Apply for car loan at Letzbank

1. Car Loan

2. What is Car Loan??
1. A car loan is a personal loan that allows the potential buyer to
pay the vehicle off in monthly payments instead of having to pay
the full price all at once. This means that a lending servicer or
bank will pay off the car in full, while in return the borrower pays
off the debt in monthly payments with an interest fee included as
well.
2. This type of personal loan may be either a secured or non-
secured loan depending on the situation they are in. But for the
most part lenders will usually offer a loan that is secured just in
case the borrower falls behind on their payments and fails to pay
off the debt. If the borrower fails to pay the monthly payments,
their lender will repossess the car to pay off the debt.
Visit https://www.letzbank.com

3. 3
Eligibility
1. Salaried Individuals :
Minimum age of applicant: 21 years
Maximum age of applicant at loan maturity: 70 years (Conditions apply)
Income: Minimum Net Annual Salary of Rs. 2.4 Lac p.a. for all approved carmodels
Income eligibility: As per latest salary slip and Form 16
Employment: Minimum 1 year of continuous employment
2. Self-employed Individuals
Minimum age of applicant : 18 years
Maximum age of applicant at loan maturity : 75 years
Income: Annual Business income of Rs. 1.8 Lac p.a. for selected models and
Rs. 2.0 Lac p.a. for others
Income eligibility - As per latest ITR
Employment: Minimum 3 yrs in same line of business

4. Documentation required for a Car Loan:
Age proof
ID proof
Application form
Photograph
Residence proof
Income proof
Bank statement
Post Sanction / Pre Disbursement Documentation
Loan Agreement duly signed along with RTO set
Standing Instruction (SI) Request / ECS Form / Post Date
Cheques (PDCs). Security Cheques required for SI and
ECS
Margin money receipt

5. FAQ
1) How to get a car loan?
A) You can compare the best offers from various banks and apply online within
no time. You will be approached by the bank staff later to process the loan as
per your eligibility.
2) How much loan will I be eligible for?
A) A lot of financial institutions offer up to 90 per cent of the car value as
auto loan. However, the final value might vary with lender. They check factors
such as vehicle cost, type and value in second hand market while deciding
the amount of loan to offer. Some banks might even lend 100 per cent of the
car value.
3) How long does it take to process the loan?
A) If all the required documents are in order, your process moves fast. You
need to submit requisite documents like salary slip, tax returns,
Proof residence, bank statements etc. The processing will take between 2 to
7 days.