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Your Car Loan Eligibility Against Fixed Deposits A...

31 August 2015, 01:08 PM

Getting a reasonable deal over car loan is a dream for every aspiring car buyer in India. Everyone wants lower interest rates and simple terms and conditions as borrower. Contrary to this, banks are pretty clear on their conditions and eligibility criteria for loan applicants. And only those who fulfill those conditions are granted car loan without hesitation. People are often seen looking out for way to make best from such conditions and bargain the best possible outcome. There are some specific manners through which you can bring the ball to your court to some extent.

The first thing that can help in turning the tide in your favor is availability of credit cards. There are some banks that prefer to give preference to their own cardholders while there are some other banks that consider cardholders from other banks too. The card should be in regular use in last 1-2 years and you will b required to put up your recent transaction statements. So, if you have a credit card chances are that you may get higher amount of car loan or rates of interest might be lowered for you. A premium cardholder may get 10 per cent higher finance than a non-card or regular credit card holder.

For some banks, having a card, sometimes meets a larger part of their eligibility criteria and the candidates are sacked from the requirement of submitting their income tax proofs. Another loan eligibility criteria stand in favor of the people who are ex-servicemen with high rate of income will get loan easily. And of the person is a platinum card holder, he or she might avail 80 per cent of financing and loan up to Rs.5 lakhs without any income statement. It will save ample of paperwork and wastage of time of both the borrower and lending organization.

Other than this, if a person has a fixed deposit with the bank, it can also help in meeting some important car loan eligibility criteria. Your deposit under such condition will act as a security against non-payment and the bank will not have to worry about non-payment. However, the amount of deposit will make the biggest difference here.

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