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Having a car is the dream of every Indian. And now you can easily materialize your dreams. Bhumi Finance is here with the ladder that will take you to your dream of buying a car. Now, you can apply for car finance in Kanpur and that too at a reasonable interest rate. Car loans are easily available today with many options to work out comfortable EMIs. With informed decision-making and smart choices, you will be able to sustain a car loan as well as manage the rest of your finances for other needs. Today, we will be discussing all you need to know about car loan so that you can buy your dream car. 

A sneak-peek into car finance
A car loan is financial assistance taken to purchase a car with minimal initial payment from your own pocket known as the downpayment, sometimes via car loan agent in Kanpur. The rest if the payment of the car is deduced into monthly instalments that are to be paid over a period of time with an agreed interest rate. Almost all the banks and financial institutions such as Bhumi Finance extend car loans. Normally, car loans are secured with the vehicle itself that is being bought. It is treated as a security for the car loan. In case, the loan is not repaid within the stipulated time period, the lender can possess your car and sell it off to end the dues.

Why you should opt for a car loan?
To answer this questions, let’s explore the features and benefits of getting your car financed:

• Documentation process is super-easy.

The documentation for availing of car finance in Kanpur is quite simple and easy. At Bhumi Finace, we simply check the the repaying ability of the borrower and thus gathers evidence in the form of documents to ascertain your steady income.

• A long tenure makes repayment easy.
  At Bhumi Finance, the car loans generally range between 2 years to 7 years. The borrower can easily settle for a repayment tenure depending on their income as well as other factors.

• Prepaying the loan.
  The borrowers can also prepay the loan when they have enough funds to close the loan. The terms vary from lender to lender. Some user car loan in Kanpur companies allow you pre-close the loan only after completing a specific period. Some lenders do allow you to prepay whenever you can. Charges may be applicable for prepaying your auto loan and varies for different lenders.
  Given these lucrative features and benefits, opting for a old car finance in Kanpur can be very fruitful. But are to eligible to avail for one? Well, let’s see the laid out eligibility criteria for a car loan.

Eligibilty Criteria to avail a car loan
Before applying to a used car loan bank in Kanpur with, Bhumi Finance recommends checking the eligibility criteria in order to avoid rejection. When you meet all the criteria, you may approach the any bank or financial institution for a car loan. Here is a compiled list of eligibility criteria to avail of a car loan:

• Age

The applicant should fall under the age limit which is usually between 18 years to 65 years.

• Occupation

The applicant should either be self-employed or a salaried person. He/She should pose good repaying ability. At Bhumi Finance, even corporate companies, trusts, and partnership firms get car loans.

• Income level

The income level varies for salaried, self-employed, and companies based on the loan amount and the car model. 

• Credit score

A credit score shows how regular you are with your payments. Any defaults tend to lower your credit score. It is mandatory for the applicant to hold a decent credit score which is of 700+. 

So, that’s all you need to know about car loans. Wish to opt for a commercial vehicle loan in Kanpur at a lucrative interest rate? Reach out to Bhumi Finance now at https://bhumifinance.com/.