Overview
A Car Loan is a loan taken for purchasing new Car, Used Car or as a Car refinance on existing Car. If you are planning to buy a new car we will take care of Car Loan and assistance for you.
Features & Our Assistance
• Avail up to 85% of the cost of the vehicle • Tenor - Ranging from 12 to 60 months (depending on model) • Quick and speedy processing. • Repayment through convenient EMI’s • Minimum / hassle free documentation
Car Loan Types
1) New Car Loan
If you want to avail a new car you can take a new car loan
2) Used Car Finance
Owning a used car can be a simple, easy and reliable experience. You can get up to 90% funding of the car value.
3) Car Refinance
Avail this loan by pledging your existing car which is free from any loan / hypothecation Takeover of your existing car loan and generate cash* It’s a loan taken over from the bank where the foreclosure amount is lesser than what other Bank actually funds on the asset. That’s how you generate cash and you can get more than 100% finance.
Eligibility & Documents Required
Eligibility Criteria
Your eligibility depends upon your repayment capacity as determined by Financial Institution. Factors like your income, age, qualifications, number of dependants, spouse’s/Co-applicant income, assets, liabilities, savings history, stability, property value and continuity of occupation are considered while computing your eligibility.
Documents required
1) Salaried
Duly filled application Identity proof: (Pan Card / Passport / Ration card / Voter Id Card) Passport size Photographs of all applicants Address Proof Latest form 16 and last 3 months salary slips Last 6 months bank statement of salary account Existing Loans sanction letter/Repayment track record , if any
2) Sole Proprietorship / Partnership / Pvt Ltd Company
Duly filled application Identity proof: (Pan Card / Passport / Ration card / Voter Id Card) Passport size Photographs of all applicants Business Proof Latest Address Proof Last 2 years income tax return of directors / partner Last 6 months bank statement of main operating account of the firm Audited financials Certified copies of MOA /AOA / Partnership deed as applicable Professional qualification certificate if applicable Existing Loans sanction letter/Repayment track record , if any
Frequently Asked Questions: FAQ
1) Who can avail Vehicle Loans?
Salaried individuals Self-employed individuals Partnership Firms Public & Private Ltd. Companies HUFs and Trusts
2) Which cars can be financed?
You can avail finance on most passenger cars and multi-utility vehicles manufactured by India's leading automobile companies. You can also avail finance on imported cars subject to fulfillment of certain terms and conditions.
3) How much finance can I avail of?
You can avail up to 85% for new car or used car purchase and up to 150% on existing car loans
4) What are the tenure options?
You can choose any repayment option from 12 to 84 months all specially designed to suit your requirements.
5) Do I need a guarantor?
No, a personal guarantor is not a must. But if your income / age does not meet credit criteria, then you may be required to have a guarantor to stand surety for your loan.
6) Who can be the co-applicants for the loan?
Your spouse or any blood relative staying in the same residence can be a co-applicant.
7) How is the interest charged/calculated?
Interest is calculated on a monthly reducing balance basis.