Car Loan
Buy Your Dream Vehicle
Not just for new cars, we provide car loans for used cars as well – be it a sedan, hatchback, SUV, MUV, or premium luxury car. So, don’t hesitate to go for the best Vehicle that suits your purposes with our stable and timely financing options by your side. Make your dream of owning a car come true with the preferred payment options and the best Vehicle Loan interest rates provided for loans on new cars.
Not just for new cars, we provide car loans for used cars as well – be it a sedan, hatchback, SUV, MUV, or premium luxury car. So, don’t hesitate to go for the best Vehicle that suits your purposes with our stable and timely financing options by your side. Make your dream of owning a car come true with the preferred payment options and the best Vehicle Loan interest rates provided for loans on new cars.
Type Of Car Loan
- New Car Loan : As the name suggests, a new car loan can be used to purchase a brand new car straight out of the showroom. Banks offer new car loans at an interest rate of 9-14% p.a. for a loan tenure of 1 to 7 years. New car loans are available for most makes and models of cars in the market
- Used Car Loan : Banks and NBFCs offer used car loans up to 80-85% of the price of the car at an interest rate of 12-18% p.a. for a loan tenure ranging from 1 to 5 years. Used car loans can be used to purchase pre-owned or used cars that are less than 5 years old or doesn’t exceed more than 10 years at the time of loan maturity.
- Loan against Car : When one is in dire need of funds, he or she can pledge his or her old car as collateral in order to obtain sufficient funds to purchase a new car. This is known as Loan against Car. Some banks in India offer loan against car up to Rs.10 lakh or 100% of the value of the car at an interest rate of 14-15% p.a. for a loan tenure of 1 to 3 years. For instance, if you have a bad credit score, you can pledge your old car to the bank as collateral to obtain some much-needed funds.
Required Document Of Car Loan
Identity Proof
- Aadhaar card
- PAN card
- Driving License
- Passport
- Voter ID
Address Proof
- Aadhaar card
- Passport
- Driving License
- Voter ID
- Family card (ration card)
- Utility bill (Electricity, water, or telephone)
- Life insurance policy
Age Proof
- Birth certificate
- School transfer certificate
- Std. 10 mark sheet
- Aadhaar card
Income Proof
- Salaried Person
- Salary slips
- Form 16
- Income tax return document
- Self-Employed
- Income tax returns for up to 2 years
- Audited balance sheet
- Profit-loss statement
Bank Statement
- 3-6 months bank statement