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What is a Car loan?
A car loan is a personal loan that allows the potential buyer to pay the vehicle off in monthly payments instead of having to pay the full price all at once. This means that a lending servicer or bank will pay off the car in full, while in return the borrower pays off the debt in monthly payments with an interest fee included as well.
Remember, it is very important that you always make your monthly payments if you get a car loan. If you fail to make these payments the bank may be able to come after you and repossess your vehicle, leaving you with no way to get around. Even with unsecured loans the bank will come after the borrower, usually by suing them for the remaining debt. Also any missed payments will be reported to the credit bureaus and the borrower will notice their score begin to drop.
Know your car loan eligibility; speak with our professional team members. Our dedicated relationship managers will help you to get a best deal for financing your new car. Get car loan interest rates as low as 9.00%*. Apply online on loanfasttrack for your new car loan, one of the best car finance companies in India.
Interest rates on car loan range from 9 percent to 12 percent.
|1||Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)||Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)|
|2||Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)||Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)|
|3||Latest Salary-slips for 4 months||Certificate & Proof of business existence along with Business Profile|
|4||Form 16 for last 2 years||Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant|
|5||Processing Fee Cheque in favour of bank.||Last 12 months Bank Account Statements (self & business)|
In India, apart from the issue that paying such a huge sum of cash may disturb one's budget, massive purchases with liquid cash could put you on the Income Tax department's radar as well. When you get a car loan to pay for your car, you manage to retain your savings for other current and future expenses. One of the greatest car loan benefits in India that the loan is secured against the car itself, so, you do not have to mortgage your property or other assets to get a car loan. You also get to use your car while you are servicing the car loan term, so a few years down the line you have added to your original savings and have the opportunity to own the car having paid off your car loan completely. This gives you the chance to augment crucial credit history by procuring a car loan and strictly adhering to the repayment cycle. A good credit history including timely payments and cleared debts help you obtain further loans in the future. Car loans, therefore, are a very safe and certain way of purchasing your own car.
Loanfasttrack is a free service provider. It is the best car loan provider in India. Loanfasttrack has a dedicated professional team that helps you to make smart decision on comparative evaluations of best car loan offers and best car loan rates from top banks. It is one such online platform for easy car loans comparison, which helps you to know your car loan eligibility and to secure your chance to get a low interest car loan at a single click. You no longer have to worry on “Which bank gives lowest interest rates for vehicle loan”, Loanfasttrack guarantees instant car loan application with the lender bank/NBFC with the best car loan interest rates.
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