The Car Loan FAQs -loanbaba.com gives a complete insight into the car loan and its essentials.
You can apply for car loan online at loanbaba.com, where we provide best car loan offers in just few minutes as per your loan eligibility. The loan procedure, right from submitting documents to receiving loan approval happens over the internet and you need not visit a bank for the same. You can pick any lender/bank/NBFC of your choice, and select the specific online car loan program.
The amount allowed for borrowing depends on your repayment capacity, income, and some other factors. You will come across the best car loan bargains at loanbaba.com, where you can receive u to 85% of the new car on-road price or its total cost. Some may offer even 100% financing for making the purchase for a car.
Most of the auto/car loan range between 1 year to 5 years, and some banks offer repayment up to 7 years as well.
Once all necessary documents are submitted on our website, the loan processing begins. It may take anywhere between 2 and 6 working days for getting your online car loan sanctioned.
Generally, you are not eligible to sell the car for which a loan has been taken, as the car is pledged in form of security to the loan. However, you can opt to close the loan early than determined date.
The new car you want to purchase by taking a loan does not require you to submit a collateral or security against it. You will pledge the vehicle in name of the bank, which is reflected in the registration certificate (RC).
After you pay the last EMI, the bank will have no legal claim over the car. It will issue you the Form 35 along with NOC so that you can visit the RTO to cancel the bank's name from the registration certificate (RC) book.
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