Know About Your Car Loan:
A car loan is a type of financing that allows individuals to purchase a vehicle by borrowing money from a financial institution. This form of secured loan typically involves the borrower making a down payment and repaying the borrowed amount, along with interest, through monthly installments over a specified period. The car serves as collateral for the loan, and once the repayment is complete, ownership of the vehicle is transferred to the borrower. Car loans provide a convenient and structured way for individuals to acquire a vehicle without the need for a large upfront payment. Terms, interest rates, and eligibility criteria may vary among lenders.
Car Loan Eligibility for Salaried Individuals/Self-Employed Individuals
For salaried individuals
Individuals who are at least 21 years old at the time of loan application and no older than 60 at the end of the loan tenure
Individuals who have worked for at least two years, with at least one year with the current employer
Individuals with a minimum earning of Rs. 3,00,000 per year, including the income of the spouse/co-applicant.
For Self Employed Individuals
Individuals who are at least 21 years old at the time of application and no older than 65 at the end of the loan tenure.
Those who have been in business for at least two years.
Should earn at least Rs. 3,000,000 per year
Factors affecting Car Loan Eligibility
- Credit Score
- Income
- Employment History
- Age
- Debt-to-Income Ratio
- Loan Amount
- Loan Tenure
- Work Experience (For Self-Employed)
- Credit History
- Location
Documentation for Car Loan
You will be asked to submit papers suggested by your lender to show your eligibility and competence for a Car Loan. To begin the loan procedure, keep the following documents on hand to obtain a loan as soon as possible.
List of Documents Required
- KYC documents (Valid Photo ID Proofs)
- PAN Card
- Last 2 years’ ITR as proof of income
- Salary Slip (latest 3 months)
- Salary account statement(latest 6 months)
- Signature Verification Proof
All applicable charges will be determined in accordance with the policies and regulations of the respective Bank and Non-Banking Financial Company (NBFC). The fees and charges associated with services, transactions, or financial products will be subject to the terms and conditions set forth by the specific institution. It is advisable to carefully review the fee structure, interest rates, and any other associated costs provided by the Bank or NBFC before availing any services or entering into financial agreements. Additionally, for the most accurate and up-to-date information, it is recommended to directly contact the institution in question or refer to their official documentation.
FAQs
Brzlego India provides Direct Selling Agent (DSA) services for a variety of loans, including Personal Loan, Home Loan, Business Loan, Education Loan, Loan Against Property, Doctor’s Loan, Car Loan, Two-Wheeler Loan, and Plot Loan.
Brzlego India has partnerships with ICICI Bank, HDFC Bank, LIC HFL, Chola, Aadhar Housing Finance, Fullerton Financial, Utkarsh Small Finance Bank, Jana Small Finance Bank, Lendingkart, and Faircent.
You can apply for a loan through Brzlego India by contacting our team or visiting our website. Our expert team will guide you through the application process.
Brzlego India offers a wide range of loans, including Personal Loan, Home Loan, Business Loan, Education Loan, Loan Against Property, Doctor’s Loan, Car Loan, Two-Wheeler Loan, and Plot Loan.
No, Brzlego India is not a financial institution. We are a Direct Selling Agent (DSA) facilitating loan services through our partner banks and financial institutions.
While credit scores are considered, each case is unique. Contact our team, and we will explore the options available for you.
The required documents vary based on the type of loan. Generally, proof of identity, address, income, and property documents are needed. Our team will guide you through the specific requirements.
The approval time varies depending on the type of loan and the documentation provided. We strive to ensure a quick and hassle-free approval process.
Yes, many of our partner banks allow prepayment of loans. However, terms and conditions may apply. Please check with our team for details.
We are transparent about the charges associated with loans. Our team will provide you with a clear understanding of all applicable fees and charges.
We are transparent about the charges associated with loans. Our team will provide you with a clear understanding of all applicable fees and charges.
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