Auto Loan Requirements

This topic describes the section of the application form where applicants provide information about the vehicle being purchased and the loan itself.

In terms of loan information, in addition to the loan term, you will also be required to define the estimated value of the vehicle, and whether you wish to make any down payment or not which will enable the system to identify the expected loan amount.

1. From Financial Profile, click Continue.
   The Auto Loan Requirements screen is displayed.

   Figure 1-15 Auto Loan Requirements

   
   

   
   Description of "Figure 1-15 Auto Loan Requirements"

   
   

   Note:

   The fields which are marked as Required are mandatory.

   For more information on fields, refer to the field description table.

   Table 1-14 Loan Requirements - Field Description

   Field Name	Description
   Loan Purpose	The purpose for which the loan is being availed. Note: Depending on the maintenance in OBO, this field can be a drop-down or an input field.
   Vehicle Ownership	The owner of the vehicle for which the loan is being made. The options are: Primary Applicant Joint Applicant Both Applicants
   Estimated Value of the Vehicle	The estimated market value of the vehicle.
   Down payment Amount	The amount, if at all, you wish to make in payment towards the purchase of the vehicle.
   Loan Term	The tenure of the loan in terms of years, months, and days. Note: The loan term must be within the minimum and maximum allowed range defined at the product level. The loan term's duration depends on the product's maintenance in OBO.
   Loan Amount	Displays the loan amount based on the estimated value and down payment values provided by you. Note: The loan amount, as derived on the basis of the estimated value and down payment value entered, must be within the minimum and maximum allowed range defined at the product level.
   Interest Rate Type	The type of interest rate to be applied on the loan i.e. fixed or floating. The options are: Fixed – The rate of interest will be fixed if this option is selected. Floating – If this option is selected the interest rate applicable on the loan will vary over time. Note: In the event that a single type of interest rate is defined for the loan product, this field will be designated as read-only, and the corresponding applicable interest rate type will be presented alongside it.
   Loan Repayment Frequency	Select the loan repayment frequency from the drop-down list. If only one repayment frequency is supported, this field will be read only and the value will be displayed on screen.
   Vehicle Identification Number (VIN)	A unique code assigned to the vehicle by the manufacturer for identification and tracking purposes.
   Vehicle Condition	Indicates the current condition of the vehicle i.e. whether it is a used vehicle or a new vehicle.
   Make	The brand or manufacturer of the vehicle (e.g., Toyota, Honda, Tata).
   Model	The specific model name or number of the vehicle as designated by the manufacturer.
   Vehicle Type	Specify the category of the vehicle (e.g., Sedan, SUV, Truck, Motorcycle, Bus).
   Vehicle Capacity	The seating or load-carrying capacity of the vehicle (e.g., number of passengers or maximum weight capacity).
   Engine Power	The power output of the vehicle’s engine, typically measured in horsepower (HP) or kilowatts (kW). This field is applicable only if the vehicle is a passenger vehicle.
   Body Type	The physical structure or design of the vehicle (e.g., Hatchback, Coupe, Convertible, Pickup).
   Year of Manufacture	The year in which the vehicle was manufactured.
   Distance Travelled – Unit	Select the unit in which you wish to specify the distance that the vehicle has covered in it’s lifetime. This field is applicable only if the vehicle condition is used.
   Distance Travelled – Distance	Specify the distance covered by the vehicle in it’s lifetime. This field is applicable only if the vehicle condition is used.
   Engine Type	Specify the type of engine used (e.g., Petrol, Diesel, Electric, Hybrid, CNG).
   Engine Number	A unique identification number assigned to the vehicle’s engine by the manufacturer.
   Date of Registration	The official date on which the vehicle was registered with the relevant transport authority.
   Registration Number	The unique number assigned to the vehicle by the registering authority (license plate number).
   Registration Authority	The government authority or Regional Transport Office (RTO) where the vehicle is registered.

2. From the Loan Purpose list, select the purpose for which the loan is being applied, if the field is a drop-down. If the field is an input field, enter the purpose of the loan.
3. In the Estimated Value of the Vehicle field, enter the estimated market value of the vehicle along with the currency.
4. In the Down Payment Amount field, enter the amount that you are willing and able to pay towards the purchase of the vehicle.
5. In the Loan Term lists and field, define the term of the loan in years, months and/or days.
6. From the Interest Rate Type drop-down menu, select the type of interest rate to be applied to your loan.
7. Select the View Repayment Schedule to view the loan repayment schedule in a detailed tabular form.

   Figure 1-16 Loan Repayment Schedule

   
   

   
   Description of "Figure 1-16 Loan Repayment Schedule"

   
   
8. In the Vehicle Details section, specify the details of the vehicle.
   1. From the Type of Vehicle list, select the type of vehicle being added as collateral.
   2. In the Vehicle Value field, enter the estimated value of the vehicle.
   3. In the Vehicle Identification Number (VIN) field, enter the unique identification number assigned to the vehicle.
   4. In the Vehicle Condition field, select or enter the current condition of the vehicle.
   5. In the Make field, enter the manufacturer or brand of the vehicle.
   6. In the Model field, enter the specific model name of the vehicle.
   7. In the Vehicle Type field, select or enter the category of the vehicle (for example, car, truck, or bike).
   8. In the Vehicle Capacity field, enter the seating or load capacity of the vehicle.
   9. In the Engine Power field, enter the power output of the vehicle’s engine.
   10. In the Body Type field, select or enter the body style of the vehicle.
   11. In the Year of Manufacture field, enter the year in which the vehicle was manufactured.
   12. If the Vehicle is a Used Vehicle, specify the unit and distance travelled.
   13. In the Engine Type field, enter the type of engine used in the vehicle.
   14. In the Engine Number field, enter the unique identification number of the vehicle’s engine.
   15. In the Date of Registration field, enter the date on which the vehicle was officially registered.
   16. In the Registration Number field, enter the official registration number assigned to the vehicle.
   17. In the Registration Authority field, enter the name of the authority that registered the vehicle.
9. Perform any of the following actions:
   1. Click Continue to proceed to the next step in the application.
   2. Click Back to navigate back to the previous step in the application.
   3. Click Scan QR-code anytime to continue on mobile link to continue the application on mobile or tablet device.
   4. Under the kebab menu, perform any of the following actions:
      1. Click Save and Continue Later to save the application.
      2. Click Continue on Mobile to continue the application on a mobile device.