If you're confused about about auto loans, you've come to the right place. You can compare car loans from more than 20 leading banks and get approvals or quotes within 30 minutes.

Find out about your eligibility, how much loan amount you can comfortably afford with the interest rates and the documentation required for successful approval of your loan. Through Arofin Bankserv, you can get a streamlined online procedure with quick disbursals.

India is a country renowned for its diverse population. It also has the distinction of being the wealthiest country. If you are looking for a auto loan in, there are plenty of options to consider.

All major lenders in the country have operations in each and every city. In addition to major banks, there are also many non-banking financial corporations that provide car loans to customers in India. You may compare the auto loans offered by different lenders using Arofin Bankserv.

Tips to get the lowest possible interest rates for auto loans

The interest rates for auto loans vary among lenders in the market. Since auto loans are secured through the hypothecation value of the vehicle, the interest rates for auto loans are typically lower than that of personal loan interest rates. When you search for auto loans, you can check out the interest rates offered by different lenders in the market before choosing one. By comparing the interest rates, you can choose the best loan product suitable for you. Some of the additional ways in which you could get the lowest possible interest rates are listed as follows:

• Loan aggregators: You can use sites like Arofin Bankserv to compare car loans in the market. Here, you can check out the loan products offered by multiple lenders simultaneously and compare their features.
• Credit score: Individuals with a good credit score can get car loans at low interest rates. Since the risk of default is low, lenders provide loans at a discount rate. Most lenders in the market look for customers who have a CIBIL score of at least 750.
• Employment status: Your employment status indicates your ability to repay your loans on time. If you are a salaried individual, your regular monthly income indicates that you can repay your loan on time without any delay. Even self-employed individuals can get auto loans by showing a steady income from their businesses.
• Debt-to-income ratio: This is another important factor considered by a lender in addition to your employment status. This is a measure that indicates how much percentage of your income is spent on repaying loans. The lower the debt-to-income ratio, the higher the chance of getting a car loan at a low interest rate.
• Tenure: Many lenders in the market also set interest rates for customers based on the loan tenure they have chosen. The higher the loan tenure, the lower the interest rate charged by the bank. However, you might end up paying more amount in overall EMI installments. You must take this into consideration while choosing the repayment tenure for your car loan.
• Negotiation: Though most lenders in the market advertise fixed interest rates for car loans, you could bring down your interest rate by a little through negotiation. You must talk with the bank officials to negotiate a better interest rate. You could use the above-mentioned factors in your negotiation to argue your case.

Documents required for applying for a auto loan

Applicants must provide the following list of documents to get a auto loan in India:

• Identity proof (PAN, Aadhaar, Voter ID, Driving License, etc.)
• Residential proof (Aadhaar, Ration Card, Utility Bill, Rental Agreement, etc.)
• Photographs
• Salary slips (for at least 6 months)
• Business continuity proof (for one to three years)
• IT returns (for self-employed individuals)
• Bank statement (for at least 6 months)