A down payment is often required (typically 0-15% of the car’s price). A larger down payment may improve your eligibility by reducing the loan amount and your risk profile.
When applying for a Car loan, there are various fees and charges bthat borrowers should be aware of. These fees vary depending on the lender and the type of loan but generally include the following:
| Charge Type | Range |
|---|---|
| Processing Fee | 0.5% to 2% of loan amount or flat fee |
| Documentation Charges | ₹500 to ₹2,500 |
| Prepayment/Foreclosure Charges | 0% to 2% of outstanding loan amount |
| EMI Bounce Charges | ₹500 to ₹2,000 per bounced EMI |
| CIBIL/Credit Report Charges | ₹200 to ₹1,000 |
| Stamp Duty Charges | As per state rules |
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A car loan is a type of secured loan used to purchase a new or used car. The car itself acts as collateral for the loan, and you repay the loan in monthly installments over a fixed period.
To be eligible for a car loan, you must meet certain criteria such as:
• Age between 21 and 65 years
• Minimum monthly income of 2.00 Lacs to 4.00 Lacs
• Employed full-time or self-employed for a specified duration
• Good credit history (if applicable)
• Permanent resident.
For detailed eligibility criteria, please refer to our [Eligibility Page].
You’ll need to provide the following documents:
• Proof of identity (Passport, National ID)
• Proof of address (Utility bills, Lease agreements)
• Proof of income (Salary slips, Bank statements, Tax returns)
• Credit report (if available)
• Vehicle-related documents (e.g., quotation, registration, etc.)
For detailed Documents, please refer to our [Documents Page].
The loan amount depends on factors like your income, credit score, the car’s value, and the down payment. Generally, you can borrow up to [Insert Percentage, e.g., 90%] of the car’s value.
The interest rate for a car loan varies depending on your eligibility, loan amount, and the loan tenure. Our rates start at 8.45% annually. You can check your exact rate by applying for a loan pre-approval.
Car loan repayment terms usually range from 12 months to 84 months, but this can vary depending on the loan amount and your eligibility.
Yes, a down payment is generally required. The amount varies depending on the car’s value, your credit score, and loan terms. Typically, down payments range between 10%-20% of the car’s purchase price.
Yes, you can easily apply for a car loan through our online application process. Simply fill out the required details, submit the necessary documents, and we will process your application.
Your eligibility is based on factors such as:
• Your age
• Income level
• Credit score
• Employment status
• The car's make, model, and value
• Your ability to provide a down payment
Yes, you can repay your car loan early. However, some loans may have a prepayment penalty or conditions that apply. Please refer to your loan agreement for details.
Missing a payment can result in late fees, a negative impact on your credit score, and potentially even repossession of the vehicle. It’s important to contact us if you anticipate difficulty in making a payment to discuss your options.
Yes, you can use a car loan to purchase both new and used cars. However, the age and condition of the used car may affect the loan terms, such as the loan amount or interest rate.
To apply for a car loan, you can:
1. Visit our website and fill out the online application form.
2. Submit your supporting documents.
3. Once your application is reviewed and approved, we will send you the loan offer and terms.
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