Posted on Thursday October 18th, 2018

A car loan is basically a type of personal loan that enables the buyer to make easy payment in installments for the vehicle instead of paying the whole amount at once. The money lending companies or financial institutions provide money lending service to the buyers and in return, every month borrowers pay off due amount with interest rate. Usually, easy car loans are provided at lowest interest rates for more convenience.

Eligibility criteria for four-wheel vehicle loan – Every individual or buyer who apply for any type of personal loan need to meet eligibility criteria first. You can easily check your eligibility criteria online through eligibility credit calculator provided by financial institutions. Here is some basic eligibility requirement to be fulfilled for car loan –
● Salaried individuals or self-employed individuals can apply.
● Minimum salary of individuals must be at least 10,000 per month.
● 2-3 years of employment experience is required.
● Residence area stability- minimum 1yr or stay at the current residence.
All these basic eligibility requirements should be fulfilled by the buyer in order to “Apply For Best Car Loans“.

Documents required for car loan
Money lending companies usually request for various documents from the borrower in order to verify their credit score, financial stability and credibility. Thousands of people apply for vehicle advance each day. The financial stability of borrowers usually varies from one individual to another. All the money lending companies and banks usually offer loan only to financial capable and credit worthy applicants. Bank only provide when the required documents are submitted by the applicants.

Here is the quick list of documents required for four-wheel vehicle loan are as follows-

Identity proof– photo identity, PAN card, driving license, passport or voter ID.
Address proof– you can submit the copy of any official documents that correctly specify your residential address. It can be your aadhar card, ration card, electricity bill, passport or voter ID.
Age proof– age proof documents are also required by the financial institutions. You can submit the copy of mark sheet, school transfer certificate, birth certificate in order to avail personal credit.
Income proof– it is necessary for each and every individual to prove that he is capable enough to reimburse the credit amount on time with interest.
Bank statement– last 3-6 months of a bank statement is required
Signature proof– banks or financial institutions usually provide applicant forms with a signature column in order to verify all the documents along with the signature.

Why worry about money when financial institutions are here to assist you. So if you require a luxurious four-wheel vehicle now, but you have sufficient funds to buy it. Approach any of the most convenient and reliable money lending firm or company and get personal credit in order to buy a new vehicle or used vehicle. All you need is to fulfill all the necessary requirements in order to attain for four-wheel vehicle credit .