ALL YOU REQUIRED TO KNOW TO GET EASY CAR LOAN

A car loan also called as automobile loan is a capital or money borrows by the consumer in order to purchase an automobile from the money lending companies or banks. Car is now becoming daily necessity for an individual and to have that a large amount required in one shot and that much amount not everyone have on a same time so to get car loan is a best option to meet your desire. The party that lends the money to help you to buy a car called as lender and other party who is borrowing that money is called borrower. When the borrower taking out a loan from the lender, borrower agrees to pay back the full loan amount along with interest in specific time by making payment monthly also known as EMI.

To get car loan you must have to follow some procedures and meet the requirements to get the loan and by fulfilling the requirements you can easily get the best car loan by comparing Terms and Conditions and also the rate of interest of different lenders.

Let’s discuss each and every requirement, procedure one by one so that you can get your dream car with "Easy Car Loan".

Eligibility Criteria for Car Loan
Every individual who is willing to borrow the car loan should be eligible to get this loan by meeting following points:

For Salaried Individuals:
• Individual should be employee of any private limited companies, public sector undertaking company or government employee either of local or state or central.

• Age limit is 21 to 60 years old.
• Minimum package of the individual should be INR 3,00,000 per year.
• Individual should have at least 2 years of service experience with at least 1 year experience with current employer.

For Self Employed Individuals:
• This includes sole proprietors in the business, partners in the business like LLP or Private Limited firm.

• Age limit is 21 to 60 years old.
• Individual should earn minimum INR 3,00,000 per year.
• Business of the individual should at least 2 years old.

Documents required for Car Loan:
Money lending companies usually required borrower’s various documents for the confidence on the borrower and for the verification purpose. Even now government has made it compulsory for these money lending institutions that they can’t proceed loan before verification of the mandatory documents.

Here is the list of documents required for Car Loan:
• Identity Proof: Aadhar Card, Passport, PAN Card, Voter ID Card, Driving License.
Individual not need to submit all but some are mandatory like PAN card.

• Address Proof: Aadhar Card, Driving License, Passport Copy, Voter ID Card, Ration Card, Telephone Bill, Electricity bill, etc.

Any of the mentioned documents can be used.
• Latest salary slips and Form 16 as income proof for salaried individual.
• Latest Income Tax Return or Audited Balance sheet for self-employed.
• Last 6 months bank statements.

So, to get an easy car loan all you need to need to fulfill your eligibility and submit your required documents to "Get the Best Car Loan" by comparing Terms and Conditions along with Rate of Interest of different money lending companies.