Buying a car has become very easy nowadays and too many financing options are also available. Easyloansindia helps you in deciding which finance option suits you the best. A car loan is a loan in which funds are given to purchase a car and the car so purchased is kept as security. Subject car is hypothecated in favor of the financial institution. It is given to new as well as used cars. Buyer can repay the loan in the form of equated monthly instalments for a maximum tenure of five to seven years.
The car loan market is very competitive. Someone can get too many offers but you need to understand the hidden costs involved in it. Offers keep changing with the car you opt for, festive seasons, the city in which you reside, etc. Buyer should be cautious and should know that it is not compulsory for him to purchase car insurance from the car dealer or the lender. He should negotiate smartly on processing fee (varies from car to car as well as a financial institution).
Documents required :
1. Identity Proof : PAN card, driving license, passport,aadhar card etc.
2. Address Proof : Electricity bill, telephone bill, aadhar card, driving license etc.
3. Income proof : Salary slip and Form 16 for salaried individuals and Income Tax Returns(last two years ) for self employed people.
4. Bank statement for last 3-6 months.
5. Other documents as asked by financial institution.