How Do You Apply For A Quick Car Loan For Your Dream EV?

How Do You Apply For A Quick Car Loan For Your Dream EV?

Do you own a car? Fearing the peaking petrol price? What if your car runs without petrol? Sounding weird? No, not at all. You must have heard of electric vehicles (EVs). By running without fuel, they make the air fresh, benefiting the global atmosphere. Your work is only to charge the batteries on time.

So, why wait? Switch to an EV immediately. However, there is a glitch. EVs are expensive enough. You may need a car loan. Again, feeling down? Thinking the process will consume a lot of time? The world has progressed a lot, dear. India is also not lagging. The growing fintech sector is a blessing now. You will get the loan quickly. How? Here are some ways.

Step 1: Choose what kind of EV you want to buy and decide your loan amount accordingly

No matter what your choice is, get to know the price of your dream vehicle. Then decide whether you want to buy it outright or make a partial payment from your funds. Additionally, you will also need to pay for insurance, accessories, and other related expenses. Calculate the total amount and then decide how much loan you will need.

Step 2: Find out if you are eligible for the loan

There are some basic rules that every Fintech company follows before approving a loan. 

• Your age must be between 20 and 60 years, and you must be a salaried or self-employed individual, earning more than Rs. 20,000.

• Your credit score should be above 700. Some lenders accept lower credit scores.

Even if you are a novice, you can get a car loan. Many Fintech companies have this facility with flexible terms and conditions.

Step 3: Select a suitable lender (Fintech)

Though traditional banks are always an option, Fintech companies in India follow a much easier and faster online process. These companies sometimes approve loans within minutes.

Step 4: Apply for the loan online

In this digital era, why waste time on paperwork and standing in queues? Get it instantly through an online process.

1. Select a lender and visit their website or app.

2. Enter your basic details, including name, PAN, income, etc., in the required sections.

3. Upload the documents they ask for. It can be your Aadhar, salary slip, or something else.

4. Go through their loan offer carefully (tenure, amount, etc.).

5. If the offer suits your requirements, accept it and e-sign the agreement.

You will get the amount into your bank account within 2 days. The disbursal can be instant. However, be careful! Know the exact terms and conditions. Also, find out if there is any government subsidy available for purchasing EVs in your state.

By choosing Fintech lenders, you will get,

• Fully digital process

• Fast approval

• Flexible repayment terms and EMIs

• Minimum documentation

The booming Fintech industry is an excellent option for you to fulfill your dream of buying an EV. Some clicks and your car loan amount will be in your account. These digital lenders have made the financing process easily accessible. You can also research and find out which Fintech company suits you the best. So, no more thinking. Go ahead and fetch your EV. After all, it is the future of transport.