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.

How can I repay my four-wheeler loan?

It is a dream come true for an average citizen to switch from a two-wheeler to a four-wheeler. People often opt for Buddy Loan  aggregator, for better four-wheeler loans with lower interest rates. This not only raises your fame and standard of living but also gives you the facility to drive around with your whole family, securing yourself from life-threatening accidents and pollution and even have the honour of listening to your favourite tunes while driving. 

Buddy Loan  s come as a gift when applying for a car loan as they provide the convenience of a new vehicle at a low rate of interest and do not pressurise the borrower on high EMIs.

But debt can be troublesome for many, and they want to foreclose the Buddy Loan  . 

There are many ways that a borrower can save up and get rid of the stress of having a huge car finance loan EMI on their account every month like:

• Proper calculation of the rate of interest and the effect of it on your monthly EMIs should be diligently watched. If part payment is made to lessen the burden of the debt, you need to be calculative in how much we are saving and how the interest varies, which is usually calculated on a pro-rata basis gets alleviated with every payment.

• Invest any bonus cash or increments like salary perks into your loan. A strict NO to delve into a new Buddy Loan   while one is going on, and to spend any extra finances is highly discouraged. If anything extra is poured into the current car loan finance account, it automatically reduces the upcoming EMIs with a suppressed rate of interest.

• Always opt for a shorter tenure to repay your Buddy Loan  . Many customers fall into the trap of increasing the period thinking a reduced EMI will complement their pocket. Interestingly, the irony is more the number of months; higher will be the rate of interest and the probability of defaulting on it.

• Thoroughly study the prepayment clause of your Buddy Loan   contract and check for any charges that can be levied in case of foreclosure or part payment.

• You just have to make payments online to close your Buddy Loan  , or you can visit the nearest branch to pay off your debt, taking other debts and your savings into consideration.

• Last but not least, a full closure of the car finance loan option also means complete

ownership of the vehicle.

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.