Zeroed in on your dream machine but short of money? Car loan allows you to acquire your dream vehicle at attractive terms and conditions. Total loan amount of your car loan is the base price of your car minus the down payment that you make. If you increase your down payment, your car loan amount is decreased in the same proportion. By increasing your down payment, you may effectively reduce your car loan tenure and EMI (Equated monthly installment) amount also. Base price of a car is its standard price excluding the add-ons like GPS device, alloy wheels etc.
Step 1:
Enquiry: First step of your car loan process is to get in touch with some banks and money lenders. Enquire about their loan offers, interest rates and eligibility criteria and then decide about the one who can offer you car loans in Delhi at most attractive and affordable terms.
Step 2:
Documents: Once you zero in on a lender, you need to contact them with your requirement of Car Loan in Delhi. The money lender or bank's representative will ask you to submit supporting documents like income proof, residence proof, salary slips, IT returns etc.
Step 3:
Field Investigation and Verification
Once you submit the required documents, money lender's executives will visit your home or office to double check the authenticity of the facts and claims provided by you in your documents. If he is satisfied with his investigation, he will report the same to the bank / money lender and thereafter your car loan application in Delhi will almost be approved. However, a negative report by the investigator may force the bank to reject your loan application.
Step 4
Loan Approval: If your field investigation report is positive, your loan application will be approved by the money lender. You will be briefed about your car loan tenure, EMI (Equated monthly installment) and interest rates etc. Thereafter, your car loan amount will be disbursed to you through cheque or demand draft (DD).
Guarantor:
Some money lenders may ask to you to bring in a guarantor to approve your car loan in Delhi in case your credit history is less than perfect or you do not have any credit history at all. You will need to furnish the following documents to avail car loan in Delhi:
1. Identity Proof: It could be your PAN Card, Voter ID, Telephone Bill, Driver's License etc.
2. Residence Proof: It could be your Ration Card, Electricity Bill, Passport, Voter ID etc.
3. Income Proof: You need to submit latest salary slips and bank statement of last 06 months. Form 16 for the last financial year is also usually required. Self-employed individuals need to submit the proof of last year's IT returns.
