In India, it is often said that your family completes with a car. The added security, comfort, ease of travel, all empower the consumer to live a better life. This can enhance your family relations and friendships even, as who doesn’t like an unplanned road trip. Added is the ease of carrying your own luggage without compromising seating space seems like a boon. A dream of owning a car isn’t a dream anymore. AU Small Finance Bank is here with their Vehicle loans and will help you get your dream car. And we are here to support you by guiding you through the process. Let's dive into this.
Personal Car loans: AU Bank has identified the market rightly and caters to both your private and business needs. Personal Car loans help you get the right deal with the right interest rates.
Commercial Car loans: Your business may require a car to fly high and that is completely in line with AU Bank’s policy. They charge you with affordable interest rates so that it is easy for you to go ahead with the business expansion objectives.
Transparent Charges: AU Bank ensures that there is no hidden cost, in order for the consumer to stay informed with the process and not letting them into any trap.
Effortless Application: The application process is convenient and quick, to ensure that the approval is swift as well..
Additional Perks: AU Bank offers added benefits such as customised loan offerings for individuals and businesses according to their needs, income and other factors.
Credit Score: It is similar to grades we used to get in school. It is a measure to rate you based on your past borrowing and repayment behaviour. It also takes into account other factors such as job stability and age etc. In case of a low credit score, you are charged much higher interest rates than the case of a high credit score. This is a measure to ensure risk considerations while offering loans.
Loan Duration: Shorter loans usually have lower interest rates because banks take less risk lending money for a shorter period. Longer loans have bigger risks involved and also the amount is larger when repaid as the interest rate is compounded over time.
Vehicle Type: The car's make, model, and age can influence the interest rate. Also whether it is a used vehicle or a new one also changes this. Commercial vehicles and personal vehicles have different rates.
Visit the Website: Access the AU Small Finance Bank website and navigate to the 'Car Loans' section. You will find an online application form. Just fill in the form and a representative from their end will get in touch with you.
Application Form: Fill out the online application form with personal, employment, and vehicle details.
Document Submission: Upload essential documents like ID proof, income statements, address proof, and vehicle information.
Review and Submit: Review the application details before submission for bank review and processing.
You can also apply for a loan by calling the customer care center on 1800-1200-1200 or 1860-1200-120.
If you already have an account at AU Bank, contact the Relationship Manager or the Personal Banker to help you streamline your application.
You can also email them at [email protected] and they will reach out to you to assist you in the application process.
You can visit the nearby branch to apply for loan as well.
Age Requirement: An applicant must be at least 18 years old to avail this facility.
Income Stability: A consistent and reliable source of income such as elf employed, salaried or agriculture practicing is usually necessary.
Employment History: Lenders may require a stable employment record, often with a specific tenure (in case of salaried professionals).
Credit Score: A good credit score is often a prerequisite for any loan approval.
Debt-to-Income Ratio: If there are any previous debts under your name, it is important to consider this ratio while giving out loans.
*Only for Commercial Car loans: Prior experience in running commercial cars , if any, is required to be presented.
*Only for Used Cars: Details of previous owners and the records of cars can be demanded.
Proof of Identity: Valid government-issued ID.
Proof of Income: Payslips, bank statements, or tax returns.
Proof of Residence: Utility bills or rental agreements.
Vehicle Information: Details of the car to be purchased or refinanced.
Credit History: Authorization for a credit check and supplementary documents if required.
Accessibility: Car loans enable the distribution of your car expenses across an extended time period, making it more manageable for many individuals.
Enhanced Vehicle Options: Car financing provides the opportunity to afford a better or more expensive car compared to paying upfront in cash.
Credit Improvement: Consistent repayment of the loan can gradually enhance one's credit score over time.
Debt Obligation: Taking out a car loan signifies being in debt for several years to pay off the loan amount.
Interest Charges: Car loans often come with higher interest rates, resulting in increased overall payments throughout the loan duration.
Depreciating Asset: As cars lose value over time, the loan amount remains constant, leading to a situation where the asset's worth decreases while the debt remains unchanged.
It depends on a variety of factors including the car you would buy, the credit score of yours, whether it is a commercial or personal use vehicle along with other things. Please contact your bank for more information.
Yes you can! AU Bank has ensured to take into consideration everyone so that the dream of you buying a car isn’t just a dream.
Yes, they have a separate policy for used cars, both commercial and private car loans. It may require details about the previous owner, your car experience, and the details of the car to be refinanced.
It generally takes 4 days to two weeks before a loan application is approved.
AU Bank usually allows prepayment of car loans without imposing any prepayment penalties or charges. This offers flexibility for borrowers to repay the loan earlier and potentially save on interest costs.