This 3 Important Things to Do Before Applying for Car Loan in 2022

Car Loan : If you want to take a Car loan, know these things immediately, otherwise, the dream of buying a car can be shattered at the last moment.

Everyone has a dream to buy a car but some people are not able to fulfill their dream due to a lack of money. Many banks give loans to fulfill people’s dreams.

Dream Of Many

If a person makes the second biggest purchase in his life besides buying a house, it will probably be a car. Even to buy the cheapest car, one has to spend at least three to four lakh rupees and it is not necessary for a person to have that much money all the time. Therefore, a large number of people take loans to buy a car. These loans are provided by banks as well as NBFCs. However, if a person wants to take a car loan, it is very important for him to know a few things first.

CIBIL Score and Repayment Capability For Car Loan

The most important thing for taking a loan or any kind of loan is what is your CIBIL Score and what is your Repayment capability. The process starts so if you are thinking of taking a car loan, first check your CIBIL score and if you are confused about repair capability then tell them that repayment capability means that you have taken a loan. How much are you able to repay

Loan Term and EMI For Car Loan

When you are taking a car loan, choose its duration very carefully and also choose its EMI very carefully. After taking a very long-term loan, you feel that you could repay it in a short time but being a long-term loan, you have to pay more interest. In that case, decide in advance how long you want to take a loan. Also, keep the EMI of the loan according to your budget. If you have an EMI in excess of your budget, you may have trouble filling it up.

Prepare Documents for a Car Loan in advance

If you want to take a loan to buy a car, you should have some documents ready, which you will need for the loan. These include photo ID, age proof, address proof, and six months bank statement. Apart from these, if you are salaried then the last 3 months’ salary slip, copy of income tax return or Form 16, and if you are self-employed then copy of the last 3 years’ income tax return and last three years CA certified / audited balance sheet, etc. Will be needed.

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