Car Loan

Financing a Car comes handy when you do not have sufficient money to buy a Car in one go.So,you can ask Bank to provide that amount on behalf of you, in return of that Bank keep hold of Car's ownership until repayment of borrowed amount with interest is completed. Buyer needs to provide some down payment along with Car Loan documentation to get hold of a Car from Car Company. Lender i.e Bank deduct Money with Interest from buyer's account on monthly basis for collecting money being borrowed for Car Loan, it is also known as EMI.

Details

Features

New Car Purchase
  • New vehicle loans.
  • Loan up to 90% of the vehicle value.
  • Tenure ranging from 12 to 84 months
  • Quick and Speedy processing
  • Attractive Rate of Interest
  • Minimum/Hassle free Documentation
  • Repayment through convenient EMI's.
Used Car Purchase
  • Used vehicle loans.
  • Loan up to 70% of the vehicle value.
  • Tenure ranging from 12 to 48 months
  • Quick and Speedy processing
  • Attractive Rate of Interest
  • Minimum/Hassle free Documentation
  • Repayment through convenient EMI's.
Used Car Re-finance
  • Re-finance on existing vehicle.
  • Loan up to 70% of the vehicle value.
  • Tenure ranging from 12 to 48 months
  • Quick and Speedy processing
  • Attractive Rate of Interest
  • Minimum/Hassle free Documentation
  • Repayment through convenient EMI's.

Benefits

  • Simplified documentation
  • Speedy approvals
  • Loan available for various needs

Eligibility

Salaried Individuals:

Eligibility Criteria
  • Minimum age of applicant: 21 years
  • Maximum age of applicant at loan maturity: 58 years (60 years for Central Government, Employees)
  • Employment: Minimum 3 years in employment and minimum 1 year in the current organization
  • Minimum Net Monthly Income: ₹ 20,000 per month.

Self Employed (Non-Professionals, Individual & Proprietorship firms):

Eligibility Criteria:
  • Minimum age of applicant: 21 years
  • Maximum age of applicant at loan maturity: 65 years
  • Years in business: Minimum 3 years in the same business
  • Minimum Annual Income: ₹ 200,000 per annum.

Self Employed (Partnership Firms & Private Limited Company):

Eligibility Criteria
  • Minimum age of applicant: 21 years
  • Maximum age of applicant at loan maturity: 65 years
  • Years in business: Minimum 3 years in the same business
  • Minimum Annual Income: ₹ 200,000 per annum.

Minimum Documents Required

Salaried Individuals:

Documents required:
  • Proof of Identity: Passport / Voters ID / Driving License/PAN Card/Photo Credit Card / Photo Ration Card/ Employee ID card for Govt.& PSU employees
  • Address Proof: Ration card /Driving License/ Voter ID/ Utility Bill (anyone within last 3 months) / Registered Rental Agreement / Passport
  • Bank Statements - Latest 3 Months bank statements / 6 months' bank passbook
  • Latest 3 Months Salary Slip along with latest Form 16 / ITR / Appointment Letter.

Self Employed (Non-Professionals, Individual & Proprietorship firms):

Documents required:
  • Proof of Identity: Passport / Voters ID / Driving License/ PAN Card/ Shops & Establishment certificate/ Trade license certificate/ SSI registration certificate/ Sales Tax / VAT registration certificate
  • Address Proof: Utility Bill (anyone within last 3 months) /Shops & Establishment certificate/Trade license certificate/ SSI registration certificate- Sales Tax /VAT registration certificate/Ration card /Driving License/ Voter ID / Registered Rental Agreement / Passport
  • Bank Statements - Latest 3 Months bank statements / 6 months' bank passbook
  • Latest 2 years ITR along with computation of Income and latest 2 years Audited Financials required (if applicable) along with Audit Report

Self Employed (Partnership Firms & Private Limited Company):

Documents required:
  • Partnership deed for firms / Memorandum of Association for companies
  • Address Proof: Utility Bill (anyone within last 3 months) /Shops & Establishment certificate/ Trade license certificate/ SSI registration certificate- Sales Tax /VAT registration certificate/ Registered Rental Agreement
  • Bank Statements - Latest 3 Months bank statements / 6 months' bank passbook
  • Latest 2 years ITR along with computation of Income and latest 2 years Audited Financials required (if applicable) along with Audit Report/ Latest ITR to be filed at least 60 days prior to login of file
  • Proof of continuation (Trade license / Establishment / Sales Tax certificate/ SSI Registration)