CAR LOAN

 CAR LOAN Call on 9049061895

Features and Benefits of Our Car Loan

1. Access to Immediate Funds

Get quick financial assistance to purchase your dream car without delay.

2. Flexible Loan Tenures

Choose a repayment period that suits your financial comfort—ranging from short

to long terms.

3. Fixed Interest Rates

Enjoy stability with fixed interest rates, ensuring predictable monthly payments

throughout the loan tenure.

4. Customized Loan Amounts

Avail a loan tailored to your needs based on the car’s value and your eligibility.

5. Convenient Monthly Repayments

Easy EMI options designed to align with your monthly income and expenses.

6. Potential Tax Benefits

In certain cases (such as business use), you may be eligible for tax deductions

on interest payments.

7. Option for New and Used Cars

Finance both brand-new cars and quality pre-owned vehicles with ease.

8. Ownership from Day One

Drive your car home right after purchase while continuing to pay in instalments.

9. No Need for Full Upfront Payment

Avoid the burden of paying the full amount upfront—let the loan cover the major

cost.

10. Improve Credit Score through Timely Payments

Consistently paying EMIs on time can help build or improve your credit history.

Car Loan Eligibility

Car loan eligibility determines whether you qualify for financing to purchase a

vehicle. Lenders assess several key factors to evaluate your ability to repay the

loan, including:

 Income Level – Your monthly or annual income should meet the lender’s

minimum criteria.

 Credit Score – A good credit score indicates responsible borrowing behavior and

improves your chances of approval.

 Employment Status – Stable employment or a steady business income is

essential.

 Existing Liabilities – Current loans or debts are reviewed to evaluate your

repayment capacity.

 Age and Residency – Applicants typically need to be between 21 and 65 years

old and residents of India.

If you meet these criteria, you're likely eligible for a car loan. Otherwise, you may

need to improve your financial profile before applying.

Car Loan Eligibility Criteria for Top Banks

Car loan eligibility criteria may vary across banks, but most follow similar basic

requirements. Below are the general factors considered by leading banks and

financial institutions:

1. Age Limit

 Typically, between 21 and 65 years at the time of loan maturity.

2. Income Requirements

 Minimum monthly income usually starts from ₹20,000, depending on the bank

and location.

 Higher-income thresholds may apply in metro cities or for larger loan amounts.

3. Employment Type

 Salaried Individuals: Should have at least 1–2 years of total work experience,

with 6–12 months in the current job.

 Self-Employed: Business should have a stable income and a vintage of 2–3

years.

4. Credit Score

 A credit score of 650 or above is generally required.

 A higher score improves chances of approval and better interest rates.

5. Existing Liabilities

 Banks evaluate your Debt-to-Income (DTI) ratio to ensure you can a􀆯ord the

additional EMI.

6. Residential Stability

 Proof of stable residence, preferably with ownership or long-term lease.

7. Loan Amount & Vehicle Type

 Eligibility may also depend on the cost of the car and whether it's new or used.

Car Loan Eligibility Criteria

For Salaried Individuals

 Age: Minimum 21 years at the time of application; maximum 60 years at loan

maturity.

 Work Experience: At least 2 years of total employment, with a minimum of 1

year with the current employer.

 Minimum Income: ₹3,00,000 per annum, including income of spouse or Co-applicant

(if applicable).

For Self-Employed Individuals

 Age: Minimum 21 years at the time of application; maximum 65 years at loan

maturity.

 Business Vintage: Must be in business for at least 2 years.

 Minimum Income: ₹3,00,000 per annum (please confirm if this is ₹3 lakh or ₹30

lakh, as your input mentioned ₹3,000,000 which is ₹30 lakh).

Documents Required to Apply for a Car Loan

For Both Salaried and Self-Employed Applicants

 KYC Documents – Valid Photo ID Proof (Aadhaar Card, Voter ID, Passport,

Driving License, etc.)

 PAN Card – Mandatory for all applicants

 Income Tax Returns (ITR) – Last 2 years' filed returns as proof of income

 Signature Verification Proof – Such as a passport copy, a banker’s verification,

or a signed cheque

Additional Documents for Salaried Individuals

 Latest 3 Months’ Salary Slips

 Latest 6 Months’ Bank Statements of the salary account

Additional Documents for Self-Employed Individuals

 Proof of Business Existence – Registration certificate, GST, or trade license

 Business Bank Account Statements – Latest 6 months

 Profit & Loss Statement / Balance Sheet – May be required depending on the

lender

Fees and Charges for Car Loan

Car loan fees and charges vary by lender, loan amount, and borrower profile. The table

below provides a general overview of the typical charges associated with car loans:

Particulars Charges

Loan Processing Fees 1.5% to 4% of the loan amount

Loan Cancellation Charges upto ₹5,000

Stamp Duty Charges As per actuals (varies by state)

Legal Fees As per actuals

Penal Charges Usually @ 2% per month (24% per annum)

EMI / Cheque Bounce Charges Around ₹500 per bounce, excluding GST

Other Possible Charges

Lenders may also apply the following charges depending on the case:

 Documentation Charges

 Verification Charges

 Duplicate Statement Charges

 NOC (No Objection Certificate) Issuance Fee

 Swap Charges (for changing repayment mode or bank account)