CAR Loan


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Rs. Onwards *All Inclusive (Fees & Taxes)*

Easy processing
Attractive Interest rate
Fast disbursement
Customise loan
Lower processing charges

CAR Loan

1
1

Shortlist a car

2
2

Check eligibility

3
3

Figure out loan amount, tenure and EMI

4
4

Apply and provide documents

5
5

Book your car

Requirements

A car loan is secured against the vehicle you intend to purchase, which means the vehicle serves as collateral for the loan. If you default on your repayments, the lender can seize the vehicle. The loan is paid off in fixed installments throughout the loan.

Documents

Salaried

Income Proof- Latest 2 Salary Slips & Latest Form 16

Bank Statemen-Latest 6 months Bank Statement

Age Proof-PAN / Driving Licence/ Passport/ Birth Certificate

                     

Self employment

Income Proof- Latest ITR

Bank Statemet-Latest 6 months Bank Statement

Age Proof-PAN / Driving Licence/ Passport/ Birth Certificate

                         

Basic Features of CAR Loan

• Makes easy to buy car

As many banks provide up to 100% finance on ex-showroom price, you don’t have to wait long to buy your dream car.

• Flexibility to choose the tenure

Banks offer car loan for tenure of up to 7 year. You have the flexibility to choose the tenure as per your convenience.

• Loan for buying used car

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

• Interest rate can be negotiated

 Unlike home loan in case of car loan you have the flexibility to negotiate the interest rate with your lender if you have a good credit score and have good relationships with the bank.

• No collateral required

You don’t have to put any collateral to avail the car loan as your vehicle will act as a security with the bank and in case you fail to make the payment, the bank has the rights to seize the vehicle and sell it off to recover the funds.

• Flexibility to choose the payment mode

You can choose to pay through post-dated cheques or use the auto debit facility where your equated monthly installments (EMIs) will be automatically deducted from your bank account.

Important Notes

·         This includes employees of private limited companies, employees from public sector undertakings, including central, state and local bodies

·         Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure

·         Individuals who had a job for at least 2 years, with a minimum of 1 year with the current employer

·         Those who earn a minimum of Rs. 3,00,000 per year, including the income of the spouse/co-applicant

·         Individuals who have a telephone/post-paid mobile.