Car Loans

1- Introduction About Car Loans :

The car is becoming an important part of life. It is highly beneficial in travelling from one place to another easily. Considering the car is providing lots of benefits such as – saving time as well as money sometimes.

Due to all these things, it can be considered as a good option as compared to public transport. The car loan is a kind of financial tool which helps the individuals a lot in buying own car. With its use, the buyers can get the required funds for placing an order of car.

If you are accessing the loan services then you need to pay the interest on a loan. The interest is charged on the basis of some specific rates. Before finalizing the decision related to the car loan, you should be focused on these rates carefully.

2- Popular Car Loans In Hyderabad : 

3- Car Loan Features and Benefits

There are different types of features and benefits associated with car loans. Due to these factors, most of the individuals are choosing the way of car loans. Upcoming points are based on the features of car loans.

Car loan amount

Many individuals are getting confused and try to know that how much part of car’s price can be financed by the banks. Mainly these things are completely based on the price of a car provided by the showroom. Some individuals are thinking that the bank can finance on road price.

The on-road price is including different types of expenses or charges. Some of these cannot be financed by the institutions. Normally, the financial institutions are financing the 85 % to 100% of on road price.

Tenure of car loans

The biggest thing is the time period. Here, the time period is representing the repayment period of the loan. It is completely based on the repayment capacity of the individuals. In case the applicant is capable of paying the higher installments then he/she can clean the loan within a few years. All these things are also affecting the interest rates.

Pay in installments

It is not an easy task to buy a car by making complete payment at a time. For such a task, the individuals are required to focus on lots of things.  The individuals those are availing the car loan services they do not need to pay a huge amount of money.

They can own a car by paying a small amount of money on a monthly basis. The amount is considered as the repayment installments of loan or EMI. Monthly EMI is based on two different things such as – interest on loan amount and a portion of the principal value.

Process charges

When you are going to apply for a car loan then you need to follow a complete procedure. In the procedure, there are different types of charges applied by the financial institution. These charges can be considered as the processing fee. The process charges are deducted from the loan amount.

Prepayment

If you want to avail the car loan services then you need to pay an amount of money as the prepayment. The money amount is also considered as the down payment. The bank is providing rest of the money and divided it into numerous EMIs.

Numerous plans

The car loans are provided by the financial institutions with different types of plans. All types of plans are suitable for availing services in a completely different way.

All these features are making the option of car loans more attractive for buying own car. As a result, you do not need to face any kind of stress for buying the car or paying the loan amount. The installments can be paid easily.

4- Types of Car Loans

As we discussed above, the funds’ providers are offering different types of car loans. All types of loans are suitable for different types of activities. In the below-mentioned details I’m going to explain some specific types of loans.

Loan on new cars

Everyone is trying to buy a new car. For it, they do not have enough money. Here, the car loans are useful in getting sufficient funds. When anyone is going to avail these services then he/she needs to pledge his/her new car as the collateral. These types of services can be availed in all types of cars and models.

Loan for used cars

Some individuals are trying to buy a used car. The price of these types of cars is lower as compared to the new one. For buying the used cars, the individuals can easily get assistance from the financial institutions.

One thing that you should keep in the mind is that the interest rates of these types of loans are higher as compared to the loan on new cars. With it, the repayment time period of these loans is also lower.

Loan against car

Sometimes, the individuals have own car but they need some money. In these types of conditions, the individuals are able to get money against the car. For such a task, they need to pledge the car as  a collateral and get some funds. These types of loans can be considered as the mortgage loans.

5 Car Loan Eligibility Criteria :

6- Documents Required for Car Loan – Company Docs LIST OF Pvt & ltd

Pan Card
MOA and AOA
Address Proof
Financials 17- 18 and 18-19
Board resolution ( Our Bank Format will be provided and this document is required post the approval )
company address Proof
last 6 Month banking

Individual co -applicant for pvt & ltd

2photos
Pan Card
Address Proof

LIST OF Documents for Individual ( NRI )

2 colour Passport size photographs
Pan Card
Individual ITR’s for 17- 18 and 17-19 or ( W2o forms of US)
R C copy for Vehicle from Dealer
Indian Address Proof of Director
Passport
Visa
Office or Resi address proof of US

Individual co -applicant for (Indian Residency )

2photos
Pan Card
Address Proof

Documents for Individual (customer )

2 colour Passport size photographs
Pan Card
Address Proof
Resi address proof
last 6 Month banking
Individual ITR’s for 17- 18 and 18-19

LIST OF Documents for Partnership

Pan Card Company
Partnership deed
Address Proof
Financials 17- 18 and 18-19
last 6 Month banking
VAT & GST

Individual co -applicant for Partnership

2photos
Pan Card
Address Proof

Used car
Vehicle RC Copy
Insurance

New car
Showroom Proforma Invoice