Purchasing a car is nothing less than a milestone for many individuals. It is because this is a big-ticket purchase that adds comfort and a sense of accomplishment to life. However, making this purchase is no child’s play as you need a substantial sum of money to finance it. Some of you may decide to spend all your hard-earned money in one go to make this purchase. However, this may result in a sudden slump in your finances after you pay the price for a new car.
In contrast to this, one easy way to finance your vehicle is to take up a car loan that can enable you to pay the car price in one go. You can later pay back the borrowed money to the bank gradually through EMIs (equated monthly installments). This will enable you to conveniently pay the whole sum of money to the bank over a period, without disturbing your savings.
To buy your preferred car, you may apply for a specific loan value. However, the bank you choose will provide you with loan money based on several factors, such as your past banking records, credit score, and application status. These factors together determine your eligibility to get the loan amount you expect. The higher your eligibility, the higher will be your chances of getting the loan approved and receiving the required sum of money.
If you are planning to take up a car loan and are concerned about improving your eligibility, then worry not. Here are some valuable tips for you to enhance your car loan eligibility and bring home your favourite car:
Another such step taken by banks is the facility of offering pre-approved car loans to their existing customers. It means that if you are an existing customer of a specific bank and applied for a car loan, you may get approval without the need for exhaustive paperwork. It is because the bank already knows about your credibility and eligibility through your current and past transactions.
Therefore, you should reveal all the income sources that you have to bring down your ratio value and improve loan eligibility.
So, before applying for a car loan, use an online car loan EMI calculator to know which loan tenure will be suitable for you.
Bring a Car Home in An Easy Way
To finance your vehicle in an easy way, make sure that your car purchase does not cause a hole in your pocket by applying for a car loan. You can apply for a car loan to reputable lenders like Axis Bank that provide pre-approved offers for existing customers along with benefits on foreclosure and part payment charges. You can get a loan starting from a minimum of Rs. 1,00,000 and maximum of up to 100% price of the car, along with several unique benefits for priority banking purposes. So, before applying for a car loan, use the online calculator to find the best interest rates and EMI payment values. Take a car loan on easy terms and bring home your dream car without any financial stress.
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