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You no longer have to wait for your dream car. Now, you don't need to worry about paying upfront to drive away in your dream car. A car loan is the best way to bridge the gap between dream car and convenient travelling. At Just4uloan, we make sure you get your dream car in a hassle free manner.

  1. Owning a vehicle today has become a matter of convenience than a pride as it offers the flexibility to travel. Car loan is a secured loan. Where the car is being purchased is pledge as a collateral security.
  2. Automobile Segment has emerged the Second Largest Debt Segment of India that has fulfilled the dreams of millions of Indians who want to buy their own car. Car loan is designed for those who want to finance a vehicle for personal use. Regular payment over an agreed period of time.
  3. Car Loan or Automobile Loan is used to purchase a vehicle. The vehicle includes two-three wheelers, cars, commercial passenger and cargo vehicles. The vehicle purchased is hypothecated with the lending institution till the entire liability is settled. Once the liability is fully settled the vehicle becomes lien or hypothecation free.
  4. The borrower has a flexible option to make a down payment of certain percentage of the vehicle value mentioned in the quotation. The balance amount is to be paid in stipulated no. of EMI with interest.
  5. Generally the vehicle loan is available on 2-5 years term and the interest rate is between 9% to 15 %. On defaulting on the repayment the lending institute can seize the vehicle and auction it to recover the dues.

The borrower and/or the guarantors have to provide the following documents to the banks or the lending institutions while submitting Car Loan Application. Certain documents may be demanded by the bank or the lending institutions in post sanction phase or on periodical basis.

  1. Address Proof : Latest Electricity/Telephone Bill or Receipt of Maintenance Charges or Valid Passport or Voter?s Identity Card or Purchase/Lease Deed/ Leave & License Agreement of Residence or Office Premises.
  2. Identity Proof : Valid Passport, PAN Card, Voter?s Card, Any other photo identification issued by Government Agencies.
  3. Partnership deed in case of partnership firms.
  4. Last three years Trading, Profit & Loss A/c. and Balance Sheets (duly signed by a Chartered Accountant wherever applicable).
  5. If existing loan, then sanctioning letter and repayment schedule of the same.
  6. Firm/Company?s PAN Cards.
  7. Individual Income Tax Returns of the Individual/Partners/Directors for last three years.
  8. Last one years? Bank statement of Individuals, Partners, Directors.
  9. SEBI formalities in case of listed companies.
  10. Share Holding pattern of Directors duly certified by a Chartered Accountant.
  11. List of the Existing Directors of the company from the Registrar of the Companies.
  12. Copies of the Invoices.
  1. Personal interview /discussions is held with the customers by the bank?s officials.
  2. Bank's Field Investigation team visits the business place/work place of the applicant.
    (All the documents submitted are Verified by the bank with the originals so as to ensure the authenticity of the same.)
  3. Bank verifies the track record of the applicant with the common information sharing bureau (India) Ltd (CIBIL).
  4. In case of fresh projects the bank analyses the back ground of the applicant/firm/company and the Technical feasibility/financial viability of the project based on various parameters and also the existing market conditions.
  5. Depending on the size of the project the file is put up for sanction to the appropriate level of authority.

SANCTION AND DISBURSEMENT :

  1. On approval/sanction, the sanction letter, is issued specifying the terms and conditions for the disbursement of the loan. The acceptance to the terms of sanction is taken From the Applicant.
  2. The processing charges as specified by the bank have to be paid to proceed further with the disbursement procedure.
  3. The documentation procedure takes place viz.Legal opinion of various property documents and also the valuation reports.(Original Documents to title of the immovable assets are to be submitted)
  4. All the necessary documents as specified by the legal dept., according to the terms of sanction of the loan of the bank are executed.
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