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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.

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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.

Car Loan New & Used Form

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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.

Refinancing Car Loan

Reduced interest rates
Borrowers can repay the existing car loan and get a new car loan from the different lender if the interest rates for a car loan is lower for another lender. However, before opting for a car loan with a new lender ensure that the prepayment charges/fees do not exceed the overall reduction in interest rates.
Modifying the loan tenure
You can take a refinancing car loan if you want to increase/decrease the tenure of your loan. The tenure of a car loan is inversely proportional to loan EMI, which means that you have to pay less EMI in case of longer car tenure and vice versa.
Other modifications
It is likely that you come across better car loan offers in terms of late fees, hypothecation, insurance, application charges, etc. and thus you may choose to take a refinancing car loan to avail better features.
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Features of Car Loan

Loan Tenure
The tenure of car loan for a new car is usually longer than the used car, and it ranges between 5 years to 7 years.
Loan Amount
The amount for a car loan depends upon the value of the car and the EMI you can pay and can range between 85% to 100% of ex-showroom price.
Interest Rates
You can get car loans at both fixed and floating rate of interest. Currently, the car loan interest rate ranges between 8.00% to 15.50%.
Collateral Required
A car loan is secured against the car itself. Thus, there is no need to mortgage any other asset to procure a loan.
Down Payment
Banks offer car loans at an on-road price or ex-showroom price. You may get a loan either at 80% of the on-road price or 100% of ex-showroom price. Thus, the down payment for a car loan may be negligible.
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AgeThe age limit to get a car loan is between 18 years to 65 years. However, many banks require a minimum age of 23 years.
IncomeTo avail a car loan, you need a monthly income of ₹ 10,000 per month.
ProfessionBoth salaried individuals and self employed professionals can avail a car loan. The interest rates are lower for salaried applicants.
Credit ScoreA 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 ExperienceThe 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 ProofPAN card, Passport, Driving License, Aadhaar Card, Voter ID, Government-issued i-card.
Address ProofPassport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old).
Income ProofForm 16, last 3 months salary slip, last 3 months' bank account statement showing salary credit.
Age ProoPAN 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.
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