Four Wheeler Loans and Their EMI Calculation, Buddy Loan

The money you borrow for buying your four wheelers can be from various sources- banks, a
private lender, a credit company, or a non banking financial company. The loan is to be
repaid with interest in installments within a fixed period.
However, loan aggregators help you with the best repayment options for a good 5 years.
Explore Buddy Loan in order to reap more benefit for a car loan.

Car Loans and Their Availability
Instant Personal loans for four wheelers- You want to buy that expensive car but don't have the
funds? Saving money to buy that much needed four wheelers isn't always an option. That
classy car you have been eyeing for months may go out of style by the time you save the
cash for it!
This is where Instant four wheeler loans online come into the picture. Buy that car you have been longing for, today. Reasonable EMIs, affordable interest rates, and simple documentation are the
main reasons many Indians are opting for car loans off late.
While the amount of loan depends from lender to lender. Loans are available in the following
manner-
Main Features
● Loans are available starting from Rs.1000/- to Rs.15,00,000/-
● The tenure of the loan ranges from 6 months to 5 years.
● Interest rate starting at 11.99%
● Minimal Documentation
What is an EMI?
A fixed amount of installment is required to be paid every month over the tenure of the loan,
called Equated Monthly Installments.
An EMI consists of two portions- the principal amount of the loan and the interest charged on
the same.
How To Calculate EMIs on Four Wheeler Loans?
EMIs are mostly fixed for the entire tenure and can be calculated using the following formula-
EMI= P*R* (1+R)^n/[(1+R)^n] -1
Where,
E is the EMI payable on the loan amount
P is the Car loan Principal Amount
r is the interest rate value computed on a monthly basis
n is the loan tenure in months
Easy Application
Loan for four wheelers can be easily applied for online. The documents required are also
minimum. One quick online search will tell you that the documents to apply for car loans are
as follows-

● Proof of age
● Identification proof
● Application form
● Passport size photograph
● Proof of residence
● Income proof
● Bank statement
● Signature verification proof
● Pro-forma Invoice or Rate List
The formalities post-application is prescribed by the lender.
CIBIL Score
Acquiring a CIBIL score for obtaining that car loan is a must. A score of 750 or higher is
generally considered credit-worthy. Higher the score, the greater the chances of getting a
loan.
How Do I Repay The Loan?
People often hesitate to take loans with the stress of repaying them. Please note that once
you take a car loan, keep the loan repayment at utmost priority, and you will be done with it
as soon as possible.
If you get a chance, repay huge amounts as and when you can, thus reducing the tenure
and interest.
Use the benefit of taking four wheeler loans to fulfill your necessity and wishes.

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.

How does a four-wheeler loan work?

In India, buying a car is considered a full-blown event where families gather around, click pictures, perform the early rituals, and handout sweets. These special moments along with the lowest interest from Buddy Loan encourages many of our customers to apply for a car loan.

Applying for a car loan online is made easy with Buddy loan with interest rates starting at just 11.99% p.a. And a secure tenure for repayment from 6 months to 5 years.

While passenger cars have seen a fall in 2019, personal cars (SUV) sales have seen a rise of 05%. With that, there has been an increase in the number of individuals financing their cars.

A lot has been made easier when you apply for a vehicle loan through Buddy Loan. Many people consider car financing online because it is quick and effective instead of going through the hassle of visiting lenders personally and answering unrelated questions.

Best car loans are collateral-free. Hence, we have the most transparent process through which one can acquire a loan with minimum documents.

Buddy Loan doesn’t just help people with great 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.

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

Buddy Loan processes up to Rs. 15 lakhs and has easy EMI repay options starting from 6 months to 5 years. We have disbursed instant car loans across India with the help of our lenders. Therefore, one is more likely to get approval within 48 hours with competitive interest rates along with a great deal on insurance.

Documents required to apply for a travel loan for salaried professional:

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

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

● Proof of income: Last three months bank statement reflecting the salary amount.

In addition to the above documents:

● 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.

What are the features of a four-wheeler loan?

Buddy Loan    is one of the best-opted loan aggregators that offer four-wheeler loan with lower interest rates starting from 11.99% p.a.

Imagine taking a walk on a Saturday after and coming back home with a car you were saving up for months without actually paying anything. That’s right, securing a car in today’s day and age is as easy as taking a stroll around your neighbourhood.

Technology has made applying for a car loan so easy that you do not even have to step out the door. Instead, download the Buddy Loan app, choose the amount you need to be approved, upload the necessary documents, and get a collateral-free loan within 48 hours.

Getting car finance online was never made easy or smarter before—a loan structure designed for you to own your dream car at your fingertips.

What is online car loans?

An online car loan is financial assistance provided by Banks/ Financial institutions and NBFCs with a minimal downpayment and equal instalments spread out across your loan tenure.

Feature and Benefits of Vehicle loan:

Collateral-free:

When applied through Buddy Loan   ’s instant car loan service, you do not need any form of collateral or security. However, it is subject to the lender’s discretion. Hence, we’d recommend the applicant discuss all sides at the time of approval.

Paperless documentation:

Apply for a car loan online seamlessly without having to submit any physical documents. In just a few steps, you reach the approval stage, which takes no more than 54 hours.

High chances of approval:

With our volley of lenders, the applicant has a higher chance of getting their Buddy Loan approved.

Quick Loan Disbursal:

The loan is approved within 48 hours from the time of application. The disbursal time is quick.

No prepayment charges:

Buddy Loan    does not endorse any hidden or prepayment charges on loans. We also have strict adherence when it comes to the handling of documents.

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.

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

Documents required to apply for a travel loan for salaried professional:

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

● Proof of Residence: Leave and license agreement/ Utility Bill (not more than 3 months old)/ Passport (anyone).

● Proof of income: Last three months bank statement reflecting the salary amount.

In addition to the above documents:

● 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.

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.