How to Get a Four-Wheeler/Car Loan Online?

Four-Wheeler/Car Loan Online
Four-Wheeler/Car Loan Online

 

Getting a Four-Wheeler Is Easy! 

A loan is a way to purchase or to procure something when it is not available to the person otherwise. By use of a financial institution like a bank such as HDFC, ICICI or Kotak Mahindra Bank or formal money lenders like Muthoot Finance, loans can be taken.

Better yet, you can avail the best loan with loan aggregators such as Buddy Loan who weigh your profile correctly and give the highest approval rate depending on the credit score. They help the person in fulfilling his wish, and in return for a rate of interest charged on the principal amount, he can get the amount for his use.

Read more: Car Loans Without a Collateral: Instant Loan With Aadhaar Card!

To take a loan the simple method is to log on to the internet, select the four-wheeler loan provider, provide the details of the self and upload scans of documents and wait for a call from the financial institution representative and after all details are provided – he will transfer the amount like any other personal loan – within minutes to a few days depending on the bank or the loan taking person.

There are several types of loans.

Personal loan – A personal loan is a type, where the money is transferred to a party at the behest of a request by him or his agent, for his personal use, by a bank or financial institution.

Types of Personal loans include travel loans, gold loans, home loans, accident loans, amongst others.

Thus, when a person requests a four-wheeler loan. He must prove his credentials to the bank by providing proof of identity, address, and income for security. These include –

Aadhar card, PAN card, or Passport for ID and address proofs, IT return slips for income proof or latest bank statements if it is not a bank that is lending but a financial institution. Also, photographs and any other special document beyond these standard ones like a stamp paper notarized declaration.

There are many things to be kept in mind when taking a four-wheeler loan other than the fact that it is an online personal loan. The amount for these loans varies from Rs.1000 to Rs.15 lakhs and is based on a wide variety of reasons for bank terms and conditions. Banks may change these as per reasoning, and the rate of interest is 11.99% for these loans. These may change too as per the qualifications, financial status of the person, and the eligibility along with bank discretion – which means it is completely up to the bank to decide. 

The interest rate: 

When applying for a personal loan in India, there are all these factors to be considered. On the supply side. 

Quick Vehicle Loan Online

The overall amount you apply for must never be as the rate of interest are higher than other loans. If the amount loaned is higher than there will be wasted interest to be paid and if a lesser amount is taken, again, the objective of the loan taken will not be fulfilled.

At the end, it is very important to weight the requirements of a four-wheeler loan and see if it is required at the interest rates, and also select the most suitable lender since the best banks may not be most known and yet the lesser-known moneylenders will not be able to provide the kind of legal safety that a good reputation bank will. It is safer to choose a loan aggregator at all costs. It not only saves time but makes sure you have a hassle-free process. Explore more benefits with Buddy Loan.

Going to a website online and taking a personal loan in India is quick and easy then especially through Buddy Loan

Read more: Car Loans Without a Collateral: Instant Loan With Aadhaar Card!

Four-Wheeler Loans and Their EMI Calculation

The money you borrow for buying your four-wheelers can be from various sources- banks, a private lender, a credit company, or a non-banking financial company. The loan is to be repaid with interest in instalments within a fixed period.

However, loan aggregators help you with the best repayment options for a good 5 years. Explore Buddy Loan in order to reap more benefit for a car loan.

Car Loans and Their Availability

Personal loans for four-wheelers- You want to buy that expensive car but don’t have the funds? Saving money to buy that much-needed four-wheeler isn’t always an option. That classy car you have been eyeing for months may go out of style by the time you save the cash for it!

This is where four-wheeler loans come into the picture. Buy that car you have been longing for, today. Reasonable EMIs, affordable interest rates, and simple documentation are the main reasons many Indians are opting for car loans off late.

While the amount of loan depends from lender to lender. Loans are available in the following manner-

Main Features
  • Loans are available starting from Rs.1000/- to Rs.15,00,000/-
  • The tenure of the loan ranges from 6 months to 5 years.
  • Interest rate starting at 11.99% p.a.
  • Minimal Documentation 

EMI and Four-Wheeler Loan

A fixed amount of instalment is required to be paid every month over the tenure of the loan, called Equated Monthly Installments.

An EMI consists of two portions- the principal amount of the loan and the interest charged on the same.

