car loan home loan
Every man has two dreams, one to build a beautiful house and buy a branded car to park in it. Car reduces a lot of troubles in your life and it is also very comfortable, it not only makes it easy to go somewhere, but my brother does not have to fight with transport to go to office.
Cutting the puzzle was a big deal for the common man and it used to be very difficult for him, but in today’s time it has become very easy because many banks and some finance companies provide car loans to buy a car, so that Common man can also buy a car easily.
Banks and finance companies make Islam available on easy monthly installments, which not only makes it easy for the common man to buy a car, but also does not affect his budget.
There are many types of car loans and their terms are also different. The interest rates charged on car loans are also different and keep fluctuating. Through this post, we will know that –
• What is a car loan
• What is Car Loan EMI Calculator
• Car loan eligibility and terms
• Documents required for car loan
What is car loan
If a person needs a loan from a bank or any other finance company to buy a car, then that loan is called a car loan.
All banks and many finance companies provide this type of loan, and finance companies pass this type of loan on the basis of applicant’s credit score, monthly income, loan amount, loan to value ratio, job profile, employer or company profile, etc. Does it
Their value can range from 75% to 90% of the applicant property value, depending on the LTV ratios prescribed by banks and finance companies.
Many sites online now offer this facility from where you can find and compare car loan interest rates offered by tube banks and HFCs to choose the home loan best suited for you.
What is Car Loan EMI Calculator
Usually we use the calculator only to do any calculation, in the same way the calculator which is used for the calculation of EMI is called EMI calculator.
To calculate car loan EMI, type EMI calculator on Google search. There are many websites which provide this facility free of cost. This online loan calculator tells you how much EMI you will have to pay based on the principal amount, interest rate and tenure. With the help of this calculator, you also get to know how much interest you will pay during the total tenure. This calculator tells you before taking the loan, what will be the EMI and how much this loan will cost you.
Car loan eligibility and conditions
These home loan terms vary from bank to bank and institutions, but some of the common ones are as follows –
The applicant should be an Indian resident, Non-Resident Indian (NRI), a person of Indian origin.
The credit score of the applicant should be 750 or above.
The age of the applicant should be between 18 to 70 years.
Work experience for job profession should be at least 2 years and if the applicant has a business then it should be at least 3 years old.
The minimum salary of the applicant should be ₹ 25000 per month, it is more or less according to different banks and institutions.
The loan amount can be given up to 90% of the property value.
Apart from all these, the car loan eligibility and terms depend on the type of car you are buying and the company it belongs to.
Documents required for car loan
Identity proof: It requires a photocopy of any one of the applicant’s PAN card, passport, Aadhaar card, voter ID card and driving license.
Age proof: It requires a photo copy of any one of the applicant’s Aadhaar card, PAN card, passport, birth certificate, 10th mark sheet, bank passbook and driving license.
Residence Proof: Photocopy of any one of Bank Passbook, Voter ID Card, Aadhaar Card, Original Residence Letter, Passport, Utility Bill and LIC Policy Receipt.
Income Proof: Recent Salary Slip, any one of the ITR of last 3 years and Investment Proof