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Documents and Qualifications Required to Get a Car Loan.

There was a time when buying a car was like a dream. People used to think a lot when buying a car. But now buying a car has become much easier. Earlier, car loan system was not very easy to buy a car. But as the days go by, it is becoming easier to get a car loan. As a result, those who can afford to repay the loan are leaning towards car loans.

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Just as car dealers have made car purchases readily available, so too have banks and car lenders offered easy loans subject to certain conditions. People don’t have to worry about buying a car as much as before. New and old cars are also being bought and sold online in installments. Banks and non-banks used to give loans up to Rs 20 lakh but now the amount has been increased to Rs 40 lakh. A ratio has also been set for personal and personal loans. The ratio is 5:50.

Eligibility for car loan

So before we buy a car, we do not know, what are the qualifications of a car buyer to take a car loan.

Age plays a very important role in applying for a car loan. In this case, your age should be between 18 to 60 years according to your birth registration or national identity card.

In the case of employees
If you are an employee, your job must be permanent. And the age of the job must be two years or more. If the training or probationary period is going on then it will not be acceptable.

If a trader
If you are a trader, your business age, experience, monthly / annual turnover, bank statement etc. Generally 5 years experience is required for small and medium business and 3 years experience for corporate organization.

If you are a self-employed professional, such as a doctor or lawyer, your practice age must be two years or more.

Monthly income
Monthly income is an important factor in car loans. In case of monthly income, you should keep in mind that,

Employees – 30 to 40 thousand rupees.

Merchant – 50 to 75 thousand rupees.

If you mortgage a house, land or flat – your monthly income should be 50 thousand rupees.

Necessary documents
You must have some documents to get a car loan.

1. National Identity Card.

2. Bank statement.

3. Salary statement.

4. ID card.

5. Visiting card

. Memorandum.

. Trade license (if a trader).

. Residence address.

9. Copy of previous month’s electricity bill.

10. House / flat / land deed.

CIB report
The lending institution (bank or financial company) through Bangladesh Bank will find out if you have taken a loan or have a non-performing loan anywhere before. It will take 3/5 days. If you have not taken a loan before, the institution will receive a report from the Credit Information Bureau. The institution will then let you know if you have been considered for a loan. The seller will give you a quotation for the car which is equal to the price of the car and you have to give it to the lender.

Pay order
After paying the service charge, processing fee, VAT, the lending institution will place a pay order in favor of the seller. Once the car is registered in your name, you can break the pay order, not earlier.

The higher your income, the higher your car loan eligibility.
The more regular your income, the more likely you are to get a loan.
If the car is new, it is convenient to get a loan, but if the car is old, you have to get a little speed to get a loan.
It is better to take less time to repay the loan, then the amount of EMI will be less. And isn’t it foolish to pay more EMI by spending more than just a lump sum?

Something more remarkable
In the case of Indian cars, no one is interested in giving a loan.
In case of new car, loan is available up to 6 years.
In the case of Japanese cars, it is convenient to get a loan if the maximum is 5 years old. Again, if it is 5 years old, loan is available up to 4 years.
Loans up to 15% in banks and 11.5-13% in non-banks.
You should know these things well and then apply for a loan to buy a car. The whole loan process will be relatively easy if you have a complete idea about these things. As a car loan borrower, you must remember that after getting a car loan, it needs to be properly maintained. Otherwise, if you buy a car with a loan of so much money, if the car is stolen or damaged, then taking your loan will be the cause of your trouble.

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