About Car Loan

There was a time when owning a car was a luxury, not all could afford to have. Buying a car was a life milestone for everyone who could shell out those huge amounts of money all at once to buy their dream car. With growing times, changing demographics and emerging car loan lenders, for a majority of the Indian middle class, owning a car today is no longer a luxury, but in fact, a necessity made possible by taking a car loan.

You cannot imagine living without a car because that would restrict you from going places for work, duties or leisure, hindering a good social and professional life. But with newer technologies and lesser resources, the cost of cars are on a rise, often making it extremely difficult for the average individual to purchase their vehicle outright only using ones savings. Therefore, viewing the huge demand for financing both used and new cars, leading loan lenders in India offer car loans, which are floated products, which enable you to purchase your car and pay off the car loan amount borrowed bit by bit through car loan EMIs or installments.

Eligibility

• Repayment ability: Applicant should have been employed by your current organization or been involved in your business for a certain number of years
• Age: Applicant must qualify for the applicant age bracket defined by the lending institution Credit
• Rating: Applicant should have the bank specified credit score and suitable credit history Existing
• EMIs: Applicant should not have any other loan liabilities or must have strong ability to take addition debts.

Documents Required

• Passport Size Photographs
• Identity Proof:   Aadhar Card, Voter’s ID Card,  Employer issued ID card, Driver’s license, Passport Ration Card, Electricity bill etc
• Proof Of Age: Birth Certificate, Secondary school certificate(class 10), Passport
• Address Proof(like ration card, electricity bill etc)
• Income Proof

Bank Of Baroda had made the approval processes of Car loan much simpler and faster by minifying the required documents .

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