Car Loan Dharamshala

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Car Loan Dharamshala
Planning to buy a new car? Make your dream into reality with us. We help you in getting the best offer on the car loan from the leading banks in the Country.

 

What is the Eligibility Criteria for a Car Loan in Dharamshala?

  1. A borrower must be an Indian resident
  2. Minimum Income of Rs 15,000 per month
  3. Minimum 1 year Residential stability is mandatory
  4. Minimum 21 years of age is mandatory
  5. Minimum 1 year of employment stability is must

 

What documents are required to apply for a Car Loan in Dharamshala?

When you apply for a Car Loan, these are the documents which are commonly required, so keep them handy.

  1. Income proof:  Need to submit your salary slips for the last three months and the statements of your bank account for last six months. For self-employed people, the requirement is to submit the audited bank account statements for last six months.
  2. Employment Proof: Need to submit a copy of the appointment letter and a certificate of employment issued by your company. For self-employed individuals, the partnership deed or business establishment documents need to be submitted.
  3. Tax Proof: Need to submit the IT return or Form 16 documents for the last two years.
  4. Address Proof: Any government sanctioned KYC document can be submitted as proof of residence.
  5. Age Proof: Any government sanctioned KYC document can be submitted as proof of age.

 

Factors that affect Car Loan Interest rates in Dharamshala

  1. Credit history: The interest rate depends on the credit history you have built in past years, the high cibil score will not only help you in getting a loan but will also empower you with a strong bargaining power.
  2. Income level: Higher the income better are the chances for the approval of higher loan amount.
  3. Amount of down payment: Higher the down payment made lesser will be the amount that the bank will have to lend you. As a result, the bank’s risk will go down. Also, it shows that your financial position is sound. You may get loan at a lower interest rate from the bank.
  4. Tenure of the loan: Car loan is generally available for tenure of up to 7 years.   It is generally seen that banks charge a higher interest rate for a loan of the shorter time period and vice versa. Longer tenors will enhance repayment capacity.
  5. Car model and age: It is necessary for the bank to consider the car model in deciding the interest rate as on sale every model may not fetch the expected price. New cars are more easily financed than used cars; a high-end model will be expensive which means the borrower has to be able to pay the required down payment.

 

A Little About Dharamshala:Dharamshala is a city in the Indian state of Himachal Pradesh. Surrounded by cedar forests on the edge of the Himalayas, this hillside city is home to the Dalai Lama and the Tibetan government-in-exile.

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