Fincare Small Finance Car Loan Features
Maximum 84 EMIs are allowed for New Car Loan and repayment through 36 EMIs to 60 EMIs is allowed in case of Used Car Loan. Repayment period for used car also depends upon how old the car is.
Automatic transfer from your bank account is the best option that will make sure that the EMIs are paid every month without fail. In this way, none of the EMIs will skip. This will also help improving your credit score.
Fincare small Finance Car Loan Eligibility
Fincare small Finance Car Loan Documents Required
Fincare small Finance Car Loan Approval Process
Step 1: You fill in the loan application form.
Step 2: You hand it over to the bank or lender.
Step 3: Bank or lender checks with CIBIL for credit score and credit report.
Step 4: Low credit score leads to rejection of the loan.
Step 5: High credit score leads to eligibility check based on the documents you have submitted.
FAQs on Fincare small Finance Car Loan Approval
✅ How long does it take for a car loan to be approved?
Since the car is the guarantee in case of a car loan, documents regarding that need to be provided. Loan approval- If the bank finds all the document valid and find the borrower to be capable of paying the loan EMIs on time, they will approve the loan amount within a short duration of 2 days.
✅ How do you know if you will get approved for a car loan?
Auto lenders typically use the FICO 8 or FICO Auto Score models to determine your score. Keep in mind, though, that lenders may have their own rubric for determining what they consider to be good or not. But if your credit score is at least in the good range, you’ll have a relatively good chance of getting approved.
✅ What happens if you get denied a car loan?
Getting denied for an auto loan doesn’t in itself hurt your credit score. The lender didn’t extend anything, so there’s nothing that can hurt your score. However, multiple denied applications at once could hurt your score. … If you apply for too many loans, numerous hard inquiries on your credit can cause a larger drop.