Is Aadhaar card mandatory for a four-wheeler loan?

The Aadhaar card was allowed by the government to consolidate all other identification documents. Availing a car loan via Buddy Loan aggregator can reduce the stakes of higher interest rate to a certain degree. When you apply for car finance online, you need the following documents. The Aadhaar card is a multi identification document that can be linked to your online platforms and thereby allows you the ease of use.

The documents required for a car will be different depending on your source of income. The requirements also vary from personal car loan provider to the other.

Proof of income documents:

• Bank statement of the last six months

Salary slip and form 16 (for salaried persons)

• Income tax returns (for self-employed persons

• Proof of identity documents: Aadhar card, PAN card, passport or voters ID card
• Proof of address documents: Aadhar card, passport, Shop & Establishment Act certificate (for self-employed individuals), telephone or electricity bill, among others.

• When you apply for a car loan online, it is paramount that you settle for a vehicle loan provider who has

• Reasonable interest rates
• affordable EMIs
• simplistic paperwork
• Quick disbursement, among other reasons that make your application comfortable and secure.

When you have a good credit score, then the Buddy Loan provider is convinced you are the right candidate for the repayment of your car loan. Once all your documents are in place, and your score is right, you could even get a chance to negotiate for the interest rates so that you get a fair price. It is therefore wise for you to clear out any existing debt before you make an application for a low-interest car loan.

Various vehicle loan providers will have different documentation requirements. Therefore you must cross-check this aspect before making your application. With the right documentation, then your claim is verified quickly and can be sanctioned in a short time.

Once your loan is sanctioned, and before it is disbursed, you will receive the below documents

• Loan Agreement duly signed along with the Regional Transport Office set

• Standing Instruction (SI) Request /

• Margin money receipt

Soon after this, you will be required to make your advance EMI if it was part of your agreement when making the loan application.