Applying for a car loan or getting a loan is not a big issue these days as most of the banks have started the online application process. Much acclaimed online platforms have made the matter even easier for the applicants since they can connect you with most of the top car loan providers and if you want, decide which option will be the most suitable one for you. Having an instant car loan helps most of the buyers in this market pick their coveted models without any second thought. Both new cars and pre-owned cars market are flourishing in India. Middle-class families are also buying premium models. Easy loan option has made this process easier for all categories of buyers. Indian car loan market is quite voluminous. Being one of the largest market of the world, the total distributed loan till August 2020 was 2.19 lakh crore.
Apply for a car loan online – Get instant car loan approval in a few easy steps
Although the terms and conditions of the banks or the process for applying for online loans may vary from one bank to another, the basic procedure is almost the same. Moreover, if you want to make the matter smooth sailing, take advantage of online platforms where the whole process is put on a fast track to get instant approval.
Here are the basic steps when you apply independently –
Step 1: Research a bit online
As all information of every loan provider is now available online, your first step would be to go through the terms and conditions or the application process, maximum loan available with your credit score and on the basis of other parameters, EMIs to be paid, monthly and total interest to be paid, fines to be paid in case of default, and other important matters related to the loan.
Step 2: Apply for a loan online
Fill up the form the bank or NBFC to applying for online loan. They will assess your eligibility and how much loan could be given to you. They will let you know within the specified time.
Step 3: Provide all documents
You will be asked to provide several documents like identity proof, address proof, passport size photo, etc. If you are applying on your own, you have to either provide these details in person or online (scanned copies). If you are applying for business car loans for your company, you must have the necessary documents like proof of revenue and company registration.
If the loan is approved, the bank will let you know over the telephone or email or they may call you to the bank for signing some documents. If the process is completely online, you have will get all information online through email or other approved methods.
An online platform makes the process fast and easy – Instant car loan
You can cover up all these steps with the help of state-of-the-art online automobile dealing platforms like Droom Credit. They are the right destination to get instant approval car loan. All you have to do is fill-up the form they provide for instant screening and then provide the scanned copies of some documents. Experts in this field will scan your documents; they will fetch the credit score with your permission to see your creditworthiness and then let you know the best options. You have to choose accordingly. All these will take just a few hours.
According to CIBIL data, the average balance per approved application of auto loans was RS.4.19 Lakhs in September 2019. It is projected that the figure will be higher than this amount per head this year.
Few very important tips
- Keep the focus on your credit score. Pay off EMIs against the loans you have already taken in time.
- Use the EMI calculator to calculate how much EMI you have to pay per month.
- Take loans as you need. You have to keep in mind that high EMIs can create unnecessary pressure later.
- Choose EMI tenure as per your ability.