Car Loan
Getting to drive a dream car can make life seem so much better. Credible offers new car and used car loans to suit your requirements for your dream vehicle.
Car Loan
WE HELP YOU FOCUS
Once you have decided and selected the segment model of the in on the car that you want to purchase, the next step is to apply and get the Car Loan sanctioned. There is a lot less paperwork involved than a home loan since the bank does not have to verify any asset as in the case of home loans.
Step 1: Documents Collection
After you finalize your lender, the lender’s direct selling agent will visit you and collect documents supporting proof of income, residence proof, and identity. You may be required to produce copies of IT returns, salary slips, bank statements, passport, driving license, and other relevant documents. These requirements vary from lender to lender.
Step 2: Field Investigation Agency Representative Visit
After submitting the documents, a field investigator will visit your home to double check the facts provided in the documents, such as your place of residence, tenure at work place, and so on. It is essential that you are present during this visit to clarify any query that the investigator might have. Otherwise, the investigator might not get all the facts clearly and could report that the facts you provided do not actually add up – thus forcing the lender to reject your loan application.
Step 3: Required Documents
Once the lender is satisfied with the veracity of your documents, the loan is approved. The lender then disburses the amount through cheques / Online Bank Transfer.
Step 4: Conditions
| Particulars | Details |
| New Car | for private and commercial use |
| Used Car | purchase and finance on existing car |
| Age | should be 21-60 for salaried and 21-65 for self employed |
| Profile | individual, partnership, proprietorship, private public limited company, School trust society |
| Basic Documents | photo ID residential and sign proof own house proof business proof income documents bank statements for 3 to 6 month existing vehicle details |
| Compulsory | Aadhar and PAN card |
| Legal Entity Proof Documents | like partnership deed Memorandum & articles of association for company |