Tips to know before Applying for a Car loan Everyone has dream of living a luxurious life. Own a house, nice job, good bank balance, and self-dependence are the basic elements for a luxury life. After all of these things, a car is also required to fulfill your necessity and luxury both. With your own car, you can avoid crowded transportation and enjoy both short and long journeys as per your choice and comfort. Imagine enjoy your weekend by going for a long drive with your family and loved once, Just incredible. Getting all things mentioned above in one go is possible. A smart person chooses the correct loan from the best lender to accomplish all such goals. For example, one chooses loan for a home, for a business expansion and for your personal Repaying the loan amount on time improves the CIBIL score and Loan approval chances in future as well. Bank and lenders also offer car loan at affordable interest rates; so anyone can fulfill their dream of being a car owner. requirements. Getting the car loan earlier was a challenging task. Enough money is required to buy a new car so it’s not that easy to arrange such large amount. Bank and NBFCs offer car loan to avail a car. One can easily apply for a car loan and can be a car owner. Different lenders offer car loan at flexible EMI which is quite easy to afford. Here’s Banknomics is Introducing every borrower with the necessary tips to follow before applying for a car loan. Required Things to be a car owner is as follows: Required documents for a car loan Proper documentation is the first step towards availing any loan. List of required documents for a car loan includes:
1.Car Documents for which you are applying 2.Identity Proof 3.Age Proof 4.Proof of Address 5.Passport size Photographs 6.Income proof such as last 3 month salary slip 7.Last 6 month bank account statement 8.Latest income-tax return There are lenders who can ask for some additional documents so be prepared with all your important documents before applying for car loan. Apart from abovementioned documents, some lenders may ask for the driving license of the borrower and car insurance copy. Banknomics suggest every borrower to apply with fair and complete documents for an assured hassle free car loan. Keep all above documents ready before going to apply for a car loan. Missing of any such documents can be a reason for loan rejection that not only breaks your dream but also put negative effect on your cibil score too. Eligibility Criteria for a car loan A borrower with following eligibility can apply for a car loan: • Applicant should be more than 18 years old • Minimum salary requirements (As per lenders term and conditions) • Employment type • Residence area(Applicant shouldn’t be living in blacklisted areas) At Banknomics we ensure for cheaper loan at best cost and services. We have tied up with over 40+ banks and NBFCs; hence there is many options are available to opt the best car loan at low interest rates. Agreement of hypothecation Whenever you applied for a car loan, the lenders request their borrower to sign a hypothecation agreement. According to this agreement, the lender has right to
liquidate your assets. In case the borrower fails to pay the loan EMI on time or Fails to repay the loan amount within the loan tenure the bank or NBFC can seize your car and assets as well. During this, the lender will be the owner of your car. Image: Sample Copy of Hypothecation After the completion of hypothecation period and when you repay the whole loan amount, then you will be the real owner of your car. Banknomics suggest every borrower to change the owner name on the registration paper after the hypothecation completion. You need NOC (No Objection Certificate) from your lender and submit it to the insurance company to make changes in the insurance paper. At the end, you need to submit it to RTO office to remove the Hypothecation agreement. At Banknomics a borrower can apply for a car loan at the interest rate starts from 8.80%*. Be the owner of your own car with a hassle-free car loan. Go online and apply for a car loan with Banknomics for quick approval.