Buying a Car is now easier, with various financing options available in the market.
Unlike other loans, the most important factor is the interest rate charged by the bank/ NBFC for the loan.
Interest Rate can either be fixed or floating. With fixed rate, the rate of interest remains the same throughout the tenure of the loan. In Floating interest rate, the rate of interest changes as per changes in the MCLR of the bank.
Benefits
- Funding available upto 80%-100% of ex-showroom or on-road price of the car
- Loan amount available upto 80% of the valuation of old car
- Quick Approval
ELIGIBILITY CRITERIA FOR CAR LOAN
| PARAMETERS |
Salaried Individuals |
Self Employed |
| Age |
21-60 years |
21 – 65 years |
| Income |
Minimum Income of Rs. 180,000/- p.a. |
Income Minimum Income of Rs. 180,000/- p.a. Minimum Income of Rs. 180,000/- p.a. |
| Current Experience |
2-3 years |
3 years of business stability |
Documents required for Car Loan
| Proofs |
Salaried |
Self-employed |
| Age & Identity Proof |
Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Residence Proof |
Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Signature Verification Proof |
Passport copy/PAN Card |
Passport copy/PAN Card |
| Passport Size Photographs |
Applicable |
Applicable |
Factors Affecting Car Loan Eligibility
- Monthly Income
- Age
- Car Value & Car Model Type
- Credit History
- Employment Status for Salaried
- Business Longevity for Self
- Relationship with Lender
- Category of Your Employer
