sole proprietors of a business who are a minimum of 21 years of age at the time of applying for the loan and would not be more than 65 at the end of the loan tenure.
employees of private limited companies, employees from public sector undertakings, including central, state and local bodies who are a minimum of 21 years of age at the time of applying for the loan and would not be older than 60 at the end of the loan tenure. Secondly those Individuals should be holding a job for at least 2 years and working for a minimum of 1 year with the current employer.
a. Though the minimum salary or income requirement varies from one financial company to other. Usually, an income of Rs. 300,000/- per annum is the minimum salary / income requirement to qualify for a car loan.
a. Car loan or Vehicle Loan tenure depends on the loan amount your repayment capacity. Generally, the car loan tenure ranges from 01 to 07 years
a. You can apply for two separate car loans from two different banks or NBFCs or the same one
a. Car loan is a loan granted to an individual interested in buying a car. Hence, car loan is a secured loan where the car you buy acts as a collateral. There is no additional collateral required
a. Banks approve loan amounts that range from 80%–90% of the car’s on-road price. Nowadays 100% car loan is also offered by banks & financial companies on select models of select vehicle brands.
a. The documents that need to be submitted are - Age proof, ID proof, Application form, Photograph, Residence proof, Income proof, Bank statement, Signature verification proof, Pro-forma Invoice or Rate List.
a. The EMI due date or cycle is dependent on the borrower. It can be the first of the month or 5th of the month. The borrower can choose the day of the month convenient. However, some banks do give a fixed day as their processing days are generally automated and the borrower gets to choose from a few options
a. Yes. You can get a loan to buy Used Cars but the interest rate will be higher compared to a new car as the old car has lesser resale value.