Four-wheeler loan & EMI

EMIs are mostly fixed for the entire tenure and can be calculated using the following formula-

EMI= P*R* (1+R) ^n/[(1+R) ^n] -1

where,

  • E is the EMI payable on the loan amount
  • P is the Car loan Principal Amount
  • r is the interest rate value computed on a monthly basis
  • n is the loan tenure in months
Easy Application

Loan for four-wheelers can be easily applied for online. The documents required are also minimum. One quick online search will tell you that the documents to apply for car loans are as follows-

  • Proof of age
  • Identification proof
  • Application form
  • Passport size photograph
  • Proof of residence
  • Income proof
  • Bank statement
  • Signature verification proof
  • Pro-forma Invoice or Rate List

The formalities post-application is prescribed by the lender.

CIBIL Score

Acquiring a CIBIL score for obtaining that car loan is a must. A score of 750 or higher is generally considered credit-worthy. Higher the score, the greater the chances of getting a loan.

Four-Wheeler Loan Repayment!

People often hesitate to take loans with the stress of repaying them. Please note that once you take a car loan, keep the loan repayment at utmost priority, and you will be done with it as soon as possible.

If you get a chance, repay huge amounts as and when you can, thus reducing the tenure and interest.

Use the benefit of taking four-wheeler loans to fulfil your necessity and wishes. 

Read more: Car Loans Without a Collateral: Instant Loan With Aadhaar Card!

Tax exemption with Four-Wheeler Loan!

Any loan is a substantial financial burden to the borrower, and tax relief is a welcome gift. Loan aggregators can help you attain this easily. Today’s loan industry and Google charts speak of Buddy Loan being one of the highest loan approvers.

However, personal loans in India that are meant to purchase a four-wheeler are considered to be a luxury. Therefore, auto loans are classified into two groups for tax exemption purposes.

Four-wheeler loans are grouped by: 
  • Car loans availed by self-employed individuals and that are used for commercial services are eligible for tax evasion under section 80C of the income tax act.
  • Cars availed by private individuals. This group is not eligible for tax relief as they are considered a luxury.

The business owners claim a tax benefit for the vehicles when they claim the interest they pay as business expenses and the depreciation of the car. However, you have to remember that the car:

  • Must be registered in the name of the business
  • Must be used for legitimate business

Filing your tax returns is super easy for both personal and business loans. 

Ways to save on taxes after car purchase

You can redeem the tax on interest but not the principal amount. 

  • Depreciation of the asset: When you register the depreciation of the asset as an expense, then it will reduce your taxable income, thereby giving you a tax benefit. You can claim this benefit to a maximum of 5 years or less.
  • The interest of the loan: To know how much interest you paid on your car loan, talk to your bank, and they will issue you with a tax certificate. Then you will use the information on this document to file your returns.

You can also get a car loan, regardless of whether you are a business person or not. Many lenders offer you a wide variety of deals when you apply for a car loan. They contain pre-approved loans, loans with zero processing fees, and many more too.

Before you settle on a loan provider, you assess your eligibility and the various advantages the banks and financial institutions must be offering you. Calculate the EMI and the tenure on offer for repayment. Buddy Loan offers these advantages over online. This enables you to make the proper decision on which provider to go based on your eligibility.

To apply for a four-wheeler loan, you can choose to use it online or visit the bank. After submitting your application forms, you will wait for the bank representative to talk to you and give you a way forward.

Four-Wheeler without a PAN card!

PAN number definition:

PAN stands for permanent account number abbreviated.  An electronic system with a ten-digit number. All the individual’s information is stored against a ten-digit number. It is a mandatory requirement for all taxpayers in India. Issued by the Indian income tax department under the Indian income tax department, the number is unique to every taxpaying entity. In this case, that is a business or an individual. PAN numbers are important as it can come of advantage during tax deduction. Availing it via a loan aggregator can make your work easier. Scroll for Buddy Loan, the research says they are void of scams.

The number is essential when opening a bank account, purchase, and sale of assets. The name is unique to each taxpaying entity.

Applying for a PAN card!
  • Artificial judicial persons
  • Local authorities
  • Limited partnership
  • Association of persons
  • Companies
  • Any grown-up individual
  • Partnership firms
  • Trusts
  • Mentally disabled persons (submitted by their representatives)
  • Hindu undivided families
  • Minors when appointed to nominee positions. 

Read more: Car Loans Without a Collateral: Instant Loan With Aadhaar Card!

Importance of the PAN number
  • Acquiring a loan
  • Purchasing, Selling and renting of property
  • Cash deposits
  • Telephone connections
  • Insurance payments
  • Opening bank account
  • Purchase of jewellery
  • Making Investments
  • Buying and selling of a motor vehicle
  • Investing in shares
  • Opening a trading or Demat account

The unique number is significant to the lender, especially when you are purchasing and registering the car.