What is Car Loan?

A car loan is a finance option that allows the potential buyer to pay the vehicle off in monthly payments instead of having to pay the full price all at once. The lender will pay off the car in full, while in return the borrower pays off the debt in monthly payments with an interest fee. Car loan is secured against hypothecation of the vehicle. Auto loans are available for salaried and self-employed individuals, proprietorships, HUF, Partnership firms, Limited Liability Partnership Firms, Trusts, Societies and Companies.

Eligibility calculation for a Car Loan

FOR SALARIED CUSTOMERS FOR SELF EMPLOYED CUSTOMERS


• Be employed by the same employer for at least two years.
• Be at least 21-years-old at the beginning of the car loan tenure and under 60-years-old or retirement age, whichever is lower, at the end of the loan tenure.
• Have residential stability for at least one year.


• Have been in the same business for at least two years.
• Be at least 21-years-old at the beginning of the loan tenure and under 67-years-old at the end of the loan tenure.
• Have residential stability for at least one year

DOCUMENTATION REQUIRED

FOR SALARIED CUSTOMERS FOR SELF EMPLOYED CUSTOMERS


• Your KYC documents (identification, proof of address, signature, DOB proof),
• One-year residence stability proof
• Any one of the following: o Form 16 for the last two years and the last month’s payslip. o Last three months’ payslips with proof of employment in the same organisation for two years. o Salary certificate with corresponding credits in your bank account.


• Your KYC documents (identification, proof of address, signature, DOB proof)
• One-year residence stability proof
• IT returns from the last two years along with computation of Income
• Bank Statement for three to six months

Features:

• Loan up to 95% of ex-showroom price
• Loan tenure up to 7 years
• Attractive rate of interest
• Easy documentation
• Insurance cover for Loan Liability available, repayable along with EMI

Apply for New Car Loan