What should healthcare professionals know about car loan pre-approval?

Healthcare professionals considering car loan pre-approval should understand its significance and the associated requirements. Pre-approval allows applicants to determine their borrowing capacity before finalising the car purchase.

• Financial Evaluation: Pre-approval clarifies the loan amount, interest rate, and tenure based on the applicant's financial profile. This helps in planning and choosing a car within budget.
• Required Documentation: Commonly needed documents include identity and address proof, income proof (such as salary slips or Income Tax Returns (ITRs)), bank statements, and professional credentials. Healthcare professionals may need additional details depending on the financial institution or Non-banking Financial Companies (NBFC).
• Eligibility Criteria: Applicants should meet the basic eligibility criteria, such as a stable income, satisfactory credit score, and minimum age requirement, as set by the financial institution or NBFC.
• Time-Saving: Pre-approval simplifies purchasing a car, as the financial aspects are addressed beforehand, reducing delays during final approval.

Healthcare professionals should consult various financial institutions or NBFCs to compare offers and ensure they meet the eligibility requirements. Pre-approval does not guarantee loan approval but offers an estimate of terms for better financial planning.

Note: Pre-approval requirements and terms may vary across financial institutions and NBFCs.