What is a car loan?
A car loan is a type of loan given by banks to individuals to finance the purchase of a car. The car being purchased is used as the “asset” that guarantees the loans. The typical period of a car loan is between 1 to 7 years.
What do I need to be eligible for a car loan?
Car loans are given under four main programs (i) Employees, (ii) Professionals (doctors, lawyers, etc. who are freelancers) (iii) Self Employed & (iv) ID Program. The required documents for the car loans are :