Car Loan

How To Apply

Applying for a car loan is simple and quick:

1. Check Eligibility – Ensure you meet the required criteria.

2. Submit Application – Provide basic details online or visit a branch.

3. Upload Documents – Submit KYC, income proof, and car details.
4. Loan Approval & Disbursement – Once verified, the loan is sanctioned, and the amount is disbursed directly to the dealer or seller.

Eligibility

• Age: 21 to 65 years

• Employment Type: Salaried, self-employed, or business owner

• Minimum Income Requirement: ₹ X,XXX per month (varies by loan type)

• Credit Score: A good credit history improves loan approval chances

• Car Type: New and pre-owned vehicles are eligible

Interest & Charges

• Interest Rate: Starts from X% p.a. (varies based on credit score & loan type)

• Processing Fee: X% of the loan amount

• Prepayment & Foreclosure Charges: Nil or X%, as per lender norms

• Late Payment Penalty: X% per month on overdue EMI

Frequently Asked Questions (FAQs)

1. What is the maximum loan amount I can get?

You can avail up to 100% of the car’s ex-showroom price, subject to eligibility.

2. Can I get a loan for a used car?

Yes, we offer car loans for both new and pre-owned vehicles.

3. What documents are required for a car loan?

• Identity & address proof (Aadhaar, PAN, Passport, etc.)

• Income proof (salary slips, bank statements, ITR for self-employed)

• Car details (quotation/invoice for new cars or RC book for used cars)

4. How long does it take for loan approval?

Loan approval typically takes X to Y working days, provided all documents are in order.

5. Can I prepay my car loan?

Yes, prepayment is allowed. Some loans may have foreclosure charges.