Car Loan

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About Car Loan Benefits Documents Required Types Eligibility criteria

What is Car Loan ?

The next biggest purchase a person makes after buying a house is buying a car. Owning a car was once considered an extravagance and could only be afforded by a few wealthy people. Yet, thanks to the availability of safe financing options, owning a car is no longer just a want but a necessity that the majority of us can easily meet. You can finance your vehicle by taking out a vehicle credit at reasonable vehicle advance rates, regardless of whether you plan to buy a new or used vehicle. The valuation of the car, the amount of the advance you have requested, and the borrower's capacity for repayment all affect the rates for a vehicle credit. You might receive up to 100% of the vehicle's ex-showroom price.

Benefits

Benefits of Car loan  

Easy to buy

You don't have to wait long to buy your dream car because many banks offer loans for up to 90% of the cost of a car.

Tenure Flexibility

Banks provide auto loans with terms up to 7 years. You are free to select the tenure whenever it is most convenient for you. 

Easy Approval

Because a car loan application is simple, loan approval usually happens quickly depending on overall loan eligibility and budget.

Documents required

Documents Required for Car Loan

  • Identity & Age Proof: Pan Card, Aadhar Card, Voter ID, Passport
  • Bank Statements Latest 3 months
  • Address proof: Passport, driving licence, Voter ID, utility bills (electricity/water/gas), Registered Rental Agreement
  • Salary Slips along with latest Form 16 or income tax returns (ITR)
  • Approved Car Model
Types

Types of Car Loan

New Car loan

  • If you want to buy a brand-new car from a dealership, find out if you qualify for a new car loan from a bank or other lender. These loans typically have lower interest rates. The typical interest rate is from 9 to 14 percent per year, and the loan term is between one and five years. The majority of manufacturers and models of new cars on the market are eligible for loans.

Used Car

  • Used vehicle loans are used to buy pre-owned or used cars that are less than five years old or don't exceed ten years at the time of loan maturity, as the name implies. You might borrow up to 90% of the value of the car with a used car loan. Cars that are less than five years old can be purchased with financing. The interest rate for a used automobile loan starts at 12% and lasts up to 5 years, which is slightly more than the rate for a new car loan.

Loan against car

  • When someone is in need of money right away, they might use their car as collateral to get the money they need. Loans up to Rs. 10 lakh, or 100% of the estimated value of the car, are available. Such credits have substantially higher rates of interest than ordinary car advances. Banks impose an annual surcharge of 14 to 15 percent.
Eligibility criteria

Eligibility criteria for a Car loan

  • Minimum Age: 18, however others request a minimum age of 23.
  • Employment: Salaried/Professional/Business People.
  • Minimum Monthly Income: 20,000/- For business people Minimum turnover 3 Lakhs Rupees.
  • Work Experience: Salaried - Minimum 1 year, Self-Employed - Minimum 2 years.

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