Every Lending Institution has some basic requirements for a car loan that is necessary for the borrower to provide in order to facilitate further process without any delay or inconvenience.
Most of the people want their finance for a car without wasting any time. This sometimes in turn delayed the process because the applicant must have missed the necessary documents that were required in a haste.
For a hassle-free process and quick loan approval, the applicant must ensure that they are fulfilling the document requirements for a car loan as per the bank or NBFC.
To help you prepare your requirements for a car loan, the following are the basic things to be kept in mind:
1. Credit History: One of the most important aspects on the basis of which the loan gets approved is your credit history and credit score. An individual must check their credit score and should pay all their dues and pending debts on time in order to avoid any future mishaps.
2. Income Stability: Different lending institutions have different criteria for income in order to approve a car loan. But in general, a minimum monthly salary of Rs 16,000 is a must for loan approval.
3. Age: All applicants must be over the age of 21 years for being eligible to apply for a car loan.
4. Job Stability: Lenders generally prefer those applicants who have a stable job or own a residence. Those who change their jobs frequently may face issue in the process of loan approval.
You need to do detailed market research in order to find the lenders providing low Car Loan Interest Rate and offers suited for you.
An applicant must be aware of all the additional charges that are applicable in the process of loan approval, which includes processing fees, prepayment charges, etc.
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