In the earlier times, buying a car was a mammoth task as only a few had the capacity of buying the 4-wheeler. While the majority were struggling to get through the rigours of day-to-day expenses because of the lower income. So, buying a car were only in their dreams and not the possibility at that time. But came the 21st century, came the change in the fortunes of people who were not able to buy a car before the arrival of the said era.
The car ownership has picked up substantially in the 2000s on the back of attractive loan offers with flexible EMIs, a sum of principal and interest amount payable towards a loan each month till the end of a loan tenure. The Hyundais, Marutis and others, which were not accessible 10-15 years back, is now a reality for most as lenders are running after the customers with lucrative offers to entice people.
How to Apply for a Car Loan?
Passed the eligibility test for a car loan and looking to apply for the same? You can play around with either of the two options at your disposal-Visiting the branch of the lender or apply online car loan.
With the former option, you may have to stay in a long queue for your turn to apply for a car loan. And, if you are applying at the branches of any public lender, your stay in the queue is like a never-ending exercise. I guess, with limited time available for us due to hectic work schedule in today’s time, visiting the branch would be the last thing you want.
So, you should embrace the digital mode of application by visiting the website of a lender and reaching the car loan apply page, which would have spaces for personal, professional and other details to fill. You should fill the details correctly and to the best of your knowledge to avoid any discrepancy and delay later on. Make sure you get the relevant documents scanned properly and submit them with your application form to the lender.
Documents Generally Asked for a Car Loan:
Be ready with a list of documents while making a car loan application. Both salaried and self-employed must comply with the following document requirements to access a car loan.
Age & Identity Proof– Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated,recent,legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
Residence Proof- Latest Telephone/Electricity Bill/Property Tax Receipt/Voter ID/Passport
Income Proof– Form 16 for Last 2 Years, Latest Salary Slip, 6-month Bank Statement for Salaried
– ITR, Audited Balance Sheet and Profit & Loss A/C Statement of Last 2 Years for Self-employed
Signature Verification Proof– Passport/PAN Card
Application Form Duly Signed and Filled
What Does Lender Do Post Application Submission?
Post the submission of the application, your personal and professional details will be under the scrutiny of a lender. Representatives of the lender would make their way to your residence and office to check the authenticity of your details. If found satisfactory, the lender will approve and disburse a car loan.
Advantages of Online Application:
Online car loan application has some benefits to realize upon. Glance at the benefits below.
- Easy Process
- Transparency of Interest Rates, Processing Fee