Getting funds for buying a car is not an easy task as the customer has to approach a number of banks and try to negotiate for getting a good deal. For people who have a good credit score, the loan approval process will be a smooth, hassle-free, and quick process. Apply online and get a faster car loan through DialaBank in just a few clicks.
Before applying for a car loan, the applicant must keep in mind some of the aspects to avoid any inconvenience in the loan approval process. They must fulfill the eligibility criteria that have been set by the institution through which they are applying for the loan.
Here are some points that must be considered to get a faster car loan.
- Credit Card Payments
An individual using a credit card frequently and paying the dues on time has a good credit score and is eligible for availing a car loan.
- Fixed Deposit in the Same Bank
Banks prefer those customers who already have a fixed deposit or a customer relationship in the same bank. The lender approves the loan quickly and offers high LTV since they have the fixed deposits in the same bank as some form of security against the car loan being approved.
- Income Proof
There are many banks that do not require any income proof as part of their offers. In such cases, the processing will be faster as compared to a conventional car loan. However, such loans come with a high rate of interest and low value. It is suggested to provide income proof and wait a few days instead of paying high-interest rates and getting a small loan.
- Processing Time
The approval and processing time for a car loan is quick. The loan amount can be disbursed within 1-3 days of applying it.
Some of the major banks providing affordable Car Loan Interest Rates are: