How to Get Car Loans Without Collateral?

In India, buying a car is considered a full-blown event where families gather around, click pictures, perform the early rituals, and handout sweets. These special moments along with the lowest interest from Buddy Loan encourages many of our customers to apply for a car loan without collateral.

Features of Four-Wheeler Loan:

Buddy Loan is one of the best-opted loan aggregators that offer four-wheeler loan with lower interest rates starting from 11.99% p.a.

Imagine taking a walk on a Saturday after and coming back home with a car you were saving up for months without actually paying anything. That’s right, securing a car in today’s day and age is as easy as taking a stroll around your neighbourhood.

Technology has made applying for a car loan so easy that you do not even have to step out the door. Instead, download the Buddy Loan app, choose the amount you need to be approved, upload the necessary documents, and get a collateral-free loan within 48 hours.

Getting car finance online was never made easy or smarter before—a loan structure designed for you to own your dream car at your fingertips.

What is Online Car Loans?

An online car loan is a financial assistance provided by Banks/ Financial institutions and NBFCs with a minimal down payment and equal instalments spread out across your loan tenure.

Feature and Benefits of Vehicle Loan:

• Collateral-free:

When applied through Buddy Loan’s instant car loan service, you do not need any form of collateral or security. However, it is subject to the lender’s discretion. Hence, we’d recommend the applicant discuss all sides at the time of approval.

• Paperless Documentation:

Apply for a car loan online seamlessly without having to submit any physical documents. In just a few steps, you reach the approval stage, which takes no more than 54 hours.

• High chances of approval:

With our volley of lenders, the applicant has a higher chance of getting their Buddy Loan approved.

• Quick Loan Disbursal:

The loan is approved within 48 hours from the time of application. The disbursal time is quick.

• No Prepayment Charges:

Buddy Loan does not endorse any hidden or prepayment charges on loans. We also have strict adherence when it comes to the handling of documents.

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 circumstances. We work with a blitz of lenders that are on toes to help people with all kinds of credit histories and situations.

However, a good credit score always helps applicants to avail loans at more competitive interest.

Documents Required to Apply For a Car Loan for Salaried Professional:

• Proof of Identity: Passport/Driving License/Voters ID/ Pan Card
• Proof of Residence: Leave and license agreement/ Utility Bill (not more than 3 months old)/ Passport (anyone).
• Proof of income: Last three months bank statement 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.

Minimise your documentation with Aadhaar card

Also Read: Best Solutions For Car Loan Repayment!

Four-Wheeler Functioning!

Applying for a car loan online is made easy with Buddy Loan with interest rates starting at just 11.99% p.a. And a secure tenure for repayment from 6 months to 5 years.

While passenger cars have seen a fall in 2019, personal cars (SUV) sales have seen a rise of 05%. With that, there has been an increase in the number of individuals financing their cars.

A lot has been made easier when you apply for a vehicle loan through Buddy Loan. Many people consider car financing online because it is quick and effective instead of going through the hassle of visiting lenders personally and answering unrelated questions.

Best car loans are collateral-free. Hence, we have the most transparent process through which one can acquire a loan with minimum documents.

Buddy Loan doesn’t just help people with great 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 circumstances. We work with a blitz of lenders that are on toes to help people with all kinds of credit histories and situations.

However, a good credit score always helps applicants to avail loans at more competitive interest.

Buddy Loan processes up to Rs. 15 lakhs and has easy EMI repay options starting from 6 months to 5 years. We have disbursed instant car loans across India with the help of our lenders. Therefore, one is more likely to get approval within 48 hours with competitive interest rates along with a great deal on insurance.

Role of Aadhaar Card in Four-Wheeler Loan!

The Aadhaar card was allowed by the government to consolidate all other identification documents. Availing a car loan via Buddy Loan App can reduce the stakes of higher interest rates to a certain degree. When you apply for car finance online, you need the following documents. The Aadhaar card is a multi-identification document that can be linked to your online platforms and thereby allows you ease of use.

The documents required for a car will be different depending on your source of income. The requirements also vary from personal car loan provider to the other.

Proof of Income Documents:

Bank statement of the last six months

Salary slip and form 16 (for salaried persons)

Income tax returns (for self-employed persons

• Proof of identity documents: Aadhaar card, PAN card, passport or voters ID card
• Proof of address documents: Aadhaar card, passport, Shop & Establishment Act certificate (for self-employed individuals), telephone or electricity bill, among others.

When you apply for a car loan online, it is paramount that you settle for a vehicle loan provider who has

• Reasonable interest rates
• affordable EMIs
• simplistic paperwork
• Quick disbursement, among other reasons that make your application comfortable and secure.

When you have a good credit score, then the Buddy Loan provider is convinced you are the right candidate for the repayment of your car loan. Once all your documents are in place, and your score is right, you could even get a chance to negotiate for the interest rates so that you get a fair price. It is therefore wise for you to clear out any existing debt before you make an application for a low-interest car loan.

Various vehicle loan providers will have different documentation requirements. Therefore, you must cross-check this aspect before making your application. With the right documentation, then your claim is verified quickly and can be sanctioned in a short time.

Once your loan is sanctioned, and before it is disbursed, you will receive the below documents

• Loan Agreement duly signed along with the Regional Transport Office set
• Standing Instruction (SI) Request
• Margin money receipt

Soon after this, you will be required to make your advance EMI if it was part of your agreement when making the loan application. Besides using the Aadhaar card and presenting the only required documents there is more to four-wheeler loan; let’s understand the benefits of availing a four-wheeler loan.

With Aadhaar card avail a four-wheeler loan instantly

Benefits 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. Avail all the benefits of a four-wheeler from Buddy Loan aggregator.

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. To apply for a personal car loan on the Buddy Loan website, you need minimal 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.

Repayment of a Four-Wheeler Loan:

It is a dream come true for an average citizen to switch from a two-wheeler to a four-wheeler. People often opt for Buddy Loan aggregator, for better four-wheeler loans with lower interest rates. This not only raises your fame and standard of living but also gives you the facility to drive around with your whole family, securing yourself from life-threatening accidents and pollution and even have the honour of listening to your favourite tunes while driving.

Buddy Loan has the highest benefits for car loan borrowers. They provide the convenience of a new vehicle at a low rate of interest and do not pressurise the borrower on high EMIs.

If in case you are uncomfortable availing a loan, you can foreclose it with Buddy Loan.

There are many ways that a borrower can save up and get rid of the stress of having a huge car finance loan EMI on their account every month like:

Proper calculation of the rate of interest and the effect of it on your monthly EMIs should be diligently watched. If part payment is made to lessen the burden of the debt, you need to be calculative in how much we are saving and how the interest varies, which is usually calculated on a pro-rata basis gets alleviated with every payment.

Invest any bonus cash or increments like salary perks into your loan.

Do not avail a loan from Buddy Loan, if you already have an ongoing loan to pay for. If anything, extra is poured into the current car loan finance account, it automatically reduces the upcoming EMIs with a suppressed rate of interest.

Always opt for a shorter tenure to repay your Buddy Loan. Many customers fall into the trap of increasing the period thinking a reduced EMI will complement their pocket. Interestingly, the irony is more the number of months; higher will be the rate of interest and the probability of defaulting on it.

Thoroughly study the prepayment clause of your Buddy Loan contract. Check for charges that can be levied for foreclosure or part payment.

You just have to make payments online to close your Buddy Loan. If you can visit the nearest branch to pay off your debt, taking other debts and your savings into consideration.

Lastly, a full closure of the car loan option means, you own the vehicle completely.

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Looking for an instant loan? Buddy Loan helps you get an instant loan from various lender options. Download the Buddy Loan App from the Play Store or App Store and apply for a loan now!

Having any queries? Do reach us at info@buddyloan.com