Car Loan Eligibility and Documents

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What is Car Loan?

Nowadays, buying a car has become a dream for every common man. Limited income and overbearing expenses do not allow a common man to buy his favorite car. A Car Loan is a convenient scheme that allows a person to bring home a vehicle. Get easy funding to drive your dream car home.

“Save your precious time. No frequent visits to any bank. We will assist you in getting the Best Car Finance to buy your dream car. The Best Car Loan according to your needs will knock at your door. Get your car financed without any hectic procedure and cherish your life with the thrilling and breathtaking ride of your dream car.”

 What is Car Finance?

Car Finance or Car Loan is a financial help offered by banks and NBFC's to fulfill your dream of having your own car. The banks provide necessary funding for purchasing a car which can be on Ex-Showroom Price or On-Road Price of the car. Loan amount is offered on Interest charges which vary from bank to bank. You can pay for the vehicle in easy installments.

Features

  • Loan up to 100% of ex-showroom price
  • Loan tenure up to 7 years
  • Pre-Qualified Car Loans for existing customers
  • Attractive rate of interest
  • Easy documentation

Benefits

  • Flexible repayment options
  • Tailor made schemes
  • Fast, Reliable and Personalized Service
  • Attractive deals from associated car dealers
  • Insurance cover for Loan Liability available, repayable along with EMI
  • Zero Pre-payment charges under ‘Multi Advantageous Car Loans’ product

Car Loan Eligibility

Eligibility Criteria

You Can check Your Eligibility criteria Here:

Salaried Individuals
  •  Minimum age of the applicant: 21 years
  •  Maximum age of the applicant at loan maturity: 70 years (Conditions apply)   
  •  Income: Minimum Net Yearly Salary of Rs. 2.4 Lac p.a. for all recommended car models   
  •  Income eligibility: As per latest pay slip and Form 16   
  •  Profession: Least 1 year of a continuous profession
 Self-employed Individuals
  •    Minimum age of the applicant: 18 years
  •    Maximum age of the applicant at loan maturity: 75 years
  •    Income: Lowest Net Yearly Business revenue of Rs. 1.8 Lac p.a. for chosen models and Rs. 2.0 Lac p.a. for others
  •    Income eligibility - As per latest ITR
  •    Profession: Minimum 3 years in the related line of business.

Car Loan Documents

Documents Required

List of Car Loan Documents required

  •   Age proof
  •    ID proof
  •    Application form
  •    Photograph
  •    Residence proof
  •    Income proof
  •    Bank statement
  •    Signature verification proof