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Car Loan

Check Your Own Installments

Car loan eligibility criteria

Age

Income- Salaried person- 21 to 58 years  

Self-employed person- 25 to 65 Years

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Employment

For Salaried Individuals:

  1. Individuals who are at least 21 years old at the time of loan application and no older than 60 at the end of the loan tenure

  2. Individuals who have worked for at least two years, with at least one year with the current employer

  3. Individuals with a minimum earning of Rs. 3,00,000 per year, including the income of the spouse/co-applicant.

For Self-employed individuals

  1. Individuals who are at least 21 years old at the time of application and no older than 65 at the end of the loan tenure

  2. Those who have been in business for at least two years

  3. Should earn at least Rs. 5,000,000 per year

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Documents Required for the Car Loan

  • Individual KYC( Photo, Pan card, Aadhar card)

  • Proof of current residence address (Utility bill).

  • Quotation for the vehicle offered by the dealer.

  • Driving licence 

  • Provide your most recent salary slips covering the last three months.

  • Submit your company ID card, offer letter, or visiting card to establish your current employment status.

  • Furnish bank statements for the past six months, ensuring they reflect the credited salary amounts

  • 2. Self-Employed individuals: 

  • Submit your ITR documents for the last two years as part of your financial record.

  • Provide a comprehensive bank statement for the past twelve months, showcasing your financial transactions.

  • Include essential business Know Your Customer (KYC) documents such as the Udyam certificate, Gumasta certificate, and GST certificate.

  • It's essential to check with the specific lender for any additional requirements or variations in the documents needed for a car loan. Additionally, the lender may have specific criteria for the car being financed.

Features and Benefits of our Car Loan

  • Access to Immediate Funds

  • Flexible Loan Durations

  • Fixed Interest Rates

  • Customized Loan Amounts

  • Convenient Monthly Repayments

  • Potential Tax Benefits

  • Option for New and Used Cars

  • Ownership from Day One

  • Improve your credit score through Timely Payments

How it works

Application:

Apply online or visit a branch.

 

Approval:

Loan approval is provided.

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Documentation:

Submit the necessary documents.

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Disbursal:

The loan amount is credited to your account.

Terms and conditions of the loan

  • Vehicle Age and Model:

    • The car being financed must meet certain age and model criteria.

    • The bank may have restrictions on financing older or specific types of vehicles.

  • Down Payment Requirements:

    • A minimum down payment percentage may be required based on the total cost of the vehicle.

    • The down payment amount could impact the loan-to-value ratio.

  • Insurance Requirements:

    • Comprehensive insurance coverage for the financed vehicle may be mandatory.

    • The bank may need to be listed as a loss payee on the insurance policy.

  • Vehicle Registration and Ownership Transfer:

    • The borrower is responsible for the timely registration of the vehicle in their name.

    • Ownership transfer details and documents must be provided to the bank.

  • Usage Restrictions:

    • Restrictions on commercial use or leasing of the financed vehicle may apply.

    • The vehicle may be required for personal use only.

  • Maintenance and Repairs:

    • The borrower is responsible for the regular maintenance and necessary repairs of the vehicle.

    • Failure to maintain the vehicle in good condition may impact the loan agreement.

  • Early Termination Conditions:

    • Conditions for early loan termination or settlement, including associated charges, will be outlined.

    • Early termination may be subject to prepayment penalties.

  • Credit Score Maintenance:

    • The borrower is encouraged to maintain a good credit score during the loan tenure.

    • Adverse changes in creditworthiness may affect future loan terms.

  • Refinancing Options:

    • The possibility of refinancing the car loan at a later stage may be considered.

    • Eligibility criteria and conditions for refinancing will be provided.

  • Usage Outside Designated Area:

    • Restrictions on using the financed vehicle outside a designated geographic area.

    • Approval may be required for extended use in other regions.

  • Transfer of Loan:

    • Conditions, if any, for transferring the car loan to another eligible borrower.

    • A transfer may be subject to the bank's approval and certain criteria.

  • Co-Borrower Liability:

    • If a co-borrower is involved, both parties share liability for the loan.

    • Default by one party may affect the creditworthiness of both borrowers.

  • Default and Repossession:

    • Consequences of loan default, including the possibility of repossession of the financed vehicle.

    • The process and conditions for repossession will be clearly defined.

  • Change in Employment:

    • The borrower is required to notify the bank in case of a change in employment during the loan tenure.

    • Certain employment changes may affect loan terms.

It's crucial for borrowers to carefully review and understand all terms and conditions associated with a car loan, ensuring compliance and informed decision-making throughout the loan period.

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