NEW CAR FINANCE
Turning your dream into reality is now easy. Own your favourite car that you have always dreamt with attractive Car Loans offered by US.
How much car loan can I get?
Banks provide car loans based on the income of the individual. They normally provide loan amounts that are up to 2.5-3 times the annual salary for salaried professionals or 6 times the annual income for self-employed professionals. Apart from income, other factors that decide the maximum eligible amount are the car model, the borrower's repayment track record, other existing loans, and so on. Banks finance 90-100% of the ex-showroom price of a new car.
The maximum amount financed for used cars vary from 80-90% of the car's value. If your income is not sufficient to get the loan amount that you want, you could club your Blood relation income along with yours to get a higher loan amount.
Car loan application process
Here is a step-by-step break-up of the car loan application process:
- Step 1: Enquiry with a lender
The first step is to get in touch with a lender. You need to get in touch with as many lenders as possible and get them to make loan offers to you. Then negotiate with them to get the best interest rate. Check if there are any special offers. After you have got all the banks to make their offers to you, select your lender based on the information you have in front of you.
- Step 2: Documents Collection
After you finalize your lender, the lender's direct selling agent will visit you and collect documents supporting proof of income, residence proof, and identity. You may be required to produce copies of IT returns, salary slips, bank statements, passport, driving license, and other relevant documents. These requirements vary from lender to lender.
- Step 3: Field Investigation Agency Representative Visit
After submitting the documents, a field investigator will visit your home to double check the facts provided in the documents, such as your place of residence, tenure at work place, and so on. It is essential that you are present during this visit to clarify any query that the investigator might have. Otherwise, the investigator might not get all the facts clearly and could report that the facts you provided do not actually add up - thus forcing the lender to reject your loan application.
- Step 4: Loan approved
Once the lender is satisfied with the veracity of your documents, the loan is approved. The lender then disburses the amount through Cheques or demand drafts (DD).
New Car Loan Features:
- Loan up to 100% of on road price
- Loan tenure up to 7 years
- Attractive rate of interest
- Easy documentation
- Insurance cover for Loan Liability available, repayable along with EMI