A car loan is a great way to drive your dream car without making the complete payment upfront. You don’t need to wait for some more months or years to buy your dream car as you can take a car loan to meet your fund requirement.

In India, aside from the issue that paying such a tremendous total of money may upset one’s financial plan, enormous buys with fluid money could put you on the Income Tax office’s radar too. However, when you get a car loan to pay for your car, you figure out how to hold your investment funds for other current and future costs.

One of the best car loan benefits in India is that the loan is secured against the car itself; along these lines, you don’t need to mortgage your property or have different resources for getting a car loan.

You additionally get the opportunity to utilize your car while you are overhauling the car loan term, so a couple of years down the line, you have added to your unique reserve funds and have the chance to possess the car once you have paid the loan.

Features of a Car LoanYou all can enjoy interest rates as low as 7.25% per annum and repayment tenure of up to 7 years. You will be able to get your dream car with us. You’ll be able to get funding from 80 percent to 100 percent of the on-road price of the car.
The Interest Rate will be 7.25% p.a. onwards.
The processing fee starts from 0.50% of the loan amount.
Loan Tenure from 1 year up to 7 years.
Pre-closure Charges vary from bank to bank.
Guarantor requirement varies from bank to bank.
Eligibility Criteria and Documents Required Documents required for the car loan and other eligibility are discussed below.Car loan eligibility criteria are different for different banks. The standard criteria are as follows:
Age: The age of the applicant needs to be between 21 years and 65 years.
Net Monthly Income: The minimum monthly earning of the applicant should be Rs. 25,000.
Employment Status: At least one year of employment with the same employer.
Type of Employment: Applicant should be salaried (working for a government institution or a private company) or Self-Employed for at least three years.
Car’s Value: If the car being bought is new, the loan amount ranges between 85% and 90% of the on-road market price of the car. For a used car, this price is up to 80% of the car’s current market value.
Credit History: A good credit history can make it much easier to obtain a car loan. A CIBIL Score of 750 or higher will expedite the disbursement of your dream car loan.