Car Loan

A Car loan is a great way to drive your dream car without making the complete payment upfront.

Car loan interest rates can be vary from user-to-user based on different parameters.

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Car Loans are quite luring and the main reasons are listed below:

1

Customized EMIs:

- One can easily customize the EMI structure now as per his repayment ability while negotiating with the financer. You can easily cut down your EMI payments which you are entitled to pay over the tenure of the loan by initially paying a wider margin amount.

2

Negotiation of interest rate and choosing interest rate option:

- A good credit score and a healthy relationship are the two main aspects of with your bank gives you the benefit of negotiation of interest rate with the lender. You can decide the type of interest rate for your loan whether fixed or floating rate. The interest rate will then depend on the type of interest rate you have chosen.

3

Flexibility to choose payment method:

- You get the option to choose to pay either via post-dated cheques or by using auto-debit facility where your EMIs (equated monthly instalments) will be automatically deducted from your bank accounts.

4

Loan for pre-owned cars:

- Many banks offer loan on used car these days. Although the interest rate will be higher for the used car loan than the interest rate on new car loan and the loan-to-value (LTV) ratio will be lower than the new car loan.

Car Loan - An Overview

A luxury one wants to afford after an expensive home is a luxurious branded car. Gone were the days when buying a car was an extravagant affair for people. The changing standard of life and increasing income along with the emerging car loan lenders has turned around the situation. Owning a car today is no longer a luxury but has become a necessity these days. Having a car makes life comfortable. You can drive off to work instead of using crowded public transport or even use it for a relaxed weekend getaway. But an increase in demand, new technologies and fewer resources compel the prices of the cars to rise making it more difficult for an average middle class individual to purchase their car by using their only savings. Banks and NBFCs (Non-Banking Financial Companies) offer car loans with easy equated monthly instalments (EMIs), which make it easier to afford a car without disturbing one's budget Benefits of a Car loan.

Eligibility

Salaried Self Employed
Age:
  • - Minimum age of Applicant- 21 years
  • - Maximum age at loan Maturity-70 years
 Age:
  • - Minimum age of Applicant- 23 years
  • - Maximum age at loan Maturity-75 years
Experience:
  • - Minimum period in current job- 1 year
 Experience:
  • - Minimum period in current bussiness - 2 year
Income:
  • - Minimum Annual salary Rs.2.4 lakh
 Income:
  • - Minimum Annual Bussiness Income 2 lakh
Credit Score:
  • - Minimum 750
 Credit Score:
  • - Minimum 750

Documents Required for Car Loan

Several documents that establish necessary information like your identity, proof of income and residence are required for a car loan application. But out of all, the documents relating to new or old car, are the most important. The complete set of relevant car loan documents makes one eligible for loan and one cannot do without submitting the right docs.Though, the documentation requirements vary from lender to lender, following is a list of commonly asked for documents required while applying for a car loan :

Income proof documents for Self-employed persons:

  • - Duly signed and filled application form available either on the website or physically at the bank's outlets
  • - Passport Size Photographs, generally 4-6 photos
  • - An identity proof which can be one of these documents- Passport, Pan Card, Driving License, Voters ID card, Aadhaar card or employee identity card in case of government employees
  • - Address Proof like Bank statement, Rent Agreement, Voters ID card, Ration card, Passport, Driving License, Telephone bill, Electricity or water Bills, Credit card bill or Property tax document
  • - Age Proof which may be a Voter ID card, Secondary school leaving certificate
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