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Darsh Advisory Services

Vehicle Loan

Car loan for a used Car or New one

Car loans are available for not just buying brand new cars but also used ones. On the face of it, a used car is cheaper so clearly, the car loan amount required will be lower, and so will be the car loan EMIs. But in most cases, a used car requires a higher upkeep cost and there might be additional re-registration costs associated with it, neither of which will be covered by the car loan. So, for a large majority of the prospective car purchasers, approaching a bank or NBFC for new car loan options is preferred over used car loan options. Another factor is that the car loan approval is much swifter for a new car.

But buying a pre-owned car is not that bad of an option either. We here list down a few reasons why buying a Pre-used car via a car loan is a good deal too :

• First and foremost, it is immensely pocket friendly. It is obvious that a second-hand car will cost less, thereafter, the pre-owned car loan financing it will also be a lesser amount compared to its new-car alternative, meaning smaller monthly installments to pay.
• It is evident that the demand for second hand car loans is lesser that that for a new car loan. This is a reason that most banks feature used car finance as an important component in their products, thus, these products are customized and added with extra benefits to appear as customer friendly as possible. Therefore, a car loan gives lots of features and rebates but less of the hassle associated with buying a new car loan.
• And the best part, in case of a pre-owned car, the choice of models isn't dependent on its current on-road price. The amount you invest in a new car of a particular model can buy you a higher model in the same amount or probably even lesser in case of a second-hand car of the same make. Plus, the insurance cost of a pre-owned car is lesser and the prospect of depreciation is considerably less when compared to new cars. So, you can retain its original value when you intend to resell it in the future.

Car Loan eligibility

Almost anybody who fulfills the basic car loan eligibility criteria can apply for a car loan in India. The basic requirements to take up any loan are driven by the age, employment status and other demographical factors of the car loan subscriber along with of course, their repayment capacity. The common requirements, irrespective of the financial institution or loan amount, for an individual to be eligible for a car loan approval include:

• The borrower should be salaried, self-employed, business owner or a professional
• They should be of Indian nationality residing in or outside India
• They should be at least 21 years old and not more than 65 years old
• Should meet the minimum repayment capacity or minimum salary requirements
• They must be in the current job for one year (salaried) or two years in the same business (self-employed or professional)

Car Loan Documents

Several documents that establish necessary information like your identity, proof of income and residence are required for a car loan application. But out of all, the documents relating to new or old car, are the most important. The complete set of relevant car loan documents makes one eligible for loan and one cannot do without submitting the right docs.Though, the documentation requirements vary from lender to lender, following is a list of commonly asked for documents required while applying for a car loan :

Income proof documents for Self-employed persons:

• Duly signed and filled application form available either on the website or physically at the bank's outlets
• Passport Size Photographs, generally 4-6 photos
• An identity proof which can be one of these documents- Passport, Pan Card, Driving License, Voters ID card, Aadhaar card or employee identity card in case of government employees
• Address Proof like Bank statement, Rent Agreement, Voters ID card, Ration card, Passport, Driving License, Telephone bill, Electricity or water Bills, Credit card bill or Property tax document
• Age Proof which may be a Voter ID card, Secondary school leaving certificate (class 10), Birth certificate, Passport, Aadhaar card, Pension payment order or Receipt of LIC policy.

Income proof documents in case of salaried individuals:

• Latest 3 months' salary slips
• Form 16 with proper computation of income
• Salary account bank statement for six months
• Latest acknowledged IT return
• Business stability and ownership proof
• Last two years' computation of income
• Profit and Loss statement
• Balance sheet certified by a C.A.
• Latest six months' bank statement
• Last two years' sales
• Copies of acknowledged IT returns
• PAN Card for the lender to check and verify if you are trustworthy enough to make regular repayments by your credit records history.
• Documents providing Vehicle information which may include the sales receipts from the seller.
• In order to establish that, all applicable laws and protocols are followed with regards to the purchased vehicle, the applicant must also submit copies of the Vehicle's Motor Insurance and your Driving License.

 Commercial Vehicle Loan

A commercial vehicle loan offers an ideal solution for anyone who owns a transport business. We offer new and used commercial vehicle loan at attractive interest rates, with a flexible repayment tenure. Experience a hassle-free documentation process, quick processing and swift loan disbursal.

Our commercial vehicle finance caters to a wide variety of customers which include:

• Large, medium and small-size fleet owners
• Individuals
• First time users
• Partnership firms and proprietorship firms
• Private and public limited companies
• Proof of Identity & Address Proof - (Passport / Voter's ID / Driving License/PAN Card*/Aadhar Card or Proof of possession of Aadhaar number(on Voluntary basis))
• Driving License/ Voter's ID / Utility Bill (anyone (anyone which is not more than two months old of any service provider - electricity, telephone, post-paid mobile phone, piped gas, water bill) / Registered Rental Agreement/Letter of allotment of accommodation from employer/ leave and license agreements with employers allotting official accommodation/ Passport)
• Driving license, in case of First time users
• Land holding proof, in case of Farmers
• Income Tax (ITR) and financial statements for the last two years, complete with schedules and P&L account.
• Documents to prove relevant experience, in case of First time users
• Bank statements Latest bank passbook (updated within 90 days)
• Fleet list details
• Proprietorship declaration, partnership deed, memorandum/association of article (MOA/AOA), board resolution, as applicable

Tractor Loan

Get Instant Loan in lower interest rates

“Worrying about Finance doesn’t make the product cheaper, Financing does!”

With the developments in the global markets, new age solutions have knocked doors of Indian markets too. The conventional problem of budget and expenses are now being dealt in a different way than it was dealt within the last decade. The globe has got new financing solutions and so have you. Tractor Finance being introduced in the Indian Markets open a huge avenue of immense growth for the buyers who might want to buy a Tractor, but are somehow restricted by their budgets and expenses.

If this was your reason for delaying the buying of your dream machine, then Delay No More

Darsh Advisory Services brings to you the option of procuring a Tractor Loan for your dream machine and that too with all new schemes and offers added lately and that too of various companies and brands. Go through the list of our partners and choose best schemes for you, calculate EMIs know about the documentation required and other formalities included. This might sound confusing but Darsh Advisory Services makes the process simpler than it sounds. We make the process even easier for you by inducting new methods and features so all that you have to do is buy a tractor and arrange the documents.

Documents for Loan

• Latest photograph of Borrower(s) / Guarantor (wherever applicable)
• Aadhaar Card (Mandatory)
• Identity Proof : Aadhaar Card or Any one of Voter ID / PAN Card / Driving License / Passport
• Address Proof : Aadhaar Card or Any one of Voter ID / Driving License / Passport
• Proof of Signature Verification : Any one of Passport / Driving License / PAN Card / Bank Verification
• Land Ownership Proof (wherever applicable)
• Others documents (wherever applicable)
• Repayment Track Record
• Registration Certificate of existing asset
• Income Proof : ITR & Financials of Last 2 Years
• Proof of Salary / Pension
• Minimum age - 18 years
• Maximum age - 60 years
• Minimum Annual Income : ₹ 1 lakh (for Farmers) & ₹ 1.5 lakhs (for Commercial segment)