There are quite a few reasons that can lead to the rejection of your vehicle/car loan. Read the details below to know more.

Bad Credit/CIBIL score - One of the leading causes of rejection is keeping a poor credit or CIBIL score. Lenders operate on the fundamental tenet that a borrower has a lesser risk of defaulting on their EMIs when they have a higher CIBIL score. In other words, they learn about your creditworthiness via your CIBIL score.

You only need a co-borrower or a loan guarantor if you can't fulfil the lender's requirements to qualify for a car loan. The main aspects considered are credit score, age, and monthly income. If all the requirements are duly satisfied by your side, then you can go ahead and apply for a car loan. 

However, you can also bring a co-borrower with whom you can divide the EMIs according to your understanding and pay off the debt quickly and easily. 

Depending on the borrower's profile, different lenders have different eligibility, qualification and minimum salary requirements to apply for a vehicle/car loan online. Muthoot Money Limited (MML), a 100% wholly-owned subsidiary of The Muthoot Group, offers fast processing and minimum paperwork on vehicle loans.

The essential documents for a vehicle/car loan that you need to keep handy while applying are: -

●    Proof of Income - Form 16, salary slips, Income Tax Return documents
●    Proof of Identity - Aadhar card, Driving Licence, Passport or PAN card
●    Bank Statement of three to six months
●    Proof of Age - Matriculation Certificate or Aadhar Card or Birth Certificate
●    Proof of Address - Aadhar card or Driving Licence or Ration Card(Family Card) or Passport or Voter ID

The maximum tenure of a vehicle/car loan is seven years five years for the car loan and 2 years for two wheeler loan. According to your budget and requirements, you can opt for lower EMIs for loan repayment so that it doesn't become a reason for your stress or a burden on your shoulders. Muthoot Finance has made everything really simple, right from applying for a vehicle loan and following the application to keeping track of the repayment status.

The finance of a vehicle depends on various factors like a person’s annual income, previous credit score history and overall eligibility. We offer up to 95% loan cover on a used car and up to 100% for a commercial-use vehicle. Moreover, Muthoot Finance offers the most affordable auto loan interest rates based on your needs.

To get an instant vehicle loan, you can visit our website. We value our customers and hence offer quick loan processing and pocket-friendly EMIs to suit their needs. We have attractive interest rates and minimal documentation. A person can avail of the loan without any hassle and complex procedures. In case of any questions, you can get in touch with us or visit our nearest branch between 9:30 AM to 6 PM from Monday to Saturday.