Buddy Loan disburses car/four-wheeler loans based on your credit scores and one important thing, PAN card.
PAN Card is Mandatory to Avail 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.
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 that 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 assess 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 non-payment 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.
With most of the companies offering car loan interest rates up to 14% per annum, based on the demand of the automobile. Let us understand how does a four-wheeler loan affect credit history.
Four-Wheeler with PAN Card can Increase your 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 app 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 Rs.150000 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 circ*mstances. 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.
Prepaying in Repaying a Four-Wheeler Loan!
Getting an approved online car loan in itself is a privilege enjoyed by the middle class, especially for people who have been riding two-wheelers all their lives and now opt for a four-wheeler loan to give a safe, secure and comfortable commute to their families.Buddy Loan helps you avail of the best four-wheeler loan with lower interest rates and no collateral.
Many people apply for a Buddy Loan to apply for car finance online; we understand that a four-wheeler these days is more of a necessity than a luxury. You can apply for a car loan online from various institutions, including banks, NBFCs and other financial enterprises at a low-interest rate, a payable EMI as per the income of the borrower and a fixed long tenure to ease him.
Being in a debt of a high-end Buddy Loan is stress for many, and despite attaining a personal car loan on a low rate of interest, the high EMI and the long tenure can be quite traumatic for an average family man who has a low income.
Many opt for the prepayment option for debt riddance and instead go for long term savings. Provided there are no prepayment penalties, the borrower can choose from a full prepayment of his buddy loan, a foreclosure, or even part payment. Although this needs to be realised that small part payments will have no positive effect on the total amount of rate of interest, instead it will only deprive a layperson of his little savings and cause financial disabilities giving no benefit of prepayment of buddy loan.
They prefer to silence their luxuries and stick to bare minimum essentials to prepay the Buddy Loan that carries a considerable percentage in their monthly salary or income.
Prepayment Helps in Many Ways:
- The freed-up money can be used for other enticing investment options or long-term savings, which otherwise would go in the payment of the car finance online.
- This also ensures a lower rate of interest in the remaining instalments of the buddy loan.
- Rate of interest that is calculated on a pro-rata basis reduces cumulatively and the benefit of an alleviated interest charge can be enjoyed by the borrower in the latter EMIs.
- Prepayment of personal car loan leads to lower stress, better standard of living, debt-free lifestyle with a disciplined culture of incurring the expenditure.
- Full payment or even a part payment of the online car loan eventually leads to a good credit rating as it displays, you’re paying capacity as a borrower.
Form 16 to Increase your Four-Wheeler Loan Approval Rate!
Form 16 is a tax department document issued by the employer. This document contains all the details of the taxpayer. It may be used to show that your earnings and to confirm that your tax has is deposited to the tax department. Buddy Loan aggregator helps you choose a loan at a lower interest rate and also benefit you with tax exemption.
The document is also used in processing loan applications. Form 16 is essential when applying for your four-wheeler loan because you may need to apply for tax exemption if you use your car for business. Form 16 is also mandatory when applying for the best car loans, even when you are an employed person. These confirm to the bank that you are a law-abiding citizen.
As a business person, you need to file your returns to apply for the tax exemption under the business expenses. The interest when you apply for a car loan is treated as a business expense. There also other options that your four-wheeler loan may get you a tax exemption. However, this depends on the IT officer.
To apply for a personal loan, you need to submit the following documents to the provider for consideration. The absence of a report could delay your loan verification and, subsequently, the disbursem*nt.
- A duly filled Buddy Loan application form
- Proof of age Birth certificate or 10th/12th school certificate
- Identity proof: PAN card, Aadhaar Card, Driving License, Voter’s ID Card or Passport
- Proof of address: Utility bills like telephone and electricity bills or Ration card.
- Income proof the last 3-6 months’ salary slip and bank statements, Form -16, and IT Returns.
However, there are ways that you can qualify to get a loan without proof of income or a form 16.
- Do thorough research and apply for an online car loan.
- Consider making a down payment on your loan as it will bring down the cost of your loan considerably
- If you are unable to get a deposit, then you can use some property or an older car as security
- If you want to have low interest on car loans, you have to negotiate with your provider
- Upon car loan approval, ensure to read the fine print of the car loan agreement carefully.
- Make the repayment diligently as it increases your future chances of a loan.
Form 16 is, however, an essential document in the processing of your instant four-wheeler loan. Especially if your instant four-wheeler loan is rejected or you are getting a lesser amount.
With all the benefits in hand let us discuss more uses of a four-wheeler loan down below.
The Uses 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. Buddy Loan disburses instant four-wheeler loans with no collaterals and lowers interest rates based on your credit history.
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 fulfil 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. In order 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.
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.
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.
Having any queries? Do reach us at info@buddyloan.com
