Car Loan Services

Loan On Car - Low interest rate car loans from a wide range of lenders

Loan on Car is the process of replacing your existing car loan with a new one or taking a fresh loan on an existing car. Loan on car can help you save money by securing a higher value on your current asset considering depreciation, convenient loan tenure options along with a competitive rate of interest to best suit the current requirement. As a result, you can decrease your monthly payments and free up cash for other financial obligations..

All in all, a personal loan can offset any temporary financial crisis.

Application processes when applying for a Car Loan - one is manual and the other digital.

The manual process:

• 1.   Customer walks in
• 2.   Probing is done
• 3.   Scheme and IRR are shared
• 4.   Documents are collected
• 5.   Lead is generated on the Sales CRM
• 6.   Case is introduced through MCAS
• 7.   For pre-approved customers, the case moves directly to the operations tray. For non-pre-approved customers, the case is moved to the credit tray
• 8.   Credit team approves the case
• 9.   Post-approval, documents are submitted
• 10.   The loan is disbursed

What are the eligibility criteria to apply for a Car Loan?

Anybody can apply for a Car Loan provided their age is greater than 18 years. Customers declared as defaulters by the RBI and applications from customers belonging to countries excluded by the OFAC are also not eligible to apply for a Car Loan.

Personal Loan Eligibility

Legallogy give full information about loan eligibility like personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:

Eligibility Criteria

• •   Age: 21 years - 60 years
• •   Employment Type: (1) Salaried (2) Self-Employed professionals
• •   Credit score: 700 or above with a good credit history
• •   Loan Amount: Up to ₹50 lacs depending on the credit profile
• •   Minimum Net Income (Monthly): ₹20,000 to above

Documents Required for Personal Loan

The common documents required for an online personal loan approval are given below:

For Salaried Individuals

• 1.   Identity & Age Proof
• 2.   Completely filled personal loan application with photograph
• 3.   PAN Card
• 4.   Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
• 5.   Bank statements for the last 3 months(preferably your salary account)
• 6.   Salary Slips of last 3 months
• 7.   Form 16 or Income Tax Returns of last 3 years

For Self-Employed Individuals

• 1.   Identity & Age Proof
• 2.   Completely filled personal loan application with photograph
• 3.   PAN Card
• 4.   Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
• 5.   Bank statements for the last 3 months(preferably your salary account)
• 6.   Salary Slips of last 3 months
• 7.   Last 3 years Income Tax Returns with computation of Income
• 8.   Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account