Does borrowing a four-wheeler loan affect my credit score?

A four-wheeler loan is a service provided by Banks, NBFCs, or Private finance companies. For an individual, owning a car is a turning point in their lives. Buddy Loan offers loan for salaries and non-salaries professionals too. However, salaried professionals apply for car loans to exhibit financial independence in many cases.

The decision is mainly due to an upward shift in one’s career. Or, maybe they have moved to a location where the only feasible mode of commute is driving a car. As a result, private and public companies have also started rewarding people with competitive interest rates along with added benefits on a personal car loan. 

Getting a loan from a bank or a financial institution at a competitive interest and benefits has become easy and more accessible with time and technology. With the help of Buddy Loan, applicants can compare the loans offered by all the banks and financial institutions and choose the one that suits them best. The loan amount can be as little as Rs. 1000 and goes up to 150000 Rs with a flexible repayment process and no hidden charges.

We have a 100% paperless documentation process that is prompt and straightforward. Applicants do not have to do any sort of physical documentation.

Buddy Loan doesn’t just help people with excellent credit history. We understand that it is very much possible for a person to end up with a bad credit score mostly due to unsought circumstances. We work with a blitz of lenders that are on toes to help people with all kinds of credit histories and situations.

Buddy Loan’s tie-up with various loan providers gives applicants plenty to choose from. Starting from interest rates to flexible tenure to no prepayment charges and collateral, the crystal clear transparency increases your chance for banks to extend a car loan online.

A car loan does put a hard inquiry on your credit history, but with timely payments and fewer commitments, the points that were lost get regained in the future.

However, a good credit score always helps applicants to avail loans at more competitive interest. 

The documents required are as follows:

● Proof of Identity: Voters ID/ Pan Card/ Passport/ Driving License

● Residence Proof: Utility Bill (not more than three months old)/ Passport/ Leave and license agreement (anyone).

● Proof of income: Bank statement of last three months reflecting the salary amount.

Requirements for applying for a loan:

● One should be an Indian citizen.

● Aged between 23 and 57 years.

● Should be an employee with an MNC, public, or private company, self-employed too.

● Should meet the salary requirement specific to their city of residence.