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How to Apply for a Car Loan

That expensive car you have your eyes on is now a possibility more than ever. You can get a loan from banks and other financial institutions to fund it. Not long ago, having a home of your own or a family car used to be considered luxurious most people found themselves unable to afford. But with the variety of loan products on offer these days, one does not have to have unfulfilled dreams anymore.

Are you planning to buy yourself a new ride? You can get up to 90% of the on-road price of the car of your choice financed with a Bank of Baroda Car Loan . Here's how to apply for a car loan:

Car Loan Application Process

Now own your car with a simple car loan application to the Bank of Baroda. Car loans are available for salaried and self-employed individuals. Borrowers must be at least 21 years and loan repayment should be made before their 70th year. Check the documents required for car loan with low competitive loan rates. Apply online from the website with attention to eligibility and CIBIL score. The loan application is verified and processed, and the loan is disbursed quite simply.

• Form fill up: Download or fill online Bank of Baroda car loan form. Fill in capital letters personal details, individual and non-individual information, proposed loan details, bank details, and references, both professional and business. Add all required documents, and check eligibility. Before filling out the form, make use of the car loan EMI calculator to determine the loan amount with tenure. Submit the form.
• Document verification: Before the car loan meets with approval, the bank verifies all documents sent by the applicant. With digital submission, documents are easily verified by the bank. The bank ensures whether the individual is eligible for the finance. To determine the repayment capacity of the borrower, it verifies personal details, CIBIL score, and income proof. The bank reduces its risk through the verification procedure. Based on these eligibility criteria, a loan is approved.
• Car Loan approval: The car loan approval is based on eligibility after the documents are verified. Applicants must submit all required documents correctly for loan sanction. Should be 21 years at least to avail of the loan and the loan repayment period should not exceed 70. Should be an Indian citizen, salaried or self-employed. After all these criteria are met, the bank approves the loan. The disbursement of the loan is made in the applicant’s bank account
• Car Loan Disbursal: Once the loan is approved by the bank after the documents are verified, the processing takes a few seconds. If the applicant meets the eligibility benchmark, the bank approves the loan instantly. To ensure a speedy process check the eligibility factors and adhere to them carefully. After the loan is approved by the bank, the funds are transferred directly to the applicant’s account. The car acts as collateral for the loan.

Tips to Get Instant Car Loan

If you want your car loan to be approved, you should make sure that you have the following pointers in place. These will improve your chances for an instant loan eligibility.

• Ensure that your CIBIL score is over 701
• Repay your debts timely
• Know the eligibility criteria
• Submit all the documents currently
• Arrange for a down payment
• Prepare a proper repayment plan with help from the online EMI Calculator

Factor Affecting Your Car Loan

Car loans are affected by various factors. Applicants must ensure that car loan eligibility criteria are read carefully and use the online EMI calculator to determine affordability.

• CIBIL sore
• Interest rate offered by the bank
• Loan tenure
• Loan amount
• Prepayment, foreclosure charges
• Processing fee
• Income level
• Loan to Value (LTV) ratio
• Down payment amount
• Car model and age
• Improper document submission

Things to Keep in Mind before Taking a Car Loan

Car loans, just like any loan, require planning, as you want to ensure that you can pay them off comfortably without defaults. So, before you decide on taking a loan keep these in mind.

Budget:have a budget and try not to exceed it. You know your affordability, choose a car that falls within your capacity. What you should keep in mind are - your monthly expenses, and the extra expenses that you will incur once your car loan starts. This includes maintenance costs, car registration, insurance, road tax, and extra accessories that you wish to add to your car. If you can drive, you save on the driver's cost, otherwise, that must be added to the monthly expenses.

Repayment:Once you have calculated your expenses, planning the amount of loan you can afford gets easy. Plan monthly instalment payback amounts too. Use the online automated loan calculator to calculate the EMI that fits you best.

Loan Approval:Remember this is an important stage, for unless the bank approves your loan you are not eligible for the same.

Once you fit into the eligibility, you can proceed with the right documents.

Why Opt for BOB Car Loan

Bank of Baroda finances up to 75% - 100% of new and used car loans at competitive rates. The car loan tenure is for a maximum of 7 years, enabling easy payment. The bank offers up to Rs 5 crore of loan. Applicants can make pre-payments and foreclosures without any extra charges. The processing time is minimal, and the bank works with minimal documentation. You can apply for car loans online from the Bank of Baroda.