What are the uses of a four-wheeler loan?

You spy on your favourite car every morning, hoping its price would slide down a notch into your budget, and at the same time, you surf through the world wide web for the cheapest, convenient, and most useful options to buy the car of your dreams. Buddy Loan disburses instant four-wheeler loans with no collaterals and lowers interest rates based on your credit history. 

You stand at the doorway, making a wish, but it does not happen. Days, weeks, months pass your dreams remain intact, but a part of you starts second-guessing. The pursue is tiring, and a part of you observes, “is it a good idea to get a four-wheeler loan?

Yes, with Buddy Loan, applying for a car loan online is made easy and hassle-free with less or no documentation in the process. Gone are the days when you have to save up for years before even considering buying a vehicle of your own, let alone budgeting. Cars are no longer referred to as secondary purchases that required brainstorming, research, or align with the idea of buying a house first.

While the idea of buying a car means outright owning it, getting to do car finance online prevents young professionals from burning their savings. Whereas, for some, buying a car is completely off the grid as they have other transactions to fulfil every month. Hence, with our volley of lenders, payments have become manageable for those with similar transactions.

Apply for a vehicle loan on the Buddy Loan website and get instant approval with interest rates starting at 11.99%.

Best loans are collateral-free. In order to apply for a personal car loan on the Buddy Loan website, you need documents that prove your income, residence, and identity.

Unlike home loans or personal loans, car loans give us the flexibility to choose both interest rates as well as the payment mode.

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.

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 benefits of a four-wheeler loan?

You spy on your favourite car every morning, hoping its price would slide down a notch into your budget, and at the same time, you surf through the world wide web for the cheapest, convenient, and most useful options to buy the car of your dreams. Avail all the benefits of a four-wheeler from Buddy Loan aggregator. 

You stand at the doorway, making a wish, but it does not happen. Days, weeks, months pass your dreams remain intact, but a part of you starts second-guessing. The pursue is tiring, and a part of you observes, “is it a good idea to get a four-wheeler loan?

Yes, with Buddy Loan, applying for a car loan online is made easy and hassle-free with less or no documentation in the process. Gone are the days when you have to save up for years before even considering buying a vehicle of your own, let alone budgeting. Cars are no longer referred to as secondary purchases that required brainstorming, research, or align with the idea of buying a house first.

While the idea of buying a car means outright owning it, getting to do car finance online prevents young professionals from burning their savings. Whereas, for some, buying a car is completely off the grid as they have other transactions to fulfill every month. Hence, with our volley of lenders, payments have become manageable for those with similar transactions.

Apply for a vehicle loan on the Buddy Loan website and get instant approval with interest rates starting at 11.99% p.a.

Best loans are collateral-free. To apply for a personal car loan on the Buddy Loan website, you need documents that prove your income, residence, and identity.

Unlike home loans or personal loans, car loans give us the flexibility to choose both interest rates as well as the payment mode.

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.

Is PAN card mandatory to get a four-wheeler loan?

The good credibility of an individual ensures that it is much easier to get an approved and to be offered better car finance loan terms if the correct documentation is provided. One of them is a PAN card. Buddy Loan disburses car loans based on your credit scores and one important thing, PAN card. 

To apply for any Buddy Loan - education loan, personal loan, travel loan, house loan, home improvement, or any other Buddy Loan, PAN (Permanent Account Number) card is mandatory to be attached to the list of documents. Without a legit PAN, no loan can be acquired. It is your identity proof hat can be used anywhere in the country.

The Income-tax Department of India has created this mandate that any monetary transaction of the value of more than Rs. 50000, PAN card needs to be quoted compulsorily. This is a tool used to figure out the financial transactions of each individual and to monitor any tax evasions or income leaks from the ITR filed by the individual.

PAN Card is a mandatory document to be submitted at the time of application of the Buddy Loan. Online car finance cannot be processed in its absence as the finances declared and paying capacity of the borrower can be identified and tracked through monitoring of the PAN card.

The main reasons why the submission of the identity proof is a necessary document are:

• To asses the income of the borrower

• To trace him in case of a sudden disappearance

• To gauge the history of the borrower

• Any past defaults or nonpayment of any other loan or expense can be tracked through the PAN card

• His tax payments and tax evasions can be easily rounded up

• It acts as one of the most prestigious identity proofs of any individual

• Direct collaboration between the PAN card and CIBIL so the credit history and credit rating can easily be ascertained before applying for a Buddy Loan on car finance.

• Its procurement is simple and easy, and even students and youngsters can apply for it.

So along with other necessary documentation like address proof, salary proof, photographs, employment proof, ITR statements, Bank statement, and essential contact details, the application to apply for an online car loan cannot be processed without the submission of PAN Card. 

There could be other unsecured ways through financial institutions and money lenders. Still, the rate of interest and EMI would be skyrocketing as compared to a legitimate loan procedure offered by an authorized bank or an NBFC.

Is Form 16 required for a four-wheeler loan?

Form 16 is a tax department document issued by the employer. This document contains all the details of the taxpayer. It may be used to show that your earnings and to confirm that your tax has is deposited to the tax department. Buddy Loan aggregator helps you choose a loan at a lower interest rate and also benefit you with tax exemption. 

The document is also used in processing loan applications. Form 16 is essential when applying for your four-wheeler loan because you may need to apply for tax exemption if you use your car for business. Form 16 is also mandatory when applying for the best car loans, even when you are an employed person. These confirm to the bank that you are a law-abiding citizen.

As a business person, you need to file your returns to apply for the tax exemption under the business expenses. The interest when you apply for a car loan is treated as a business expense. There also other options that your four-wheeler loan may get you a tax exemption. However, this depends on the IT officer.

To apply for a personal car loan, you need to submit the following documents to the provider for consideration. The absence of a report could delay your loan verification and, subsequently, the disbursement.

• A duly filled Buddy Loan application form
• Proof of age Birth certificate or 10th/12th school certificate
• Identity proof: PAN card, Aadhaar Card, Driving License, Voter's ID Card or Passport
• Proof of address: Utility bills like telephone and electricity bills or Ration card.
• Income proof the last 3-6 months' salary slip and bank statements, Form -16, and IT Returns.

However, there are ways that you can qualify to get a loan without proof of income or a form 16.

• Do a thorough research and apply for an online car loan.
• Consider making a down payment on your loan as it will bring down the cost of your loan considerably
• If you are unable to get a deposit, then you can use some property or an older car as security
• If you want to have low interest on car loans, you have to negotiate with your provider
• Upon car loan approval, ensure to read the fine print of the car loan agreement carefully.
• Make the repayment diligently as it increases your future chances of a loan.

Form 16 is, however, an essential document in the processing of your instant four-wheeler loan. Especially if your instant four-wheeler loan is rejected or you are getting a lesser amount.

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.