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Full Name*
Date of Birth*
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Required Amount Loan*
Employee of*
Income (Per month)*
Email ID*
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Male
Female
Salaried
Self-Employed
New Car
Used Car
- Flexible repayment options.
- Attractive interest rates.
- Quick Loan approvals
- Hassle free loans.
- Easy and simple documentation.
- Special schemes to suit your needs.
- Attractive interest rates.
- Fast approvals and quick disbursals
Who can take Car Loan
- A Self Employed Individual.
- A Partnership Firm.
- Private Limited Company.
- Limited Company.
- A self Employed Professional like Chartered Accountant, Architect etc.
- Salaried Employees working with Government or Private Sector.
- Loan Amount
The minimum loan amount can be Rs. 3Lacs and the maximum loan amount can be up-to 1crores or more than that. Subject to your financial credentials. - Flexible Repayment options
You can opt for a term/tenure of 1 to 4 years based on your repayment capacity of the loan. - Repayment Mode
You can repay the loan by equated monthly Installments(EMIs) through ECS to debit your account or with PDCs. - Part Payment/ Pre Mature closure of loan Flexible options for early closure of loans.
- Rate of interest may very from bank to bank and on your financial credentials.
Bank offers Car Loans at attractive interest rates to both salaried and self-employed individuals who meet our age and income eligibility criteria.
- Salaried Individuals
- Minimum age of applicant for car loan: 21 years.
- Maximum age of applicant at loan maturity: 70 years (Conditions apply).
- Income for car loan: Minimum Net Annual Salary of Rs. 2.4 Lac p.a. for all approved car models.
- Income eligibility: As per latest salary slip and Form 16.
- Employment: Minimum 1 year of continuous employment.
- Self-employed Individuals:
- Minimum age of applicant for car loan: 18 years.
- Maximum age of applicant at loan maturity : 75 years.
- Income for car loan: Minimum Net Annual Business income of Rs. 1.8 Lac p.a. for selected models and Rs. 2.0 Lac p.a. for others.
- Income eligibility for car loan: As per latest ITR.
- Employment: Minimum 3 yrs in same line of business.
- Self-employed Business
- Income: Minimum Net Annual Business income of Rs. 1.8 Lac p.a. for selected models and Rs. 2.0 Lac p.a. for others.
- Income eligibility: As per latest 2 year ITRs and audited financial of 2 years along with computation of income.
- Employment: Minimum 3 yrs in same line of business. *All of the above is subject to terms and conditions.
Bank offers Car Loans at attractive interest rates to both salaried and self-employed individuals who meet our age and income eligibility criteria.
- Salaried Individuals
- ID Proof: Bank Signature Verification, Photo Pan Card, Passport, Driving License or Voter's ID card.
- Address Proof: Passport, Driving license, Ration Card, Voter's ID Card, Bank statement, Rent Agreement .In case your present address is different from that given in these documents you can produce telephone bill, electricity or water bill as proof of residence. Some Banks need present address proof for minimum one year. Telephone at residence is a must for some banks.
- Minimum 3 months Salary Slips starting with the Latest Salary Slip duly authenticated by the Employer.
- Form No.16 with clear computation of income.
- Latest 6 months Salary A/c Bank statement.
- Copies of degree certificates as proof of highest qualification for professionals and government employees.
- Self-employed Individuals:
- Address Proof: for Self Employed Individual or Professional: Passport, Driving license, Ration Card, Voter's ID Card, Bank statement, Rent Agreement .In case your present address is different from that given in these documents you can produce telephone bill, electricity or water bill as proof of residence. Some Banks need present address proof for minimum one year
- Address Proof for Partnership Firms and Private Limited Company: Telephone Bill,Electricity Bill, Shop and Establishment Act certificate, SSI registered certificate, Sales Tax certificate.
- Computation of income for the last 2 years certified by a C.A.
- Audited Profit and Loss account and balance sheet for the last 2 years.
- Latest 6 months Bank Statement.
- Latest Landline Telephone bill ,lease deed, municipal tax receipt, title deed as proof of office is needed.
- Latest sales, Copies of acknowledged IT returns for the last 2 years as proof of turnover.
- How to get a car loan?
You can compare the best offers from various banks and apply online within no time. You will be approached by the bank staff later to process the loan as per your eligibility. - How much loan will I be eligible for car loan?
A lot of financial institutions offer up to 90 per cent of the car value as auto loan. However, the final value might vary with lender. They check factors such as vehicle cost, type and value in second hand market while deciding the amount of loan to offer. Some banks might even lend 100 per cent of the car value. - What are the documents required for car loan and what is the processing time?
Like any other product, you would require to submit your identity, address and income proofs along with the loan application. After submission of the documents, it takes about 3-7 days for processing the loan and getting it sanctioned. - Can interest rates be negotiated? Yes, interest rates for car loans are not fixed. They can be negotiated. If you are loyal customer to a bank and have made regular payments for previous loan(s), they might consider and revise the existing interest rate for you.
- Is there an option in choosing type of interest rate? There are two types of interest rate offered - fixed and floating just like a home loan. You can choose the bank which offers the one you need.
- What is the tenure for car loan? Typical tenures for car loans range from 1-5 years. You can opt for a lower tenure loan if you can service a higher EMI (equated monthly instalment) or a higher tenure loan if you cannot afford high EMI. Some lenders also offer loan tenure up to 7 years.
- Will my loan application be rejected? There are chances of your loan application getting rejected if you have a bad credit score. This might happen if you have applied for loans/credit cards multiple times, defaulted on EMI payments, etc. If this is the first loan application, other factors such as income, organization, etc. will be considered.
- How to pay EMIs? What about pre-payment? You can pay EMIs either through post-dated cheques or request the bank to debit your account every month through ECS (electronic clearing system) option. In car loans, though you are not allowed to make part payments, you can pre-pay the entire loan after 6 months to 1 year. However, make sure you check with your bank upon this rule. If you pre-pay before this period, there will be a penalty of 2-4 per cent on the outstanding amount.
- What if I don't pay EMIs on time? You need to make EMI payments regularly. Most of the banks allow you to miss one or two payments. However, beyond that you may be treated as a defaulter. They would have the authority to seize your vehicle. Also, in case you default on the payment, your credit score will also take a hit and reduce your chances of loan eligibility in the future.
- Can I get loan to purchase a used car? Yes, financial institutions offer loans to purchase used or second hand cars. However, interest rates would be slightly higher for such vehicles. Other factors such as repayment capacity, car value, etc. would be considered as they do for a new vehicle.