A robust economy and huge disposable incomes have made life easy and auto financing is now an easy option for consumers in India.
The Indian automobile sector is on a high growth trajectory thanks to the many exciting automobile launches. Many choices are available in the market which give you a good reason to replace that old automobile you own or pick up a new one out of a wide variety available in the market suiting all kinds of budgets and requirements. It is a thing of the past when consumers used to dig deep in to their bank statements, plan their budget and save for months to own their dream vehicle. Indian consumers can heave a sigh of relief thanks to the many auto financing companies which have spread their tentacles across India.
Auto financing is now made easy because of the vast network of banks and Non-Banking Finance Companies (NBFC) extending finance facility to consumers in India. So when you have zeroed in on your dream vehicle, leave all your worries aside and go for easy and quick auto financing options offered by banks and various finance companies.
Features of Auto Finance
Following documents are required to obtain Automobile Finance in India:
- Upto 90% can be financed.
- The finance period is usually between 1 to 5 years.
- Interest is calculated on the basis of compound interest.
- Equated Monthly Instalment (EMI) is worked out for repayment.
- Early settlement of the pending amount is available.
- Bank statement for previous 6 months
- Copy of PAN Card
- 2 Passport size photographs
- Proof of residence
- Proof of identity
- Proof of income
- Last three salary statements for salaried individuals
- Previous 3 year IT Returns for self employed
The following links will provide you further insights into the auto finance sector of India: