Driving Dreams: The Complete Guide to Securing a New Car Loan in Basti
There is no iota of doubt that purchasing a car is a dream come true for many of us. Moreover, giving you the freedom to move as you want, a car is a social asset that leverages your position in society. Don't spend your savings on purchasing a car. Waiting till retirement to buy a car from your retirement fund is a bad choice. But why wait that long when you have the benefit of car loans? Opt for a new car loan now! Wondering how? We will tell you. In this blog by Bhumi Finance, we will be walking you through the complete guide to securing a new car loan in Basti. So, stick with us till the very end.
A Sneak Peek into A New Car Loan
A car loan is an amount borrowed by an individual to purchase a private car. Herein, one does not require collateral as the vehicle is hypothecated to the lender as collateral. Individuals can opt for loans on new cars as well as used cars. Banks offer almost 90% of the cost for new vehicles and 75% on second-hand vehicles. The payment is on a monthly basis within a term of 12-84 months.
A new car loan is a loan for those who want to buy a brand-new car from the showroom and pick up their dream model. A new car loan in Gorakhpur may come at an attractive interest rate. Borrowers can loan from ₹2 lakhs to ₹5 crore at an 8.4 to 11.90% interest rate from Bhumi Finance with a repayment term of 84 months.
Documents Required for A New Car Loan in Basti
Once you have decided on the loan amount and the tenure of payback, ensure you have all the documents. But wait, what documents are required to get your new car loan application approved? Check this list out:
- Identity proof: PAN card, Aadhar Card, driver's license, passport, and voter's identity card fall under valid ID.
- Address proof: As in the case of a home loan in Sant Kabir Nagar, government-issued documents like Aadhar Cards, PAN cards, electricity bills, etc. are considered valid documents.
- Income proof: Salaried employees must submit salary slips for the last 3 months and bank statements for six Months, Form 16, updated ITR, etc. Self-employed individuals should submit bank statements for the past three months, their balance sheets, and P&L accounts with ITR.
- Photographs: Two recent passport-sized photographs of the borrower are required.
Benefits of A New Car Loan
Some of the most popular benefits of availing a new car loan in Gorakhpur are:
- Seamlessly Afford Your Dream Car
You find it difficult to afford all the material comforts with what you earn. With the benefits of a new car loan or a home loan in Mirzapur, you can afford to possess the car you have always wanted.
- Drive Whenever and Wherever You Want
Car loans make it possible to own a car at a young age. You no longer need to struggle with public transport. You can travel with your family on short weekend trips.
- Easy Pay Back Options
With a bit of planning, you can afford the model you always wanted. Payback in comfortable EMIs each month.
So, what’s stopping you? Seek a new car loan now at https://bhumifinance.com/. Best of all, you can get a home loan in Gorakhpur at a reasonable interest rate from us. So, now, your dream to have your own house isn’t too distant. Visit our website to know more.