If you are in the market for a modern hatchback, take a look at the list of upcoming new and updated hatchbacks from top carmakers that will be launched in the Indian market in 2018-19:
You can afford to purchase any of the above-mentioned hatchbacks by obtaining a low-interest rate car loan from a bank or a non-banking financial company. Banks and NBFCs offer new and used car loans for the purchase of new and pre-owned cars of your choice. You can get auto loans for most makes and models of cars in the market.
Any salaried or self-employed person with a good credit score of 750 and above, a minimum work experience of 2 years in the same field, and a minimum net annual income of Rs.3-4 lakh is eligible for a car loan. Before applying for a car loan, it is important to check your car loan eligibility so as to avoid a loan rejection. Multiple loan rejections can have a negative effect on your credit score, which in turn, can affect your future loan prospects.
Car loans are repaid through Equated Monthly Installments (EMIs). You can use the free online car loan EMI calculator to find out how much your car loan will cost you monthly. All you have to do is enter the loan amount, processing fees, loan tenure, and interest rate of the car loan into the tool and click on ‘calculate’. You will get instant and accurate results of your car loan EMI in the form of an amortisation table which represents the periodic repayment schedule of your car loan.
To save time and energy, you can apply for a car loan online. Visit the lender’s web page to download the car loan application form. Submit the duly-filled and signed car loan application form along with the necessary documents such as identity, age, address, and income proofs to the bank through the bank website or the nearest bank branch. Aadhaar card, PAN card, Driving License, Voter’s ID card, and Passport can be furnished as identity proof. Submit recent passport-size photographs. Ration card and utility bills like telephone and electricity bills can be furnished as address proof. Birth certificate and 10th/12th school certificate can be submitted as age proof. The last 3-6 months’ salary slips and bank statements, Form 16, and IT returns can be provided as income proof.
The bank will process your car loan application and verify the details the furnished by you. Upon approval, the car loan amount will be disbursed to your bank account in just a matter of few hours. To get the best car loan deal, compare several car loan offers across the top lenders and choose one with a low-interest rate, suitable loan tenure, low processing fee, and flexible repayment options.