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Factors to Consider While Applying Car Loan Online
Posted on Tuesday, June 15th, 2021 | By IndusInd Bank
Eligibility
While we apply for a car loan, there arecertain eligibility conditions which needs to be fulfilled including age, salaryrequirements, employment type and a place of residence.
Following are the primary documents that are required to be submitted online or in person:
i) Identity proof like Permanent AccountNumber (PAN) Card, passport, driver’s license, etc.
ii) Address proof like Voter ID Card,passport, etc.
iii) Photographs
iv) Car documents
v) Income proof like salary slips, latestincome-tax return, etc.
For more details about the document requirements, you can check here.
Loan amount
The loan amount varies based on your age andincome. Lenders offer up-to 90% of the financing.
Interest rate charged
Banks charge rate of interest on carloans. The rate charged is generally fixed. However, if you think that the rateof interest will decrease in future then you can choose floating interest rate.
Looking for the perfect car Loan? Click here to know how to get the best option!
Cost involved
Processing fees are charged when theapplication is processed. The lenders also charge fees on early loan closure,referred to as ‘foreclosure charges’, it’s charged on the outstanding loanamount. This charge varies from one bank to another.
Are you looking for a vehicle loan at lucrative interest rates? Turn to IndusInd Bank. We offer options for both new car loan and used car loan. Our documentation is minimal, and loan processing is quick and hassle-free. So, get in touch today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
