Auto Loan industry in India is approx 15 year old industry. Process of offering financial assistance, on flexible terms, to purchase cars/automobiles is known as the Auto Loans.
Go Zoom With AutoMobile Loan:
Auto Loans is the major component of loans and many private and public sector establishments are offering Auto Loans. 80% of the people are belonging to age group of 20 to 25 years. Hence no wonder, one will definitely go in for purchasing the vehicles, especially cars and bikes. Firms’ offering the auto loans has seen a fantastic rise in the last five years.
Type of People Going For Auto Loans:
Various people in India go in for the auto loans. Some of them would be
Salaried Personnel between 21 to 60 years
Employees of Public Companies
Employees of Private Companies
Small Time Business Owners
Professionals like Doctors, IT Professionals, Engineers, Dentists, Lawyers, Lecturers and others
Vital Documents Required While Applying For Auto Loans:
Some of the major documents for applying for the auto loans are:
- Photo Identity Proofs: Photo id proofs like the PAN Card, Passport, Driving License and Voter ID is introduced.
- Residential Address Proof: Residential Address proof would consist of Passport, Water bills, electricity bills, Gas bills.
- Access Card: You must give Xerox of Access card.
- Income Proof: You can submit previous 3 months of the salary certificate to us. You can also submit the Form 16 to us
- Employment Certificate: You can submit current employment certificate giving details of employment more than 2 years.
- Experience Certificate: One needs to submit previous employment certificate consisting of experience and relieving letter.
- Bank Statement: Xerox of previous bank statement for last 3 months, to know place where salary is credited
- Photographs: One need to carry three passport size photos to the agency to fix photos.
Advantages of Auto Loans:
Auto Loans is gaining more prominence in India. Some of the advantages of the Auto Loans are:
Attractive Discounts: While taking up the auto loans, during the festivals like Diwali, Holi, Baisakhi, Ugadi, the rate of interest will be reasonable. Monthly payment will go down and also lower the entire money, one need to pay.
Beautiful Interest Rates: It is done to make sure that rate of interest is very reasonable.
Good Tie Ups: Most of the financial institutes offering auto loans will have finest relationship with manufacturers and dealers of the cars.
Maximum Amount Sanctioned: You can get the maximum amount sanctioned under the Auto loans. Finally you are paying for your dream vehicle.
Huge Coverage On Vehicles: Auto loan will definitely cover huge range of cars, sports utility vehicles (SUV), bikes as well.
Documents Essential For Self-Employed Professionals:
Various documents are essential for the self employed professionals to take up the auto loans. Some of the essential documents are as follows:
Age of the applicant must be 18-20 years
Maximum age must be 60 years
Must have spend 2 years in the company
Annual Income must be above 2,20,000
Proof Of Income must be submitted for last 2 years
Balance Sheet Xerox
Profit And Loss Account Xerox
Xerox of landline bill, mobile bill and water bills
Xerox of Your Access Card
Copy of the IT returns for the last 3 years
Xerox of the Bank Statements
Hence, the vehicle loan is having lot of momentum and people love to take loans to purchase the cars/automobiles.
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