How to get a car loan in India?
Owning your dream car is now easy, you get a Car Loan in India directly from a bank or a finance company. It is important to know which type of car loan provider will be appropriate for your requirements. A car loan depends on the tenure of the loan, loan amount, nature of the asset, and the customer profile. In my opinion, visit referloan.com and follow the simple procedure to get complete information about a car loan.
Eligibility Criteria for a car loan
- The minimum age criteria must be 18 years and the maximum is 75 years
- The minimum salary required for a car loan is a minimum of Rs. 20,000 (can be more)
- You must be having a work experience of at least 1 year with the current company you are working for (can be more or less).
- One should be:
- salaried
- self-employed
- government company
- private company
Documentation Required
- Identity proof
- Aadhar card
- Passport
- Driving License
- Voter ID card
- PAN card
- Address Proof
- Aadhar card
- Passport
- Driving License
- Ration Card
- Utility Bills
- Income Proof
- Salary Slip if the person is salaried
- Income Tax Returns
- Bank Statements
How to apply for a Car Loan in India?
Step 1: Shortlist a car
Step 2: Check eligibility
Step 3: Figure out the loan amount, tenure, and EMI
Step 4: Apply and provide documents
Step 5: Book your car
Compare Best Car Loan Interest Rates in India for 2022
Bank Name | Car Loan Interest Rates | Processing fee |
Bank of Baroda Car Loan | 7.00% p.a. onwards | Rs.1,500 |
Canara Bank Car Loan | 7.30% p.a. onwards | 0.25% of the loan amount, subject to a minimum of Rs.1,000 and a maximum of Rs.5,000 |
Axis Bank Car Loan | 7.45% p.a. onwards | Minimum of Rs.3,500 and maximum of Rs.7,000 |
Federal Bank Car Loan | 8.50% p.a. onwards | Contact the bank |
SBI Car Loan | 7.20% p.a. onwards | New Car: Nil (offer valid until 31 August 2022) |
Benefits of Car Loan
- Fast and simple Car loan application form
- Least documentation required with fast loan amount disbursement
- Less and attractive rate of interest
- Boost your CIBIL score
- Choose your loan option according to your car model requirement
- Get up to 100% ex-showroom amount with attractive ROI
- Flexible repay options
- Right and amazing investment choice.
FAQs for Car Loan
- Is this Car Loan available for all cars: ReferLoan provides a loan for each and every car model available in the market.
- What is the Rate of interest for a car loan: the minimum ROI starts from 8%.
- What is the maximum time for repayments: the maximum repayment time is 5 years.
- How much time will it take to disburse the loan: after your eligibility and documents are verified, your loan amount would be disbursed immediately.