How To Get a Car Loan Online In Easy Steps

Why postpone the dream of buying a car when you can now get Car Loans at attractive interest rates online? Check out this post to know how you can apply and get your Car Loan approved online.

Once you have selected a car that you would like to purchase, the next step for most buyers is to apply for a Car Loan. You no longer need to personally visit the branch office of a lender in order to apply for a Car Loan. This can now be easily done online from the comforts of your home or office. If you are looking for online Car Loans, here is a step-by-step guide on how to apply and get the loan approved.

Step 1. Select a lender

Most banks in India now offer Car Loans, but you should select one that is reputed and is known for its customer service. Make sure that you compare the interest rate, loan tenure, maximum loan amount, etc. of different lenders to make the right decision.

After selecting a lender, visit their online portal to begin the application process.

Step 2. Check your eligibility

To get a Car Loan, you will be required to meet the eligibility criteria of the lender. The eligibility requirements can slightly vary between lenders. Factors like your age, employment, monthly income and work experience will be taken into consideration.

To make things easier, most lenders now offer online eligibility calculators. Use this tool to know whether or not you meet the eligibility requirements of the selected lender.

Step 3. Select the loan amount and tenure

If you meet the eligibility criteria, the next step is to calculate how much you will have to borrow. Some of the top lenders in India now offer Car Loans of up to 100% of the on-road price of the car. Depending on the requirement, you can select the loan amount and tenure of the loan. You can also use the Equated Monthly Instalment (EMI) calculator to know the exact monthly instalments of the loan.

Step 4. Submit documents

For instant Car Loan approval online, you will also be required to submit a few documents. This can be done online or by visiting the nearest branch of the lender.

While the document requirements can vary between lenders, you will mostly be required to submit ID proof, address proof and income proof. Once the documents are submitted successfully, the lender will then start the approval process.

5. Book your dream car

If you meet the eligibility requirements and your documents are in order, the lender will approve your Car Loan application online and will disburse the loan amount to your bank account. Once you have the required funds, you can then go ahead and book your dream car.

Experience utmost convenience with online Car Loans

Online Car Loans help you save a lot of time and efforts. It also reduces the documentation requirements and even the loans are approved faster. Now that you know how to get a Car Loan online, look for a reputed lender to turn your dream of owning a car a reality.

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