Getting a personal loan is very common practice and one of the securities that you can use is your vehicle. If there are some financial difficulties in maintaining your car then you can get a car loan approved.
Documents required
Here is a list of documents that you'll require to avail a Loan against your car.
- Identity proof
- Address proof
- Car documents - DL, car insurance, and RC
- Bank statement
The value of your car and the tenure of the loan will be decided on the age of the car, model, and maker of your car.
Eligibility Criteria
To get an approval for a car loan, you need to have a good credit score. It will help in getting better interest rates. Also, make sure that there are not any errors in your credit report. Here are some points to keep in mind while applying for a car loan.
- The age to apply for a car loan is 21 - 65 years.
- A regular source of income is mandatory requirement to apply for a car loan.
- The vehicle has to be manufactured and available in the market. Discontinued cars are rejected by lenders.
- The car has to be less than 5 years of age.
