Everyone dreams of getting a car in modern times. Car is one of the most essential vehicles. It is an important mode of transportation. Getting a car is no longer a big deal. As there are various financing companies and banks to help you finance your car. It is one of the most common loans these days which one can avail just by submitting minimal documents. According to the experts, the demand for car loans has increased over the period. A person can get various discounts on car loans especially when applied during festive times.
Car loans have become popular over time. One can easily apply for a car loan from almost any bank and financing companies. Interest rate and processing fees offered by banks may vary. Car loan interest rate depends upon the income of the borrower, car model and location. If the borrower has a good credit score and history then he will be eligible for extra discounts, offers and even lower interest rate on a car loan. To reduce the financial burden one can also avail joint car loans. Usually, the bank approves a co-signer who is in blood relation with the borrower.
Indiabulls car loan can be applied online as well offline. The bank offers various schemes on car loans. It offers 100% financing on new cars with a very reasonable interest rate and processing fees. The interest rate starts from 8.56%. The bank is highly recommended for applying for a car loan.
While availing a car loan, employability matters of the borrower. A good credit score and history also is a very important factor when availing a car loan. Salaried employees must be at least working in the present company for 1 year to avail car loan. Incase of a self employed person the borrower should be in the same business for at least 2 to 3 years to avail car loan. When applying for a car loan your income is the most important factor. The lender will check your income and the company or business you are working in before availing the loan. One should have a credit score of at least 750 or more before applying for a car loan.
The employees who can apply for a car loan are listed below:-
1) Salaried individuals.
2) Self-employed sole proprietors.
3) Self-employed individuals/professionals at partnership firms.
4) Self-employed individuals/professionals who own private companies.
5) Self-employed individuals in public-limited companies.
6) Self employed person who owns a business for at least 2 to 3 years.
The documentation process may vary according to the bank or financing companies chosen.
The common documents to be provided to the bank or financing companies are listed below:-
1) Identity proof:- For identity proof the required documents are:- Aadhar Card, PAN Card, Valid Driving License, Valid Passport, voter id card.
2) A properly filled application form with signature and all the required information.
3) Address Proof:- Aadhar Card, Valid Driving License, Valid Passport, Voter’s ID Card.
4) Salary slip, income tax return documents, employment proof, bank statements, income proof.
5) A credit score of 750 or more.
6) Passport Size photographs.
7) Age proof documents: The age required must be in the range between 21 to 70 years.
While applying for a car loan, the employment status of the borrower matters. One with a stable employment status and good income can get the approval of a car loan faster. One should also consider the credit history before applying for a car loan. A car loan comes with various perks. One can avail great discounts on car loans. While applying for a car loan one should plan the entire process properly. Comparison is also a key while availing car loan. One should compare the offers offered by different lenders as per the convenience to reduce the loss of money while availing a car loan. Employability of a borrower is very important. For knowing more about the employability factor to consider before applying for a car loan one can refer to the above article. All the necessary employability factors required during a car loan are mentioned above for the consideration of the viewer.
Also read this: Car Loan For An Unemployed Individual
