Have you recently been longing for a car? And have you been finding it difficult to get the required finances for the same? If yes, then you have arrived at the correct place for guidance. Quikkloan facilitates online car loan in Delhi-NCR through multiple pools of banks and NBFCs. Let’s tell you more about car loans online before you apply for car loans with car finance providers.
What is a car loan?
A car loan is a monetary amount lent to a borrower on interest to enable the purchase of a car. Car loan at best interest rates is beneficial when savings and disposable income are not enough to help purchase a four-wheeled vehicle.
What do we look for?
Before you apply for car loans online and check out the car loan interest rates, you need to know the various things auto loan providers look for.
The lower age limit to apply for car loans online is 18 years. You should be less than 70 years of age.
You should be earning more than INR 20,000/- per month to be eligible for car loans online.
Getting car loans at best interest rates will be possible only if you are a salaried individual or are a self-employed individual. You must have at least 3 years of total experience and a minimum of 2 years in the current profession.
Quikkloan facilitates online car loan to people who are living at a current residence in the urban/ semi-urban/ rural area for minimum 1 year.
Does the age of car matter?
Yes, in short! The car loan amount depends on the type of vehicle you are purchasing. Moreover, the loan amount can also get affected by the fact that your car is old or new. The regularity of income can also be a game-changer.
What documents are required?
At Quikkloan, we look for the following documents even before we switch on our car loan EMI calculator.
- Cheque for processing fee
- Identity proof- PAN/ Driver license/ Passport/ Aadhar card
- Proof of residence: Passport/ Utility bill/ Ration card/ Rental agreement
- Proof of income: Latest salary slips of 3 months/ Bank Statements of past 3-6 months/ Passbook/ Current salary certificate/ MOA or Partnership deed.
- Proof of tax paid: Latest Form 16 or other tax proofs
- CIBIL score: Your credit score must be high enough to make you creditworthy. Credit scores prove the credibility of a borrower and at Quikkloan, we love to work with the most creditworthy borrowers.
Is there any tax benefit?
Please note that applying for car loans online don’t help you reduce tax liabilities. So, you must check for the loans at best interest rates. This will help you save money and be a happy car buyer.
Does Debt-burden ratio matter?
Yes, again! The car loan EMI calculator at Quikkloan will certainly be impacted by the DBR figure. The ratio of the sum of your debts to your total income must be less than 50% positively and ideally within 36% to get the loans with best interest rates.
Now, you are armed with all the information that Quikkloan works with. So, don’t wait and apply for a car loan online with Quikkloan to buy your dream car in Delhi-NCR.