The introduction of two-wheeler and car has made traveling much faster and convenient. These vehicles are playing a major role in the life of every single person. Every one of us uses it on daily basis for reaching our destination. While purchasing a two-wheeler or car is the best ever decision; not everyone is able to take this decision due to poor financial funds. Seeing it special two wheeler loan and car loan has been introduced. Now buying the dream bike and car has become quite easier. Just apply for the loan and once it gets approval; the key of your desired car or two-wheeler would be in your pocket.
Documentation for sanctioning loan ( two wheeler loan and car loan )
The documents required to apply for the loan are as follow –
- Identity proof (Aadhaar card)
- Address proof (electricity bill, rental agreement, driving license)
- Income proof (bank statement of last 6 months)
- Copy of PAN card
- Documents of the vehicle (original)
- Properly filled-up application with passport sized photograph.
Procedure of sanctioning loan
Filling application – the procedure starts with filling the application or form for loan approval. There are certain details and documents which are required to be attached with this application.
Scrutiny – the money lender or say the bank would be going through the documents, credibility, and eligibility of the applier. If the report is OK, then the proposal of loan is approved. In presence of any inconsistency; the applier is informed.
Approval – the proposal of loan which has successfully passed the scrutiny stage is forwarded to the sanctioning officer for superior approval.
Processing – the money lender very well explains the applier about terms and condition; requirements of legal documentation.
Monitoring – money lender institute would be monitoring the re-payments from loan taker until the fulfillment of the loan amount. In circumstances like delay payments, no payments; strict actions are taken by the bank.
Loan Eligibility Criteria for Two wheeler loan and Car loan
The financial institutes only sanction the loan to the people who fit in the loan eligibility criteria. The terms of loan eligibility criteria are as follow –
- The age of applier should be minimum 18 years for availing the loan.
- Presence of income is very important; the bank checks the income status of a person for checking their ability to repay the loan. It can be also stated that loan is only sanctioned to people who earn. The minimum gross income for availing vehicle loan in metro cities is RS 4,500-7,000. Where else the minimum gross income in cities is RS 3,333-3,500.
- The individual should be having a good CIBIL score in order to avail the loan.
Last words
It was the complete knowledge about how to avail two-wheeler and car loan. In case you are the one who is looking forward for filing the application for the loan then make sure to choose the bank with less interest rate for more benefits. There are various banks approving such loans; anyhow your focus should be at one with less interest rate.
Recent Comments