There are two divisions of loan segment are there one is car loan and second is commercial vehicle loan. Car loan is used for personal uses, and commercial vehicle are used by working business like transportation, buses etc. A wide range of vehicle loans are there, so different segments of users are there. A number of financial institutions are there for this loan section in wide geographical location. As the vehicle is mortgaged with the lender, loan processing is too easy for the applicant with fewer checks and documentation. So wide range of funding is expected by the institution where all types of vehicles a come one under one roof from different company.
Get the services with proper documentation.
Vehicle Loan in West Bengal Feature
Few points are there below
- In this case, personal and commercial both types of vehicles are available
- Car, jeep etc, and commercial vehicle like truck, and buses etc, comes under the wide product range.
- The installment process is very fast as immovable assets are mortgaged.
- Low or high-income living standards of people can apply to both commercial and personal.
- The rate of interest is also suitable for other loan products.
- License of driving may be asked by the lender company.
– Summarized factors are there below
- Income paperwork will decide the loan amount funding.
- Age will be one of the factors for loan funding by the company.
- Standard CIBIL report will be needed for this purpose.
- The valuation of the vehicle and model will be checked by the company for loan approval.
- Vehicle paperwork will be checked by the lender team because no legal issues are there.
Required Documents for Vehicle Loan
– Paper lists are mentioned there
- Photograph of all applicant and co-applicant required.
- Identities and address proof like PAN Card, Aadhar card etc. of applicant and co-applicant required.
- Income tax return of few years are to be submitted there.
- Bank statement of few months are attached too
- Business proof like trade license, Tax etc. are need at loan apply