Car Loan

Owning a car was once a luxurious commodity to have. But in today’s economically developing world, a car is a necessity and convenience to travel from one corner of the ever-expanding city to the other. Though everybody may not have enough cash to purchase the car with a lump-sum payment, numerous lenders can help you realize your dream of buying the car through a car loan.

Applying for a car loan is now hassle-free, easy, and paperless. Just make a few clicks, and you can submit the car loan application form online. Almost every bank today offers car loans at attractive interest rates. Based on one’s affordability, it is now quite easy to take a car loan and then pay EMIs without really biting into a person’s finances.

Key Takeaways

A car loan is secured against the vehicle you intend to purchase, which means the vehicle serves as collateral for the loan.

Features & Benefits

The financing can go up to 85%-90% of the on-road price of the car. Some banks offer up to 100% financing on the vehicle’s on-road price to certain conditions.

All you need to know

If you’re in the market for a major purchase like a car, you may well need to take out a loan to cover the cost. Personal loans and car loans are two of the most common financing options. Assuming you meet their respective lending requirements, they can be relatively easy to obtain.

  • Credit Score
  • Debt-to-income ratio
  • Down payment
  • Age of vehicle
  • Photo ID and Age Proof
    • PAN card
    • Passport
    • Driving license (mandatory)
  • Signed application form
  • Three passport size photographs
  • Residence Proof
    • Valid passport
    • Voter ID card
    • Driving license
    • Postpaid utility bill (gas bill and electricity bill)
    • Updated passbook or bank account statement
    • Notarized registered rent agreement
  • Bank statement for the last six months
  • Salaried individual
    • Last three months’ salary slips
    • Form 16 or Income Tax Returns
  • Self-employed individual
    • Balance sheet and profit and loss account, computation of income for last two years.
    • Income Tax Returns – last two years for applicants, 26AS, Traces
    • Business proof :
      • Gomasta License, Registration Certificate, Service Tax Registration, among others
    • IT Assessment/Clearance Certificate
    • Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR.

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