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Car Loan

Car loan (used and new)
In the banking sector, loan is the most demanding and popular element among the customers. Every customer seeks a loan in order to buy various things. It is said that more than half of the bank’s income comes from a loan.

Bank provides various kinds of loan to its customers like home loan, car loan, education loan etc.

Lending of money to the customers is one of the primary businesses that a bank undergoes. In the process of loan there comes a huge rate of interest which the customer has to pay and through this the bank earns the business.

The three important loans like a car, home and education are quite popular among the customers.
Here we will be talking about car loan and it’s certain features. The private banks are offering some great benefits for its customers in the case of car loans. The banks provide car loan that can be tailored according to the needs.

• It has a very fast disbursal- The banks provide a complete hassle free car loan for the customers. Experience ease of documentation, quick sanction, and disbursal.

• Attractive rate of interest- In the recent years, the banks are giving an attractive rate of interest to all its customers for the car loan. This is one such pull factor for the customers.

• Customer friendly policies- All the policies associated with the loan are customer friendly. People can enjoy a hassle free system while taking loans.

Now let’s discuss certain documentation which is needed while applying for a car loan.
What are the requirements for a salaried employee?
This particular category includes salaried doctors, employees of public and private sector companies, government undertaking sectors etc. In nutshell, every salaried person comes under this category.

• Minimum age of the salaried person should be 21 years at the time of loan application and less than 60 years for the end tenure of the loan

• Should be doing a job for at least two years or a minimum of one year with the current employee.

• An annual income of Rs.1, 80,000 annually is a need for every person in order to avail the loan.
Apart from these, it also necessary to highlight the documents that are needed to apply for the loan.
Proof of identity- Copy of Passport, PAN Card, Voters ID card, driving license and Adhar Card
Income proof- Latest salary slips with form no 16.
Address Proof- Ration Card / Driving License/ Voters Card/ Passport copy/ telephone bills/ electricity bills, life
insurance policy/ PAN card.
Bank statement- Last six months bank statement is a must.

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