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Vseva4u.com helps you to apply and acquire loans for all
your needs.
We will send the information you have entered in the apply loan form to
Different Loan agents and bankers.You will get the calls from the different
Loan company agents and bankers.
Vseva4u.com helps you get the best possible deal on obtaining your dream. |
Eligibility
Age
Salaried
- Minimum age of Applicant: 21 years
- Maximum age of Applicant at loan maturity:
60 years
Self Employed
- Minimum age of Applicant: 21 years
- Maximum age of Applicant at loan maturity:
65 years
Income
Minimum Annual Income should be Rs.100, 000 p.a. taxable income
The actual eligibility is calculated after going thru the actual financials and
profile.
Stability
- Minimum employment: Minimum 2 years in employment and minimum 1 year in the current
organization.
- Years in business: Minimum 3 years in current business and 5 years
total business experience.
- Business must be profit making for the last 2 years.
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The minimum stay at current residence should be 2 year for salaried and self-employed
individuals.
- The applicant must have a landline telephone connection at home
running from the last six months.
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Checklist for Automobile Loan:
Income proof:
Salaried individuals: Latest Salary slip or salary certificate. Form 16 of
the previous Financial Year or latest Income Tax Returns.
Self-Employed individuals: Income Tax Returns of 2 previous financial years.
Partnership Firms, Societies & Companies: Income Tax Returns of 2 previous
financial years along with Profit & Loss Account Statements and Balance Sheets
of both years.
Identity/Signature Proof
1. Voter's ID card
2. Passport
3. Ration card
4. PAN card
5. Employer's Identity card
Address Proof
1. Voter's ID card
2. Passport
3. Ration card
4. PAN card
5. Rent agreement (if you are residing in a rented house)
6. Bank Pass book
7. Quarters Allotment Letter from the company (if you are residing in company quarters)
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FAQs For Car Loan
What are the loan tenure options?
The tenure of the loan could range from 1 to 7 years for new cars and from 1 to
5 years for used cars.
What are the lending rates?
The lending rates vary on the basis of discounts, which are offered by dealers and
banks.
How is the interest charged/calculated?
Interest is calculated on a monthly reducing balance basis.
Do I have to pay any additional charges?
Every bank charges a processing fee, which varies from bank to bank, are based on
factors as loan amount, car make, car loan new or old rate of interest etc.
How much time will it take for my loan to be approved?
The loans are generally approved within 2 working days at the day of submission
of complete documentation.
Who can be the co-applicants for the loan?
Your spouse or any blood relative staying in the same residence can be a co-applicant.
Is a personal guarantor a must?
No, a personal guarantor is not a must.
What security/collateral do I have to provide?
No additional security/collateral needs to be provided, apart from the car against
which the loan is granted, being hypothecated to the bank.
How do I repay the loan?
You pay the loan in equated monthly installments. The loan will be paid through
post-dated cheques or through Standing Instructions or through ECS to debit your
Bank account through ECS with the EMI amount.
Can I prepay my loan?
We charge prepayment fee of 1% to 5% on the outstanding principal amount, Service
Tax will be charged as applicable.
What is a Monthly Reducing Balance?
In the case of monthly reducing balance method, the principal gets reduced at the
end of every month and the interest is calculated on the outstanding principal at
the end of the month.
What is an Annual Reducing Balance?
In the case of annual reducing balance method, the principal gets reduced at the
end of the year and the interest is calculated on the outstanding principal at the
end of the year.
Do I need to open an account with same Bank for availing and/ or servicing the loan?
Opening an account with same bank is not mandatory.
What are the stages involved in availing a loan?
The stages involved are:
1. Application
2. Processing
3. Documentation
4. Sanctioning of the loan
5. Disbursement
Can I avail of a loan on my existing car?
Yes, the bank offer loans on existing cars, provided the cars are not hypothecated
to any financier.
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