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1.Who
is eligible for getting a car loan?
Any individual, salaried or self employed person or partnership
firms or companies.
2.What
conditions have to be fulfilled by an individual for getting a car
loan?
An individual has to fulfil the following conditions in order to
get a car loan: He should be minimum of 18 years of age at the start
of the loan and 60 years at the end of the loan period. His gross
income should be more than Rs.100000 and should have a bank account
for one year in operation. He should also have one-year stay at
his current residence and a telephone number too.
3.What
conditions have to be fulfilled by a self-employed person for getting
a car loan?
The age of a self-employed person should be atleast 21 years at
start of the loan period and 65 years at the end of the loan period.
His income should be more than 60,000 and should be in business
for atleast three years and has a bank account for one year in operation.
He should also have one-year stay at his current residence and a
telephone number too.
4.What
conditions have to be fulfilled by a partnership firm to get a car
loan?
A partnership firm should have a turnover of over 4.5 lakh with
minimum profits of Rs.60000.The minimum net worth should be Rs 1.5
lakhs. Post-dated cheques should be paid from the company and the
firm should be in business for atleast three years and has a telephone
connection too.
5.What
are the factors on which the loan amount depends on?
The cost of the car, the Income of the person, installment to Income
ratio (IIR),type of the car, and the period of the loan.
6.What
type of car is financed?
Both new and used cars are being financed now days.
7.Is
any security required for getting a car loan?
Hypothecation's of the vehicle, noting of the hypothecation charge
in the books of the RTO and guarantee of spouse, if employed, or
a third party guarantee, if required.
8.What
is the tenure or loan period?
Loan period is the time period during which the customer agrees
to pay the loan amount in the form of installments to the company.
One has a option to choose from 1 to 7 years options as per his
capacity to pay.
9. How
does a car lease work?
You select the car of your choice and the options you require. You
select the term of the lease (normally 12 months to 60 months) and
the frequency of the repayments. At the outset, a residual value
is set (which is an estimate of the worth of the motor vehicle at
the end of the lease period, or effective life and depreciation
guidelines). Your financier then purchases the vehicle or equipment
on your behalf from the supplier. Periodic rentals are then paid
by you to your financier. At the end of the lease, you have an option
to either - return your car to your financier for sale, although
you will be required to meet any shortfall if the sale proceeds
do not meet the residual value, OR buy the car at the salvage value
from the company.
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