If an individual has firmed up to own a car he would certainly apply for a loan to purchase the dream car to evade himself from tax vigilant officials. Any way, in case of car finance there is no much paper work involved like the housing loan. Lenders normally do not go for any asset verification of the borrower in case of such finance. Just have a look at the process of obtaining loan for purchasing a car.
First, an applicant has got to approach a lender who deals with car loans. One must make it a point that one contacts as money lenders as feasible in order to get the loan to purchase a car. This will help an applicant negotiate for the best interest rate possible. An individual must also ensure if the lenders he had approached had any special offer with the loan sought. Only after having compared the offers of a good number of banks and financial institutions one must firm up for a particular lender for the loan.
Second, having firmed up the financing agent and applied for the same, the lender's agent will check the documents off the applicant regarding identity, proof of income, residence etc. A client may also require to furnish his salary slips, passport, bank statements, IT returns, driving licence and other relevant documents. The requirements of documentation is not the same across all the lenders.
Third, after going through the documents submitted by the applicant, a field investigator would visit the home of the borrower in order to cross check the validity of the documents submitted. During such field visit it is important for the applicant to be at home so that he can clarify the doubts regarding any query by the investigator.
Other important requirements for car loans are that the applicant must be at least 21 years old at the time of application. It must also be underscored that the applicant must be below the age of 60 years at the time of maturity of the loan. It is also mandatory for the applicant to be a salaried or self employed and that his/her annual income is at least Rs.1,00,000.
The amount of the personal loan for purchasing a car may differ from lender to lender as the lending capacity is not the same among all the lenders. The amount of the loan may also depend on the model of the car to be purchased. Normally, the banks offer 90% of the cost of the car before the car is actually purchased. The minimum loan amount for a new car is generally Rs. 1 lac and in case of used car the minimum finance offered is Rs.75,000. The repayment period of car loans stretch from 1 to 7 years which may be changed prior to the sanction of the loan by the lender. The rate of interest and the EMI may change depending on the personal loan for the purpose. Although, the date of monthly installment of the loan depends on the date of disbursement of the loan it is generally the 5th and 10th of every month. There are borrowers who pay their installments through post dated check and if you are interested you can do the same. Do remember that the cheque that you issue does not bounce otherwise you will have to bear the penalty for the same.
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