car of Your Choice With Bank Loans

Loan offer an opportunity for everyone eligible to buy the dream car. Considering the increasing demand of cars in the market, a car loan is an ideal way for you to buy a vehicle of your choice without draining your personal financial resources.

Whereas visiting the nearest car retailer, you saw a car to your dreams. Now, all you want is to buy the vehicle and desire it away to your parkway. But , what about the money you choose to need for a vehicle of your choice? If that is the question which is haunting afterwards you visit the nearest bank which offers loans for people like you. To start with you avail a loan for yourself, always check with the banks concerning loan rates and compare it online with economical banks. Online car loans study helps in zeroing a deal which happens to be favorable for you and makes sure you do not pay more than you really need to.

General Features

  • Check the following features which will allow you to be aware of different aspects associated with car loans.
  • • Loan amount covers 3 percent of the cost if the car is new. However , if it is a used car then the amount provided is 80 percent.
  • • For salaried employees, the amount provided is 3 times the very annual salary but the rate increases for self-employed individuals and stands at 6 times the annual income.
  • • Apply for a loan from a bank where you have a bank account, a large number of banks prefer such customers.
  • • There is a fixed length and the premiums are decided accordingly. But in case you should settle it before the closing date, you need to pay a penalty.
  • • Rate of interest differs from bank to bank, as a result check and compare it before applying with every bank.

Eligibility Criterion

Before you apply for a loan with a standard bank, check if you are eligible or not. Banks have a set of factors which need to be fulfilled by the applicant. Though these may perhaps differ from bank to bank in India, here are some overall criteria which are applicable for all bank loans:

  • • The client must be 21 years of age and more.
  • • The loan customer must not cross 58 years when the loan matures.
  • • He or she must be employed for minimum one year in the current job.
  • • Most Indian banks do not give a loan amount devoid of checking the annual net income which must be INR 100, 000.

When applying for loans, the applicant must submit written documents proving their eligibility. The list of mandatory documents can include an Identity proof which can either be a Passport, POT card, Voters Card or a Driving License. You also need to submit cash proof which includes salary slips and Form 16 just for employed individuals. But if you are self-employed or own a online business the IT returns foe two financial years is called for. Other than this, an address proof is mandatory. You can actually submit any government document which has your present address inscribed such as Ration Card, Driving License, Voter ID card, Passport, Telephone Bill, and Electricity Bill. Lastly, a loan company statement for the last six months needs to be submitted. This has to be registered even if this is the bank where you have a bank account.