Say no to car loan rejection – Select the right bank for your credentials

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The car loan has now become the integral part of the routine expenses for any household. The banks have made car loan cheaper and the criteria for offering the loan have been mad liberal so that this loan can be availed by the people falling into various classes of society. One car per house has become quite common with this easy car loan options. Though the things are now quite simple, the chances of car loan rejection are still there. If you are salaried or business owner and you want a car loan then make sure that you consider following points before applying so as to eliminate the chances of rejection.

  • Every bank has different minimum income criterion for offering the car loan. You may select the bank depending on your current income. The private banks will have more flexible approach compared to the public sector banks in terms of income.
  • The guarantor is usually not required by most of the banks as they check other relevant details before offering the loan. If you have applied or the loan where the guarantor is required and you don’t have the guarantor ready then better change the bank as it would be easier.
  • The flexibility offered by the private banks may be accompanied with higher interest rates as well. The public sector bank like State Bank of India may offer the car loan at cheapest interest rate but at the same time the criteria for offering loan would also be quite strict with SBI. So, if you have all the documents ready and you are sure that your credentials fall in the bank criteria then opt for this lower interest loan.

You can now own your own car with hassle free car loan by selecting the right lender for you.

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