City Union Bank provides one of the best four-wheeler loan products in the market with competitive interest rates and higher loan amounts. The CUB Yoha Vahana scheme from City Union Bank can be procured with a minimum processing fee and with longer repayment periods of up to 60 months. As an add-on, car loan borrowers can get a comprehensive car insurance policy for their new vehicles when they avail a CUB vehicle loan. The CUB Yoha Vahana loans is not restricted to any particular make or model of a car and is available for any type of new cars in India. City Union Bank customers can enjoy complete transparency while applying for a car loan, with the sanctioned amount being directly disbursed to the car dealership.
CIBIL score - Banks give a lot of weightage to the CIBIL score of an applicant, while sanctioning a car loan. Customers have to present a good score to get approvals for higher loan amounts. Applicants who make regular bill payments and loan payments generally have a good credit score. Irregular payment patterns and too many debts might lower your credit score and might lead to difficulties while getting loan sanctions.
Income - The income of an applicant plays a key role when car loan approvals are done. City Union Bank does not sanction loans for applicants falling below a certain income criteria. The income limit is set to ensure that applicants have sufficient funds to repay the car loan without any financial hassles.
Profession - Some banks also consider the profession of an applicant when they approve a car loan. This is done to make sure that the applicant is employed at a profession with a stable income to comfortably repay the loan. Applicants with irregular incomes are generally not considered reliable borrowers, as they might not have regular funds at their disposals.
When you decide to apply for any type of car loan from a particular bank, make sure that you check whether you are eligible for the car loan or not. There are helpful tools named car loan eligibility calculators which can help you determine your eligibility for a City Union Bank car loan. The car loan eligibility calculator additionally also lets you know the loan amount you are eligible for along with the monthly installment amount you will have to pay. The tool requires inputs like car model, age, income amount, interest rates, on-road price, existing EMI amounts, etc., to instantly calculate your eligibility. Prospective borrowers should always make use of this process before they apply for a car loan which will help them understand, if they will get a CUB car loan, the amount they will get and what would be the total cost of the loan.
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