Thursday, 21.06.18 (255 views)

Car loan

Take a car loan not to buy just a car but a lifestyle

If you are planning to buy a car how do you plan to make it a reality?  Are you planning to take a dealership loan or try some other way out? Have you ever thought of a car loan through a bank to get your dream car glazing in front of you? Surely all happy moments arrive in your life with your family having a joy ride in your new car.

Car loan interest rates in India are not the same in every bank. It differs from bank to bank. The rates of the car loans are determined by the bank concerned and it is updated from time to time. The interest on your car loan mainly depends on three factors like the amount of loan, the tenure in which the loan is to be paid off and also on your salary.

You can be a salaried employee, or a professional, or self-employed but you can apply for a car loan provided you meet the conditions of the bank and have all the documents which they want to have a look.

Make your experience of buying a car more enjoyable and memorable by taking the right step to get it through a loan. There is obvious good and bad side to everything but in this case the advantages are endless. And in no way you should think of an amazing car without a car loan. Just go through this post and understand better how getting a car is so easy when you have a car loan.
 

Benefits of car loan Documents needed for a car loan
Features of car loan Car loan eligibility criteria
Major car loan providers in India Steps to get a car loan


Car loan features

The following features are common irrespective of the bank you choose to take a car loan. Have a look at some of them

  • Contract terms are very much flexible
  • You have a choice of fixed or variable interest rates
  • Low-interest rates and EMI
  • Long duration repayment which can be up to 10 years
  • Interested to be calculated on Daily Reducing Balance
  • No Pre-payment penalty
  • Overdraft facility
  • A tax deduction may be applicable in case the vehicle is to be used for business purpose


Why car loan?

There are host of benefits but let me list some of the important ones so that you get an idea of why to opt for a car loan. You can go to your local bank branch and check out the formalities of a car loan or auto loan. A face-to-face discussion is also possible at any time and can sort any queries. If in any case you need to pay your bill at once or on the due date, you can do it by going to the bank.  When you take a car loan from a bank there is a good possibility that you will have an online account and can log in and have an idea about the amount paid, the outstanding balance on the loan amount and any other related information. Getting a dealership loan may not ensure such a facility always. There is also a chance when opting for a bank you get a lower rate of interest and so you have to pay less over the years for your car. Another benefit is that you are familiar with the bank as you have been dealing with it before also and understand all the policies of the bank in relation to the loan offered by the bank. There is also a scheme of loan protection insurance available which you can avail and automatic repayments from your salary account.

Documents needed for a car loan

The following are the documents required for salaried persons.In case you are a self-employed person you have to have the following documents-

 

Salaried persons

 

Self-employed

Application form with photograph Application for with photograph affixed
Address proof Residential proof
Latest salary slip Last 2 years income tax returns
Income tax returns Income tax returns
Last 6 months bank statement Last 6 months bank statement.
ID proof ID proof
       

Car loan eligibility criteria

There are host of banks which offers car loan in India at an attractive interest rates to different categories of individual like salaries or self employed people. Some of the common criteria which every bank follows are-

  • You should be a minimum of 21 years of age
  • Maximum age can go up to 70 years though in some cases it may be 65
  • Net annual income of salaried persons should range from 2 to 3 lakhs.
  • Minimum of one year continuous employment in case of salaried persons
  • Minimum of 3 years in the same line of business
  • Income eligibility as per the latest salary slip and Form 16 for salaried individuals
  • For self-employed individuals it depends on the latest ITR
  • Those who are engaged in agriculture and allied activities the net income should be around 4 lakhs

List of major car loan providers in India

There are so many business houses providing car loans Indian and has made owning a car really very easy. It is just like welcoming a new member in your family and changing your life style. So who are the major car loan providers that can make your dream come true of owning a dream car. Some of the major providers

SBI Car loan HDFC Car loan
Bank of Baroda Car Loan Axis Bank Car loan
Dena Bank Car loan UCO Bank Car Loan
PNB Car Loan Canara Bank Car Loan
Kotak Mahindra Car Loan Bank of India Car Loan
IDBI  Car Loan Punjab National Bank
Vijay Bank  

 

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