Article Directory



All you need to know about car loans




Posted on April 29th, 2019

A car loan is a loan given by lenders so that the borrower can purchase a car. This type of finance is given for :

  • New car
  • Pre-owned car
  • Loan against car

A car loan is the best way to get the car of your dreams. With the advent of digital banking, applying for a car loan is extremely easy, especially online.

Here is everything you need to know about car loans:

  1. Secured loan:

In case of purchase of a car, the finance is directly given to the seller of the car. The car is hypothecated to the lender till the time the installments are paid off. Once the installments are paid off, the car loan hypothecation has to be removed and then the borrower’s name will appear on the car registration papers and car insurance papers.

  1. Eligibility criteria:

Most lenders have set eligibility criteria when it comes to a car loan. These criteria are in regards to:

  • Minimum income per month
  • Minimum number of years stayed in the particular city
  • Minimum number of years at job or minimum period the business is in operation

Lenders also allow a borrower to apply for a car loan jointly in case the monthly income conditions are not completely met.

  1. Documents required:

The documents required for a car loan are fairly standard:

  • Fully filled car loan application form
  • Identity proof (Passport, Voter ID, Driving license, Aadhar card, PAN card)
  • Address proof (Aadhar card, Passport, Voter ID, Driving License, Electricity bill, Telephone bill, Gas bill, Ration card)
  • Income proofs (Bank statement, Form 16, Salary slips, Income Tax returns)
  • Passport size photos depending on the lender

In case a car loan application is made online, the bank’s representatives will get in touch to get these documents collected.

  1. EMI calculator:

There is no need to apply for a car loan and then find out the monthly installment amount. With digital banking, most lenders have a car loan calculator on their websites. A car loan calculator is a free of cost calculator that allows a person to find out the installment amount for the loan. It requires the loan amount, the rate of interest and the tenure to be put in and the loan calculator will automatically calculate the installment amount. Using a car loan calculator is extremely beneficial for borrowers because it can help in financial planning. It is also worthwhile to calculate the EMI amount under different tenures and rates of interest. A car loan calculator is simple to use but essential to help plan finances after taking a car loan.


Trending Articles


Most Popular Wireless Hacking Tools




Posted on December 12th, 2018Introduction of Wireless Hacking ToolsInternet is now the fundamental need of our daily life. With the increasing use of smartphones, most of the matters at the moment are on line.Every time we ought to do something, we just use our cellphone or computer. This is the cause wireless hotspots may be discovered anywhere.People also use WiFi of their home community to attach all gadgets. Every character can see the neighborhood WiFI Networks inside the machine, and they... Read More

The Coronavirus spreads across the United States, killing over 100




The Coronavirus is spreading rapidly in the United States, which has been engulfed by all states and the total number of cases has exceeded 6,000. The outbreak of the Coronavirus from China has engulfed 166 countries around the world, bringing the total number of victims to 98,543, out of which more than 82,000 have been cured and 7988 have been killed. According to US media, the Coronavirus has spread to all states and the number has risen to 6,515 after 104 new cases... Read More

What is Hantavirus Pulmonary Syndrome?




Hantavirus infection was noted in Japan in the mid-1970s when a series of patients with unknown fever occurred among rat handlers at medical animal experimental facilities in various locations, and the etiology was unknown at that time. (The outbreak continued until 1984, a total of 127 cases, one of which died). Earlier, in the 1960s, an unknown fever was reported in a poorly lived area in Umeda, Osaka (two of 119 cases died). Before the war, there was an epidemic in the Amur River... Read More

Great news for Mobile Customers




In this Emergency Solutions, the telecom companies operating in the country have taken various steps to ensure that the users of these services will not face any problem but can be facilitated. Learn about some of the services these companies are providing to mobile phone users during this difficult time. Telenor The company is providing a free WhatsApp facility for locals in the provinces to connect with their loved ones due to lockdown in the provinces. It... Read More

THE MYSTERIOUS WORLD IS HIDDEN BEYOND URANUS




Far from the warm heat and glorious light of our sun, there is a dark and distant area inhabited by a frozen icy body well hidden from the curious observer’s pr cordy eyes. Indeed, astronomers have just begun exploring this strange area of ​​everlasting dusk, far away and not easily accessible to its many fascinating and bewitching secrets. This distant area at the outer limits of our solar system is called the Kuiper Belt, and the icy dwarf planet Pl and its... Read More