Ans. The funding amount differs from one bank to the other, and depends on various conditions including the characteristics of your car and loan requirements. However, the minimum loan amount will be equal to Rs.1, 00,000 in most cases.
Car Loan
Car Loan
Car Loans are the simple means to a glorious life milestone- owning your dream car. Almost all of us want to own that shiny set of wheels and drive it triumphantly, into the sunset. However, owning a car (vehicle in general) in India is a costly proposition, one that usually demands the impetus of a sizable financial assistance from banks/ financial institutions that have dedicated loan products in this regard. Almost all private/public sector lenders in India offer car loan options with terms and conditions that are highly customer friendly, affordable and scalable. By qualifying against a very simple list of identity, income and credit history qualifications, you can be the proud owner of your own brand new car.
Salient features:
- >> Lowest Interest Rates & EMI;
- >> Longest Repayment Tenure (7 years);
- >> Financing on ‘On-Road price'
- >> Interest calculated on Daily Reducing Balance;
- >> No Pre-Payment Penalty or Foreclosure Charges;
- >> No Advance EMI;
- >> Optional Life Insurance cover available;
Purpose
For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.
Eligibility
To avail an Car Loan, you should be an individual aged 21 to 65 years, belonging to one of the following 3 categories:
Regular EmployeeNet Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/-
48 times of the Net Monthly Income
Professionals / Self-employedNet Profit or Gross Taxable income of Rs. 3,00,000/- p.a.(income of co-applicant can be clubbed together)
4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans
AgriculturalNet Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/-
3 times of Net Annual Income
Documents Required
You would need to submit the following documents along with the completed application form:
SalariedStatement of bank account for last 6 months.
2 passport size photographs
Proof of Identity
Address Proof
Income Proof: Latest Salary Slip
I.T. Returns or Form 16 for the last 2 years.
Non-Salaried/ Professional/BusinessmenStatement of bank account for last 6 months.
2 passport size photographs
Proof of Identity
Address Proof
Income Proof: ITR for last 2 years
I.T. Returns or Form 16 for the last 2 years.
Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.
AgriculturalStatement of bank account for last 6 months.
2 passport size photographs
Proof of Identity
Address Proof
Direct agricultural activity (crop cultivation)
Khasra/Chitta Adangal (showing cropping pattern) Patta/Khatoni (showing land holding) with photograph.
All land should be on free hold basis and ownership proof to be in the name of borrower.
Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture)
Proof of Identity : - (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy