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About Car Loan

The subject of car loan comprises the different financial products which allows someone to acquire a car with any arrangement other than a single lump payment. The provision of car finance by a third party supplier allows the acquirer to provide for and raise the funds to compensate the initial owner, either a dealer or manufacturer.

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Documents Required for Car Loan

Documentation Requirements for Salaried and Self-employed individuals
In support of their loan application, salaried and self-employed individuals must present the following documents:
  1. PAN Card
  2. Address Proof
  3. Signature Verification Proof
  4. One Photograph
  5. ITR/Salary Slips/Form 16
  6. Bank Statement of last 3 months
Documentation Requirements for Non-individuals
Non-individuals are required to submit the following documents along with their loan application.
  1. Registered Partnership Deed for Partnership Firms
  2. Certificate of Incorporation for Private and Public Ltd. companies
  3. Certificate of Commencement of Business for Public Ltd. companies
  4. Memorandum and Articles of Association in case of Public and Private. Ltd. Companies
  5. Address Proof & Pan Card of the Firm
  6. One Photograph of Director/Partner
  7. ITR
  8. Audited Balance Sheet and Profit and Loss Account Bank

Eligibility for Car Loans in India

Your eligibility depends on several factors - some under your control, some are not. Here, you can peruse the
    You're eligible for a Car Loan if you:
  1. Age between 21 and 70 years
  2. Approximately, your salary is above Rs. 2,40,000 (Salary threshold varies from bank to bank. Contact us at 7668900900 for more information)
  3. Continuous employment for a minimum of one year
  4. Other factors for car loan eligibility are defined by the respective bank
Boost your eligibility by improving your CIBIL score. Your eligibility for a loan, as well as for a lower interest rate is dependent on your CIBIL score. Other factors include taking a loan for a tenure longer than seven years, paying off your credit card bills on time, and more.

Why Should You Choose a Car Loan?

Do you need a car loan? What are some of the factors you should take into consideration when opting for a car loan?
  1. Ease of Payment

    A car loan helps in providing the funds needed to purchase a car. Paying over a period of time is much more convenient than paying it all at once. Easy EMIs for car loans make it extremely comfortable to purchase a car.

  2. Paying in Cash

    In case you don’t have the money to buy the car cash out, it helps to pay a small down payment and take a loan. Spending cash may bring you under scrutiny of the Tax department. Hence, when spending in cash, your paperwork should be in order.

  3. Investing the Amount

    A car loan in India is a better option than paying the cash up front, since you can invest the same amount at a higher interest rate than the interest paid for the car loan.

Making Dreams Come True with Car Loans

Loanserve brings the best car loan offers in India. Our portal www.Loanserve helps you compare car loan interest rates offered by all banks in India. We provide an unbiased point of view to help you make the decision that is actually best for you, and doesn’t just look so, superficially. Our aim, from the onset has been to help the Indian population find the right car loans for them. Every individual has unique needs. We customize and create the perfect match for you.

Your car means so much more than just four wheels. It is the space that takes you wherever you wish to go. It is the machine that moves according to your smallest whim and fancy, it is the meditative space where you find peace and quiet – making all these dreams and more come true with the best car loans in India.