Car loan interest rate

Find the Best Car Loan on Insurance-Wala

About Car loan

A range of benefits on car loans from loan-Wala, irrespective of your loan amount or type of vehicle.

Car Loan:-

Car loan is very much what you think it is: It is a personal loan, the proceeds of which are used to purchase an car. More specifically, a lender loans the borrower the cash it takes to purchase a vehicle. In return, the borrower agrees to pay back the lender the amount of the loan plus interest, usually in monthly payments, until the amount owed is fully paid off.

Eligibility:-

Self-employed sole proprietors. Salaried individuals Self-employed individuals, professionals at partnership firms. Self-employed individuals, professionals who own private companies.

    Eligibility Details Salaried Business
    Age 21 – 60 years 18 – 65 years
    Annual income Rs 25,000 Minimum turnover of Rs. 40 lakhs
    Credit Score 800 800
    Loan Tenure Up to 7 years Up to 7 years
    Loan to Value Ratio Up to 100% Up to 100%

Car Loan Interest Rates:-

Car loan interest rate varies from one bank to the other and is influenced by your monthly income, profession, existing EMI, credit score etc.

EMI:-

The Equated Monthly Installment consists of the principal portion of the loan amount and the interest.

Documents Required:-

1.Identity and Residence proof 2.Application form with photograph 3. Last 6 months bank statements 3. Processing fee cheque 4. Income Documents

    Agriculturists Salaried Customers Businessmen – Professionals
    Application form with photograph Application form with photograph Application form with photograph
    Identity and Residence proof Identity and Residence proof Identity and Residence proof
    Last 6 months bank statements Last 6 months bank statements Last 6 months bank statements
    Processing fee cheque Processing fee cheque Processing fee cheque
    Income Documents - -
    Copies of Title Documents of Agricultural Land depicting Landholding Latest Salary Slip Educational Qualifications Certificate and Proof of Business
    Copies of Title Documents of Agricultural Land depicting crops being cultivated Form 16 Business Profile and Previous 3 years Income Tax returns
    Statement of previous 2 years of loans availed - Previous 3 years Profit/Loss and Balance Sheet

Car Loan Interest Rate

    Interest Rate 9.25% onwards
    Processing Fee Min 0.22% of loan amount
    Loan Tenure 3 years to 8 years
    Prepayment charges NIL
    Loan to Value Upto 100% of ex-showroom price

Car loan interest rate varies from one bank to the other and is influenced by your monthly income, profession, existing EMI, credit score etc. On paisabazaar.com you can compare car loan interest rate of top banks in India and apply for the lowest rate loan with maximum features and flexible tenure.
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About Car Loan

Know More About Car Loan

If you want buy a car now, but you don't have money to buy one outright. If this is you, you are not alone — most Indian don't have enough cash to buy even a quality used car, much less a new one. So they get a loan.

The Indian market of car loans can be overwhelming when you are first starting out, so it's best to start with a good understanding of the basics. Understanding how a car loan works is the first step in getting a good deal on one.

Car loan is very much what you think it is: It is like a personal loan, the proceeds of which are used to purchase an automobile. More specifically, a lender loans the borrower the cash it takes to purchase a vehicle. In return, the borrower agrees to pay back the lender the amount of the loan plus interest, usually in monthly payments, until the amount owed is fully paid off.

Oftentimes, a personal loan is an unsecured loan. That is, the loan is made purely on the basis of the borrower's trustworthiness, and not secured by some form of collateral. Car loans are different in that they are almost always secured loans, whose collateral is the vehicle itself. And that means that if the borrower fails to make his or her payments, the vehicle will be repossessed and sold to pay off the loan debt.

Our Associated Bank

We have associated with given bank list we also working other bank also

  • ICICI Bank
  • HDFC Bank
  • Axis Bank
  • IDBI Bank
  • IndusInd Bank
  • Bandhan Bank
  • State Bank of India
  • Union Bank of India
  • Punjab and Sind Bank
  • Bank of India