|
|
   |
Loanwala.com, a new initiative by the most trusted BharatMatrimony group, helps you to apply and acquire loans for all your needs.
Today, with the number of auto loan opportunities available, it is possible to buy your dream car whenever you desire. But before deciding on an auto loan one needs to evaluate numerous aspects such as the budget and the auto finance schemes available in the market, such as margin money schemes, advance EMI's schemes and deposit payment schemes. Loanwala.com help you get the best possible deal on obtaining your dream.
Features:
- Auto Loan is available for both Salaried & Self employed
- Loan amount is decided on the basis of one's repaying capacity.
- Fast and quick processing.
- Payment is made directly to the car company over its dealer.
- Special discounts are also offered.
- Easy repayment through EMI options.
|
Eligibility
Age
Salaried
- Minimum age of Applicant: 21 years
- Maximum age of Applicant at loan maturity: 60 years
Self Employed
- Minimum age of Applicant: 21 years
- Maximum age of Applicant at loan maturity: 65 years
Income
Minimum Annual Income should be Rs.100, 000 p.a. taxable income
The actual eligibility is calculated after going thru the actual financials and profile.
Stability
- Minimum employment: Minimum 2 years in employment and minimum 1 year in the current organization.
- Years in business: Minimum 3 years in current business and 5 years total business experience.
- Business must be profit making for the last 2 years.
- The minimum stay at current residence should be 2 year for salaried and self-employed individuals.
- The applicant must have a landline telephone connection at home running from the last six months.
|
Checklist for Automobile Loan:
Income proof:
Salaried individuals: Latest Salary slip or salary certificate. Form 16 of the previous Financial Year or latest Income Tax Returns.
Self-Employed individuals: Income Tax Returns of 2 previous financial years.
Partnership Firms, Societies & Companies: Income Tax Returns of 2 previous financial years along with Profit & Loss Account Statements and Balance Sheets of both years.
Identity/Signature Proof
1. Voter's ID card
2. Passport
3. Ration card
4. PAN card
5. Employer's Identity card
Address Proof
1. Voter's ID card
2. Passport
3. Ration card
4. PAN card
5. Rent agreement (if you are residing in a rented house)
6. Bank Pass book
7. Quarters Allotment Letter from the company (if you are residing in company quarters)
|
FAQs For Car Loan
What are the loan tenure options?
The tenure of the loan could range from 1 to 7 years for new cars and from 1 to 5 years for used cars.
What are the lending rates?
The lending rates vary on the basis of discounts, which are offered by dealers and banks.
How is the interest charged/calculated?
Interest is calculated on a monthly reducing balance basis.
Do I have to pay any additional charges?
Every bank charges a processing fee, which varies from bank to bank, are based on factors as loan amount, car make, car loan new or old rate of interest etc.
How much time will it take for my loan to be approved?
The loans are generally approved within 2 working days at the day of submission of complete documentation.
Who can be the co-applicants for the loan?
Your spouse or any blood relative staying in the same residence can be a co-applicant.
Is a personal guarantor a must?
No, a personal guarantor is not a must.
What security/collateral do I have to provide?
No additional security/collateral needs to be provided, apart from the car against which the loan is granted, being hypothecated to the bank.
How do I repay the loan?
You pay the loan in equated monthly installments. The loan will be paid through post-dated cheques or through Standing Instructions or through ECS to debit your Bank account through ECS with the EMI amount.
Can I prepay my loan?
We charge prepayment fee of 1% to 5% on the outstanding principal amount, Service Tax will be charged as applicable.
What is a Monthly Reducing Balance?
In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.
What is an Annual Reducing Balance?
In the case of annual reducing balance method, the principal gets reduced at the end of the year and the interest is calculated on the outstanding principal at the end of the year.
Do I need to open an account with same Bank for availing and/ or servicing the loan?
Opening an account with same bank is not mandatory.
What are the stages involved in availing a loan?
The stages involved are:
1. Application
2. Processing
3. Documentation
4. Sanctioning of the loan
5. Disbursement
Can I avail of a loan on my existing car?
Yes, the bank offer loans on existing cars, provided the cars are not hypothecated to any financier.
|
|
Apply for an Automobile Loan,
All fields are mandatory
|
|
|
|
|
2004,Omni,Petrol,Manual,W...
2008,Santro Xing,Petrol,M...
2005,Endeavour,Diesel,Sem...
2008,Indigo CS,Diesel,Man...
2006,Safari,Diesel,Manual...
|
|
|
