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:
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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
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Individuals who have worked for at least two years, with at least one year with the current employer
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Individuals with a minimum earning of Rs. 3,00,000 per year, including the income of the spouse/co-applicant.
For Self-employed individuals
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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
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Those who have been in business for at least two years
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Should earn at least Rs. 5,000,000 per year


Documents Required for the Car Loan
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Individual KYC( Photo, Pan card, Aadhar card)
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Proof of current residence address (Utility bill).
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Quotation for the vehicle offered by the dealer.
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Driving licence
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Provide your most recent salary slips covering the last three months.
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Submit your company ID card, offer letter, or visiting card to establish your current employment status.
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Furnish bank statements for the past six months, ensuring they reflect the credited salary amounts
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2. Self-Employed individuals:
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Submit your ITR documents for the last two years as part of your financial record.
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Provide a comprehensive bank statement for the past twelve months, showcasing your financial transactions.
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Include essential business Know Your Customer (KYC) documents such as the Udyam certificate, Gumasta certificate, and GST certificate.
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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
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Access to Immediate Funds
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Flexible Loan Durations
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Fixed Interest Rates
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Customized Loan Amounts
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Convenient Monthly Repayments
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Potential Tax Benefits
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Option for New and Used Cars
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Ownership from Day One
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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
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Vehicle Age and Model:
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The car being financed must meet certain age and model criteria.
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The bank may have restrictions on financing older or specific types of vehicles.
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Down Payment Requirements:
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A minimum down payment percentage may be required based on the total cost of the vehicle.
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The down payment amount could impact the loan-to-value ratio.
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Insurance Requirements:
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Comprehensive insurance coverage for the financed vehicle may be mandatory.
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The bank may need to be listed as a loss payee on the insurance policy.
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Vehicle Registration and Ownership Transfer:
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The borrower is responsible for the timely registration of the vehicle in their name.
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Ownership transfer details and documents must be provided to the bank.
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Usage Restrictions:
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Restrictions on commercial use or leasing of the financed vehicle may apply.
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The vehicle may be required for personal use only.
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Maintenance and Repairs:
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The borrower is responsible for the regular maintenance and necessary repairs of the vehicle.
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Failure to maintain the vehicle in good condition may impact the loan agreement.
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Early Termination Conditions:
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Conditions for early loan termination or settlement, including associated charges, will be outlined.
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Early termination may be subject to prepayment penalties.
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Credit Score Maintenance:
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The borrower is encouraged to maintain a good credit score during the loan tenure.
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Adverse changes in creditworthiness may affect future loan terms.
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Refinancing Options:
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The possibility of refinancing the car loan at a later stage may be considered.
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Eligibility criteria and conditions for refinancing will be provided.
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Usage Outside Designated Area:
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Restrictions on using the financed vehicle outside a designated geographic area.
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Approval may be required for extended use in other regions.
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Transfer of Loan:
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Conditions, if any, for transferring the car loan to another eligible borrower.
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A transfer may be subject to the bank's approval and certain criteria.
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Co-Borrower Liability:
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If a co-borrower is involved, both parties share liability for the loan.
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Default by one party may affect the creditworthiness of both borrowers.
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Default and Repossession:
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Consequences of loan default, including the possibility of repossession of the financed vehicle.
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The process and conditions for repossession will be clearly defined.
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Change in Employment:
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The borrower is required to notify the bank in case of a change in employment during the loan tenure.
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Certain employment changes may affect loan terms.
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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.