A car loan lets you purchase a brand new or a second-hand vehicle. You can expect up to 100% on-road funding with nil foreclosure charges. You can sign up for a loan tenure of 10 years for up to ₹50 lakhs and drive your dream car home. It takes 1 day to sanction the loan and 2 days post-sanctioning process and disbursal. Low-cost and transparent fees make the process all the easier. Besides financing, a car loan helps establish your credit. Affordable EMIs ensure you are able to pay on time which improves your score.
The top Indian bank has made the application process quick and convenient. The executives have a customer-first approach and respond on non-working days too. Learn more about applying for a car loan to be able to make an informed choice.
Car Loan Application Process
You can apply within a few seconds from the comfort of your home. The best bank assures a 3-step process for ultimate ease and client satisfaction. All you have to do is:
- Give a missed call at the given number on their official website. The representative will contact you within some time.
- Submit the requested documents to the representative and get the loan sanctioned.
- The post-sanction papers will be needed before purchasing the car.
The documents are quite simple like KYC, bank statements and anything else required for a specific program. You do not need any income proof. But make sure to be aware of the terms and conditions This makes it easy for young adults and speeds up the process too. It is quite hassle-free with doorstep assistance from the associates. The relationship manager and bank manager will often go out of their way to offer class-apart service.
You can use a car loan EMI calculator to view the monthly EMI. Input details like amount, period and car loan interest rates and use the slider to arrive at a suitable instalment each month. It makes it easy to plan the loan beforehand and apply confidently.
Things to Know Before Applying for a Car Loan
The best banks make sure the car loan application process is a cakewalk. Knowing these important facts will ensure minimal hiccups:
- Know that a car loan takes 3 days to get disbursed. Plan your purchase accordingly.
- No collateral is needed. Your vehicle is hypothecated to your bank throughout the tenure and acts as a security.
- You can cancel your application even after approval. The bank will help with the rest of the cancellation processes.
- GST, as applicable, will be levied on all service charges.
- The NOC will be dispatched to your address once the loan has been repaid.
- Only processing fees, document charges and applicable stamp duty are needed on new car loans.
Before applying, know about the car loan interest rates and eligibility well. It will help you make the right choices and lower the chances of complications. Do not hesitate to get in touch with the bank professionals to clear queries and concerns.