5 Easy Steps To Get A New or Used Car Loan

GaadiBazaar, an initiative by Chola, is a trusted online platform that helps you buy and sell used vehicles at the best price in an easy, hassle-free manner. It is the perfect platform for customers looking to buy/sell used passenger and commercial vehicles. All vehicles on GaadiBazaar are 100% Verified & Certified.

Getting a loan for a new or used car has never been easier. Here are five simple steps to get your car loan.

Step 1: Select Your Car

Do your homework first.

  • Fix the budget
  • Checkout latest cars falling in that range
  • Check whether the car has your preferred features

You can do all the above online by visiting trusted and certified websites. If you are looking for a used car, you can check Gaadi Bazaar for a wide range of 100% certified used cars with best deals from Chola.

Step 2: Choose Your Loan Partner

If you are going for a new car loan, choose financial institutions, which offer you 95 to 100% funding. If you are looking for a used car loan, go for the ones that offer you up to 90% funding. Chola offers loans at attractive rates for both used and new cars.

Step 3: Check Your Eligibility And Calculate Your EMI

Loan eligibility calculator is the easiest method to determine your eligibility for a car loan. EMI calculators help you arrive at the possible monthly EMI you should pay. Financial institutions consider factors such as your monthly income, tenure of loan and other existing loans to check your loan eligibility. A good CIBIL score will also help you get a higher loan eligibility.

Step 4: Get Your Documents Ready

Financial institutions may need documents for identification and verification purposes. Chola offers minimal documentation, as follows:

Identity Proof (one of the following):

  • Valid passport
  • Voter identity card
  • Valid pan card,
  • Valid driving license,
  • Ration card with photo
  • Bank passbook with photo attested
  • UID (Aadhar) – unique identity card.

Address proof (one of the following):

  • Valid passport
  • Voter identity card
  • Valid driving license
  • Latest property tax receipt (not more than six months old)
  • Ration card
  • Latest telephone bill – landline and post-paid mobile bills (not more than six months old)
  • Latest utility bills – electricity bill, gas bill or new gas card (not more than six months old)
  • Bank account statement (not more than six months old)
  • UID (Aadhar) – unique identity card.

You can view the complete list of documents here.

Step 5: Fill Your Application

Visit the online platform of the financial institution to apply for a car loan. The online platform usually consists of a form collecting basic data. Chola’s application form is simple and easy to fill.

Once you complete the process, Chola’s Relationship Manager will reach out to you to assist you in buying your dream car.

If you are looking for a hassle-free and easy to avail car loan with minimal paperwork, click here!

Benefits Of Availing A Used Car Loan With Chola:

  • Loans from INR 1 lakh onwards
  • Motor Insurance, Life Insurance and Personal Accident Cover
  • Relationship Managers to assist you in all your loan needs
  • Pan India Presence

Leave a Reply

Your email address will not be published. Required fields are marked *