Car loan in chennai online; apply for chennai car loan gas welder salary


With its scorching southern humidity, deafening traffic and scarcity of outstanding sights, the atmospheric capital of India has always been considered on the dreary side when compared to other metros of the country. Hugging the coast of Bay of Bengal, Chennai is home to a strapping populace of 6.9 million people. Real estate progression and traffic bedlam threaten to consume Chennai’s fascinating amalgam of Asian pace and spiritual grace. But the chaotic yet strangely synchronized growth of cosmopolitan charm never fails to refine the general standard of living. The city’s soaring economy owes aplenty to its well-established automobile business and hence the sobriquet ‘Indian Detroit’. Statistics show that Chennai had over 12 million 2 and 4-wheeled automobile registrations in 2008.

Owning a vehicle nowadays is a necessary luxury. And almost everyone depends on car loans to make the dream real. It is predicted that this 2015 is going to be big for car deals in Chennai since the price of funding one have become much cheaper and less hectic. Cheaper doesn’t translate to reduced costs. Car loans have become unavoidable assistants in making that dream car your own. The financiers keep terms and conditions of auto loans competitive for enticing as many aspirant car owners as possible including the utmost parsimonious. Chennai car loan market is quite tough and they come up with attractive offers every now and then. Whether you are looking to finance a new or used car, loans that suit wallets of all shape and size.

From a chronological perspective, car loan rates have nearly reached rock-bottom. Ironically, buying a new car seems a cheaper option than getting a used car. Banks used to classify customers applying for car loans as ‘risky customers’. This is because even though car loan was a tenable debt, if the customer ceased to repay the money, they could seize the collateral but might find it difficult to resell it while a dealer can easily resell it. Big banks had personal loans and credit card users that earned them bucks. Hence the race between moneylenders was quite aggressive until recently. This trend is undergoing a paradigm shift and now banks too are after that piece of dessert.

If you are a potential car purchaser, their loss is your profit since it is one of the few sectors of the loaning industry where the demand will only increase. When you apply for car financing in Chennai, you will have to produce a number of related documents. Duplicate copies of photo-bearing national identity cards, current and permanent residential address proofs, employment references, monthly income proofs (salary slips) and your previous debt obligations if any will be required. The dealers/ banks can also access information regarding legal steps that may have been taken against you (if any) using your given account details.

The chosen dealer or bank might provide you with manufacturer discounts, such as lesser interest rates or even cash back on any particular make. These ads and offers might slip your notice as they are often seasonal. Ensure that you ask them specifically if the model you are seeking has such offers. An informed decision almost always means less regret.

Eligible applicants/potential buyers can apply for a car loan by visiting the nearest bank branch or downloading a car loan application form from the bank website. The duly-filled and signed car loan application form can be submitted to the bank along with the necessary identity, age, income, and address proofs. The bank will verify the details, process the application, and approve or reject it depending on the applicant’s car loan eligibility.

Most lenders have a car loan eligibility calculator on their websites. The eligibility of an applicant depends on his or her age, income, and credit score. Car loan eligibility criteria differ from lender to lender. Before applying for a car loan, check whether you are eligible for the loan so as to avoid rejection. Enter personal details such as age, income, and occupation into the eligibility calculator. The tool will check your eligibility and let you know the maximum loan you can get.

The applicant can be a salaried or self-employed person, aged between 18 and 65 years, with a good credit score of 750 or above, have a steady income and a stable occupation with minimum 2 years of work experience in the same field. The applicant’s credit score represents the creditworthiness of the individual. The minimum monthly/annual income of the applicant represents his or her loan repayment capacity.

The free online car loan EMI calculator available on the lender’s website or a reliable third-party website can be used to carry out quick and accurate EMI calculations. The tool is simple and easy to use. Enter your proposed car loan details such as the loan amount, loan tenure, and interest rate into the tool. The results will consist of the principal amount, the interest, EMI, and the outstanding due after each EMI payment.

Lenders charge a small percentage of the principal loan amount as processing fee that is deducted upfront at the time of loan disbursal. Some lenders waive off the processing fee for existing customers or as a discount on special occasions for new customers.

Lenders allow borrowers to prepay their car loans in part or full before the end of its tenure called prepayment/preclosure. Borrowers are granted such an allowance only after 6 to 12 successful EMI payments. Lenders levy a prepayment fee which is a percentage of the prepayment amount as a penalty for prepaying a part or the whole of the loan before the end of its tenure. The prepayment fee depends on the period of the loan tenure at which the prepayment is made.

A car loan can be repaid in full before the end of its tenure provided you have sufficient funds to do so. Lenders charge a foreclosure fee as penalty for pre-closing the loan before its time. Foreclosure is allowed only after 12 successful EMIs. Before foreclosing a car loan, make it a point to calculate if its beneficial to do so. Sometimes, car loan foreclosure can affect your credit score and even reduce your interest savings because of the foreclosure fee and other service charges.

If a borrower defaults on a car loan, then the lender can foreclose the loan by putting up the car (purchased using the car loan) for auction to make up for the outstanding dues. After repossession, the borrower is given the choice to bid for the car in auction if he or she can manage to get sufficient funds to do so.