Buying A Car Is One Of The Significant Purchases That People Make, Second Only To Purchasing A Home. There Was A Time When Owning A Car Was A Luxury And Thus Could Be Afforded By A Few Rich. However, With The Availability Of Secure Financing Options Having A Vehicle Is Not Just A Dream But A Necessity That Most Of Us Can Easily Afford. Whether You Are Planning To Buy A New Car Or An Old Car, You Can Finance Your Car By Taking A Car Loan At Affordable Car Loan Rates. The Rates For A Car Loan Varies As Per The Value Of Car, The Loan Amount You Have Applied For And Repayment Capability Of The Borrower. You May Get Upto 100% Of The Ex-Showroom Price Of The Car.
A car loan is the sum of money borrowed by the consumers to purchase a car.
Avail a car loan for purchasing both new and used cars.
Bank provides car loans up to 100% of ex-showroom price of the car. You can also get loans up to 100% of the ex-showroom price of the car.
The tenure of a car loan ranges between 5 years to 7 years.
Avail refinancing car loan to get an auto loan at a lower interest rate.
|Age||The age limit to get a car loan is between 18 years to 65 years. However, many banks require a minimum age of 23 years.|
|Income||To avail a car loan, you need a monthly income of ₹ 10,000 per month.
|Profession||Both salaried individuals and self employed professionals can avail a car loan. The interest rates are lower for salaried applicants.|
|Credit Score||A credit score of 700 or above is considered an ideal score for availing a personal loan. However, some banks give personal loans at a credit score of 650 and above.|
|Work Experience||The minimum work experience required to apply for a car loan varies for salaried and self-employed professionals. Salaried individuals should have a minimum experience of 1 year, and self-employed professionals should have business existence of minimum 5 years to avail a car loan.|
|Identity Proof||PAN card, Passport, Driving License, Aadhaar Card, Voter ID, Government-issued i-card.|
|Address Proof||Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old).|
|Income Proof||Form 16, last 3 months salary slip, last 3 months' bank account statement showing salary credit.|
|Age Proo||PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate.|
|Quotation of the cost of the car selected from the dealer.|