Buying car on loan in llp

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2014 Dear Expert

I would like to know the procedure to buy car on loan for LLP with respect to board resolution and other procedures

Thanks

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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29 December 2014 If you want to quality for a car loan, you have to fulfil the following eligibility criteria:

Minimum age of the loan applicant has to be 21 years.
In case of salaried individuals, the loan applicant has to be working in the present company for the last one year or he/she should be employed for minimum two years.
If the car loan applicant is a limited company, it has to be functioning for the last two years as a minimum.
The minimum yearly income of the loan applicant has to be Rs. 100,000 or more.
Maximum age of the loan applicant at the time of maturity of the loan has to be 60 years (in case of salaried individuals) and 65 years (in case of self-employed individuals). This may differ from one financial services provider to another or one bank to another bank. You should verify this prior to applying.

How the car loan procedure works

Car loan procedures in India have some particular steps. You can directly apply to a bank or a financial services provider of your preference. Despite the fact that loan application on paper is the conventional form of applying for a vehicle loan, you can also send an online application since majority of the banks and financial services providers prefer online applications and offer online application facilities. This saves their time and cost. This also saves money and time for the customers. Car loan procedures in India usually comprise the steps given below:

To begin with, you have to directly apply for the automobile loan to the bank or financial services provider of your choice with all the essential paperworks.
As soon as you send an application for the automobile loan, the bank authority will substantiate all your paperworks, residential proofs, and will also carry out some other official procedures.
A credit appraisal will be performed and the amount of loan will be decided once this is carried out, only if the applicant is deemed appropriate for the loan and all the papers submitted are genuine. The loan amount is also dependent on factors such as your income, your age, spouse's income (if any), academic qualification, and overall number of dependents of the applicant. Factors like the total amount of assets, amount of current liabilities, and steadiness of employment are also considered. Your savings and credit history is taken into account. Ultimately, your automobile loan is issued.

for more info:
https://www.caclubindia.com/experts/resolution-required-for-purchase-of-car-on-loan-500625.asp

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