|
Written by Site Administrator
|
|
Wednesday, 28 October 2009 09:50 |
It is not compulsory to have one. However, if you already have one with them, it is recommended that you use this account for processing. In this case, the processing of loan is faster. In addition, your monthly EMIs etc can also be chanelled through this account for convenience.
Moreover, if you have an active account with the loan provider, you may be able to avail future discounts that they offer on other loans based on your payment history etc.
|
|
|
Written by Site Administrator
|
|
Wednesday, 28 October 2009 09:56 |
The following documents must be submitted along with your application for car loan:
- Proof of Identity
- Proof of residence
- Proof of employment
- Payslips for last three or six months
- Bank statement for the last six months
- Photographs
|
|
Written by Site Administrator
|
|
Wednesday, 28 October 2009 10:05 |
|
The loan amount and the interest on it for the entire tenure of the loan is calculated by your loan service provider. They will then divide it into equated monthly installments (EMIs). You can pay this monthly installment directly from your salary account through electronic clearance (ECS) or through post-dated cheques that you issue to the banks during the disbursement of the car loan. |
|
Written by Site Administrator
|
|
Wednesday, 28 October 2009 10:09 |
When you purchase a car on loan, the vehicle is registered on your name as on loan with the bank. The Bank will keep the original Registration Certificate of the vehicle (RC) as security till you complete repaying the loan. Once the loan is repaid complete, the bank will issue your original papers to you along with a No Objection Certificate stating that the vehicle is no longer on loan.
It is only after you have this NOC are you deemed to be the full and complete owner of the vehicle. You can sell you vehicle to someone else only after you have this NOC with you.
|
|
Written by Site Administrator
|
|
Wednesday, 28 October 2009 10:14 |
Most banks will offer a vehicle insurance for the first couple of years and an accident insurance for the first one year as additional rider benefits if you agree for it in written. There may be addition charges for this and your total loan amount may also go up accordingly.
Whether or not you have these incentives from the bank, these features are a must for people who want to own vehicles. These benefits will insure and protect you and the other party in the event of a casuality.
|
|
|
|
|
<< Start < Prev 1 2 3 Next > End >>
|
|
Page 2 of 3 |
Car Loan
