Car loan for students

Aman_369

KF Rookie
Hello to all I'm a student and want a car loan ... My cibil score is around 776 but problem is that I don't a have valid income proof to show ... Currently I'm starting my tender related business for which I want a personal number car...
So please someone explain how can I proceed for applying for my first car loan ....
Should I go for nbfc which charges more interest rate or apply with a guarantor in the banks ... Is there Any other method?? please mention ...
 

nikhilchauhan

Administrator
Staff member
At this stage, you can't have a car loan under your name. You can have it under someone's else name and pay for it from your own pocket
 

Manni345

KF Mentor
Hello to all I'm a student and want a car loan ... My cibil score is around 776 but problem is that I don't a have valid income proof to show ... Currently I'm starting my tender related business for which I want a personal number car...
So please someone explain how can I proceed for applying for my first car loan ....
Should I go for nbfc which charges more interest rate or apply with a guarantor in the banks ... Is there Any other method?? please mention ...
Having a good credit score like yours is definitely a plus. When it comes to applying for a car loan without a valid income proof, there are a few options you can consider.

One option is to approach Non-Banking Financial Companies (NBFCs) that specialize in providing loans to individuals without income proof. While they may charge a higher interest rate, they might have more flexible requirements compared to traditional banks.

Another option is to apply for a car loan with a guarantor. A guarantor is someone who can vouch for your ability to repay the loan. This could be a family member or a close friend who has a stable income and a good credit history. Having a guarantor can increase your chances of loan approval.

It's also worth exploring other methods such as peer-to-peer lending platforms or online lenders that may have different eligibility criteria.

Remember, it's always a good idea to do your research, compare interest rates, and read the terms and conditions carefully before making a decision. And don't forget to consider your repayment capacity to ensure you can comfortably manage the loan payments. Good luck with your car loan application! If you have any more questions, feel free to ask.
 
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