An automobile loan is a type of loan amount that allows you to buy a four-wheeler and pay it in monthly instalment over a period of time rather than paying the whole price at onetime. An vehicle loan’s terms are determine by a number of criteria, including your income and credit history.
Any salaried or self-employed person with a solid credit score and a consistent income can acquire auto finance for the express purpose of purchasing a new or used car of most brands and models on the market.
Customers who match the eligibility conditions can get new and used car loans from banks and non-banking financial organizations (NBCF).
Are you Eligible For Loan? Check Now –
Are you a candidate for a loan? Now is the time to check –
The requirements for obtaining this differ from one lender to the next. As a result, before applying for a car loan, make sure you check your eligibility on the lender’s website.
A person’s credit score may suffer as a result of several denials. A bank’s or NBFC’s normal vehicle amount lending eligibility conditions are as follows:
The applicant must be between the ages of 21 and 65.
He or she must be employed or self-employed and have at least two years of experience in the same profession.
A minimum net annual income of Rs.3-4 lakh is require of the applicant.
To qualify for a low interest rate , he or she must have a credit score of 750 or above.
Documents For Loan With Income Proof –
First, Download the form from the lender’s website or pick it up at the nearest bank branch to apply for a car loan. Submit the completed and signed application form, as well as the accompanying documents of car amount eligibility:
Aadhaar card, PAN card, driver’s license, voter’s ID card, or passport are all acceptable forms of identification.
Birth certificate or 10th/12th grade school certificate as proof of age.
Ration card or utility bills, such as phone and power bills, can be used as proof of address. Salary slips and bank statements from the previous 3-6 months, Form -16, and IT Returns are all acceptable forms of proof of income.
Wanna Apply Loan Without Proof ? –
Here are a few options for getting a car loan without evidence of income:
1. You’ll need to shop around and do some web research to discover a reputable lender that offers automobile loan without income verification.
2. Prepare to make a sizable down payment on your automobile loan, since this will lower the cost of the loan and boost your chances of getting it approved.
3. If you don’t have enough cash for a down payment, you can get a car loan by pledging your property, such as your home, a fixed deposit, or an old automobile.
4. Keep your most recent bank statements and the last two years’ income tax returns on hand to demonstrate your ability to repay your loan.
5. Prepare for high-interest vehicle loans because you won’t be able to get a low-interest rate if you don’t have proof of income. You do, however, have the option of negotiating a reduced interest rate with the lender.
6. Ensure that you read the tiny print of the automobile loan agreement thoroughly after it has been approved.
Documents while applying without income proof –
- Applicants who are self-employed must submit a copy of their Business Ownership Certificate as well as their tax returns.
- 2. Residential documentation demonstrating that the applicant has lived in the same place for at least 1-2 years.
- Copies of your most recent bank statements.
- In the case of a co-signer, evidence of income and previous loan payback history are required.
- Submit the above-mentioned document proofs to the lender, together with a completed and signed automobile loan application form.
- The bank/NBFC will verify and process your car loan application. The car loan amount will be paid to your bank account within a few hours of approval.