Applicant’s CIBIL rating– The CIBIL score plays a vital role when it comes to car loan approval in India. CIBIL score is the rating given to an individual customer by the Bureau of CIBIL based on his/her past loan repayment record. If the borrower is found to be consistent in paying the loan EMIs on time, the person is given a high rating. On the contrary, borrowers who were not regular with their EMI payments are offered a low credit score.
Car loan installment period– Usually in India the car loan repayment period ranges between 1-7 years. It is up to the comfort of the borrower what repayment tenure he/she wants to Indiana online installment loans pick. The repayment tenure has a significant role to play in deciding the monthly EMIs. If the tenure is higher, the EMIs are low and if the tenure is shorter, the EMIs are naturally more. However, it is preferable that the buyers fix a shorter repayment tenure as they will otherwise have to pay more as interest.
Ages of the auto– The age of the vehicle is a very important aspect which the lenders consider while offering a car loan in India. The age of the car is very important to determine the value of the car. (more…)