Owning a car has now become a necessity for every individual. With time and development around us, we are forced in one another ways to purchase a car. However, getting a car is not easy and it is expensive too with time. And if you want to buy a car with good mileage and exceptional features, then you should be ready to invest a good amount of money in it.
So, how will a common man with a minimum salary fulfill their dream of owning a car? As a very common saying goes, nothing is impossible in this world, so a person with a minimum salary can also own a car by getting a car loan. Car Loans are a helpline in such cases as they will ease the financing hassle. Therefore, we have prepared this guide to educate you on how to get a car loan with a minimum salary in India.
Let’s move ahead and have a look at some of the top lenders who are providing car loans at a minimum salary in India.
List of top car loan lenders in India
Mannapuram Finance Limited Car Loan
When you decide to buy your car with the help of Manappuram Finance Limited, they offer instant loan sanctions and fast processing of the whole process, starting from documentation to getting the sanction letter of your car loan. The finance they offer you depends upon whether you are buying a new car or a used car. If you buy a new car, they provide you with a 100% loan, and in the case of a used car, it is 80-90% of the car’s value. They are a sure pick if you have a minimum salary.
HDFC bank is one of the great growing banks in our country. They offer negligible paperwork for the car loan, and this entire process is done online. The loan amount starts from 1lakh up to 10 crores. If you are an existing HDFC Bank member, then you can apply for a car loan within 10 seconds of the application without any documentation. Also, it is best if you have a minimum salary.
SBI Car Loan
SBI is the most trusted Govt. Loan lending financial institute that many people prefer. They are offering the best and most affordable car loans to their customers. Many attractive and appealing features will surely be suitable for your needs. Moreover, they offer the longest repayment tenure of 7 years that no other bank/NBFCs offer. For a better insight, let’s look at the top features of SBI Car Loan.
IDFC Bank is offering the best deal on car loans if you fall in a low salary category. A car loan can be easily applied with IDFC with the help of a phone call or an application. Minimal documentation – as the process is entirely online, and also, the pre-qualified customer is not required to fill out multiple forms. If you wish to foreclose your car loan, you can easily go for it, and there are not even any charges for the same
FAQs
They are many factors upon which the eligibility for a car loan is decided. It can be your salary, properties you hold, CIBIL score, and much more.
For the down payment, you can pay as much as you want because it’s like the more you pay the lesser debt you will be in.
Yes, there are many banks that offer a partial repayment option with their car loan.