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Car Loan

With a car loan, you could be driving the dream car of choice. Big Pockett’s Car loan is a viable choice for both salaried and self-employed individuals such as practicing doctors, lawyers, Chartered Accountants, management consultants, businessman, who are exposed to variable income.

The process is fairly simple, and you get a flexible loan tenure ranging from 12 months to 84 months. 

Eligibility criteria for a self-employed/salaried

• You need to be minimum 18 years of age

• The maximum age should not exceed 60

• Your net annual business income should be at least Rs 1.80 lakh per annum for select model and Rs 2.00 lakh per annum for others

• You ought to be employed in the same line of business/profession for 2 years

For self-employed non-individuals, i.e. those seeking a car loan under their organisations name (for depreciation benefit and to claim interest on car loan as deductible expense under the Income Tax Act) the criteria, too, is the same.

Documents required

Along with the car loan application form, the following documents will be scrutinised before deciding on the loan amount to be disbursed:

• Income statements (of the last two years validated by your CA)

• Bank statements

• Latest Income-Tax Returns

• Pro-forma Invoice or Rate List

• Age proof

• Address proof

• Photo identification proof

• Photographs

Besides, the type of vehicle you wish to buy, the loan tenure (3 years, 5 years, or 7 years), employment stability, and pre-existing EMIs (or Equated Monthly Instalments) on outstanding loans will be looked at closely before approving a loan at a certain EMI.

Your credit worthiness will be assessed as part of the entire due diligence process. If your credit score is high (750 and above), bargaining for a good deal is possible, whereby the interest rate stands reduced to the best possible percentage points (reducing your EMI).

Further, if you are already a Priority Banking, Wealth Banking, Privee Banking customer of Big Pockett, it will entitle you to special benefits, viz. lower processing fee, waiver of income documents, and bank statements, and much more!

In case you wish to get a broad sense regarding your eligibility, use the car loan eligibility calculator. And to know how much the EMI would be on the car loan, the EMI calculator can be the resource.

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