Are You Eligible for a Car Loan

Posted by Diane Capri
3
Finance & Investment
Apr 14, 2015
945 Views
It is a myth that applying for a car loan, and waiting for its approval is tedious and cumbersome. With the advent of online banking, the entire process from applying for a loan to its realisation has become extremely simple and smooth. Applying for a car loan online, gets you instant approval and faster processing. Apart from the car loan EMI and Eligibility Calculator, bank websites offer many unique features like Car Comparison, Car Reviews and Car News.

There are many car loans schemes available these days, and are especially designed to suit each customer’s requirement. That makes it really easy for a customer to get the best deal.

Car Loan Eligibility Calculator

The best and most useful feature, available online, is Car Loan Eligibility Calculator. Just fill in the required details in an already existing checklist, and you get to know every possible detail with regards to your loan. From the minimum loan amount you are eligible for to the maximum amount. Same applies to the tenure. You also get a comprehensive table stating the EMI scheme, fixed interest rate and total cost.

The basic details you need to fill in, to check your eligibility for the car loan, are as follows –

  1. Your current location
  2. Residence Type – Owned, rented etc
  3. Your Date of Birth
  4. Make and Model of the Car
  5. Type of Employment

If you are opting for a car loan from say, ICICI Bank you can get –

  1. Up to 100% of the ex-showroom price of the car
  2. Attractive interest rates
  3. Up to 7 years tenure
  4. Easy documentation

Following are the eligibility criteria to apply for a car loan from ICICI Bank-

  1. You need to be 23 years old or above at the time of application.
  2. You must have a steady source of income.
  3. You could either be a salaried individual or self-employed.

Be it a new car or pre-owned car, the bank has car loan schemes for both. If you opt for a pre-owned car loan, you can get –

  1. Up to 80% on the valuation of the car
  2. Attractive rates of interest
  3. Loan tenure up to 5 years

With ICICI bank car loans you can now own any pre-owned car of your choice, very conveniently.

The documents you need –

If you are a salaried individual, you need the following documents to apply for the car loan –

  1. Photograph, identity proof and age proof
  2. Address proof/ Proof of residence
  3. Latest salary slip/ Form 16
  4. Proof of employment stability
 
Documents required for self-employed applicants –
 
  1. Photograph, identity proof and age proof
  2. Address proof/ Proof of residence
  3. Income tax returns of 2 previous financial years
  4. Proof of business stability/ Proof of business ownership

Documents required for self-employed non professional
  1. Identity proof, age proof
  2. Proof of residence
  3. Income tax returns of 2 previous financial years. Complete financial/audit report
  4. Proof of business stability
  5. Proof of business ownership
  6. Partnership deed and letter signed by all partners authorising one partner
  7. Companies and Societies need to provide a resolution by Board of Directors and Memorandum and Articles of Association.
 
So, go ahead and live your dream of buying your favourite car. Happy driving!
Comments
avatar
Please sign in to add comment.
Advertise on APSense
This advertising space is available.
Post Your Ad Here
More Articles