Gives financial support to borrower and expects the calculated amount (principal + simple interest)
to be repaid by the borrower for purchase of a new vehicle and used vehicle.
Banks usually offer auto loans up to 90% of the cost for new vehicles and 85% for second hand vehicles.
Banks usually offer auto
loans
up
to
90%
of
the cost for new
vehicles and
85%
for
second hand vehicles
.
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Age limit for availing the auto loan is 21-65 years.
Age
limit for
availing
the
auto loan
is 21-65 years
.
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The basic lists of documents required by lenders are: Identity Proof, Address Proof, Salary and Bank Statement.
The
basic lists of documents required
by
lenders are: Identity Proof, Address
Proof,
Salary
and
Bank Statement
.
Repayment is based on your monthly income and your ability to repay and the tenure is typically between 12-84 months
Repayment is
based
on
your
monthly income and
your ability to repay
and
the tenure
is
typically between 12-84
months
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Before approving loan application lender look for:
Before approving loan
application
lender look for
:
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CIBIL Score and Report: It provides your current credit health as well as the pattern of your past payment history.
CIBIL Score and Report: It provides your current credit health as well as the pattern of your past payment history.
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Employment and Income Status:
From this they do financial analysis to check for stable employment and a steady source of monthly income
Employment and Income Status:
From this they do financial analysis to
check
for stable employment
and
a steady source of monthly income
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Current Loan Repayments:
Lenders also keep a tab on all existing EMIS outflow and monthly income ratio.
Current Loan Repayments:
Lenders also keep a tab on all existing EMIS outflow and monthly income ratio.
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