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Car Loan Overview

Car Loan works much the same way as other types of loans. You take out a car loan through an institution, like a bank or  the auto dealer where you're getting the car. That institution agrees to loan you money to buy the car, and you agree to pay back the amount you borrowed through monthly payments, plus interest. Car loan is a financial assistance taken to purchase  a car with minimal initial payment  from your own pocket. The borrowed money from the lender can be repaid in equal monthly instalments over a period of  time with an agreed rate of interest. Normally, car loans are secured with the vehicle itself that is being bought.

Criteria for Car Loan

  • An Indian Resident
  • Individuals
  • Minimum age of 18 years and maximum 65 years
  • Salaried or Self-employed  
  • Minimum Annual Income 3 Lakhs
  • Income tax return of Individuals

Documents required for Car Loan

  • Identity roof & Address proof
  • Legal proof-GST Certificate with GSTR-3B, Shop Establishment etc. (for Self-Employed)
  • Last 3 Years Form 16 / Income Tax Return 
  • Last 6 months salary slip 
  • Latest 12-month bank statement 
  • Existing Loan / Obligation details –If any