Car Loan​

No Collateral I Up to Rs. 1 Crore I Tenure up to 48 months​

4 reasons to choose our Personal loan

LOAN OF UP TO Rs. 5 Crore

TENURE OF UP TO 84 MONTHS

NO HIDDEN CHARGES

MINIMAL DOCUMENTATION

3 unique variants of our Car loan

New Car Loan

A few simple criteria must be met to qualify for our used car loan. You will also need a few documents to complete your application.

Pre-Owned/Used Car Loan

Lenders offer loans to purchase a pre-owned or used car on the condition that the vehicle you intend to purchase is eligible for financing by the lender. Since lenders fund you for an already used vehicle, therefore this type of loan comes with higher interest rates and lower loan-to-value ratios (LTV).Some lenders may offer up to 100% financing while others may offer up to 80%.However, the quantum of amount usually depends on the lender’s valuation of the used car.

Loan Against Car

It is also known as Car refinance loan. This type of loan is a secured loan you have to keep your car as collateral to the lender to avail the funds. The good point is, you can use your car while its still kept as collateral with the bank. The amount of loan to be sanctioned depends upon the car’s current condition and its current on road value.

Eligibility criteria and documents required

A few simple criteria must be met to qualify for our used car loan. You will also need a few documents to complete your application.

Eligibility criteria

• Nationality: Indian
• Intrest Rate: Ranges from 10.50% – 24.00%: At least 1 year
• CIBIL Score: 700 or higher
• Work status: Salaried/ Self Employed Non-Professionals/Self Employed Professionals.
• Age: 21 years to 65 years*
*Higher age limit is applicable at the time of loan maturity.

Documents

• KYC documents - Aadhaar/ passport/ voter's ID/ driving license/ letter from NPR/ NREGA job card
• Pan Card/Passport/Birth certificate
• Ration Card/Telephone bill/ Electricity Bill/Rental agreement/Passport Copy/Bank Passbook or statement/Driving License.
• Minimum 3-6 months bank statement (of salary account).
• Gomasta License, Registration Certificate, Service Tax Registration, among others .
• Last 2 years Income tax return. Bank statements for the last 6 months.

Frequently asked questions

Purchasing a car is a big deal for many as the price of a car could be equal to or more than one’s annual earnings. A car loan would help you buy your dream car without its price being a burden on your pocket. The price of the car is broken into parts (down payment+ {equated monthly interest}) which makes it quite easier to repay the amount.

Most lenders would finance almost all small, medium and large cars. You can read the brochures to confirm the products they finance.

Applying for a car loan is very simple. You just have to visit our website, read well the various options available, search for the product/model you want to buy, compare the price and the interest rates and choose the product you like at most affordable rates.

You can also directly visit a bank, contact a car loan agent, or apply online.

The amount of the car loan depends upon the value of the car and the EMI that you can pay. While some lenders offers financing up to 85-100% of ex-showroom price of the car, others offer financing of 85-100% of the on-road price.

Some lenders offer loans up to Rs.100- Rs.500Lakhs. 

Just like a personal loan, the tenure of car loan ranges between 5-7 years.

Interest rates on personal loan can be both flat or reducing. In flat rate method, the interest rate is calculated on the principal amount of the loan. On the other hand, in the reducing interest rate, the interest rate is calculated only on the outstanding loan amount on monthly basis in the reducing balance rate method.

The interest rates offered are reasonable and are based on the location of the customer, tenure of loan and customer profile. You can get loans at both fixed and floating rates. Car loans usually begins from 7.00% onwards but varies from lenders to lender.

If you fail to pay EMIs for 2-3 consecutive months, then lenders will consider you as a loan defaulter. In such a case, late fee charges shall be levied on you, upon the unpaid loan amount. If you keep defaulting your EMIs, lender would send you notice requesting you to clear the remaining balance.

If, however you continue defaulting your EMI then lender would be compelled to seize your vehicle against which the loan was availed. Also your credit score will reduce and your credit report will have negative issues recorded.