Want to bring home your dream car, but don’t have enough funds? Now, you don’t need to wait for some more months or years to buy your dream car as you can take a car loan to meet your fund requirement. We can make this drive easy for you, apply for a car loan with deal4loans.com and become pride owner of your dream car.
Features of Car loans
A Car loan is a great way to drive your dream car without making the complete payment upfront. Some other traits which make a car loan more feasible are:
✔ Flexible contract terms and comfortable tenure of loan i.e. upto 7 years
✔ Competitive and attractive rates of interests
✔ A tax deduction may be applicable if the vehicle is to be used for business purposes
✔ Almost everyone with a Permanent Income can apply for a car loan
✔ Some banks offer up to 100% of car finance on ex-showroom price and generally upto 85% of car finance on ex-showroom price is available.
✔ Very low processing fees and prepayment charges.
Market Share in Car Loan
Eligibility Criteria and Documents Required
The car loan eligibility criteria can be different for different banks. The common criteria are as follows:
- Age between 18 years and 75 years
- Minimum net monthly income of Rs. 20,000
- At least 1 year of employment with the current employer
- Must be salaried or self-employed, working for a government establishment or a private company
To prove your eligibility, you’ll need to provide certain documents. Though this too is specific to different lenders, the common documents will be:
|Identity proof (any of the following)||
|Address proof (any of the following)||
|Proof of income||