Applying for a car loan is not hard and quite easy. You can apply online through a bank website or some credible third-party website. When you are applying online, you need to submit an income proof (a latest bank statement, pay slips, IT returns) for the last three months, an age proof in the form of birth certificate or a 10th or 12th school certificate, an identity proof in the form of ID, passport, drive license and many more, and lastly, an address proof in the form of ration card/ electricity bills or any bills that has your complete address on it. When you are done, the bank will then verify the process of the loan application and once it approved, the car loan amount will be sent to your bank account immediately.
Who is eligible to apply for car loan?
People who eligible is to apply for a car loan is any individual in the age of 21 to 65 years that has a good credit score and steady income. It doesn’t matter if you are a salaried individual or a self-employed, but at least you need to have work for 2 years in the same profession. The banks usually will look at the applicant’s credit history at the time when they try to process your car loan because your credit history can show one’s credit management skills.
If your credit score is around 750 or above, your application might be approved. Credit history score also indicates how trustworthy you are to be given the loan by the banks, the more you have a clean record, the higher rates you will be approved. So, make sure to never have a bad record in any of your loans and read car loan eligibility before applying for one, because sometimes getting too many rejection over a car loan will also give a negative impact on your credit score.