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Auto Loan Process
Auto loan process needs less documents and paper works for its sanction compared to home loans or property loans. In auto loan process, suitable lender is to be searched out first who is ready to offer you loan for your buying of the desired vehicle. You will also have to ensure that the lender is giving the loan with lucrative interest rate. Ask the lender if any special sort of offer or discount is available while securing the loan. Agents of the lenders would then come to you for collecting the documents like source of income, papers related to identity and residential address proof. In this connection, you may have to provide them with your income tax return file, bank statement for last six months, passport, electricity bill in your name, driving license and other documents of relevant nature. Requirement of producing these types of documents differs from lenders to lenders. When all the duly filled in documents reach the office of the lender, representative or field inspector comes to visit your place for verification. It is imperative that you remain present in your residence while the inspector or the representative of the lender’s attend your place so that every details of your declaration in the application form may be explained to him clearly and elaborately. These are all the parts of auto loan process. Do you think that the process for applying loan is too lengthy?
After being satisfied with his queries, the visiting inspector or representative of the lender’s office send a search report of the investigation to his higher authorities. Going through this report minutely, the lender then sanction the required loan amount through demand draft or cheque. Is there any more confusion about the auto loan process that takes place before getting the loan?
