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Do I have the option of pre-paying the entire loan amount?
Yes. One can pre-pay the loan any time after 6 months of availing of the loan. One merely has to pay a small prepayment fee on the outstanding loan amount.
Is it necessary to have an account with the bank from which you take a loan?
Normally banks have no problem in giving auto loans to people who do not have an account with them. But certain priveleges are offered for account holders.
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Do I need a guarantor?
Generally no. But if your income does not meet our credit criteria, then you may be required to have a guarantor to stand surety for your loan.
Do I need to give collateral to get a loan?
No, you don't need to give collateral. But you will have to hypothecate the car in the banks name.
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Can I increase the amount of loan that I can take?
Yes, you can. You can increase the amount of loan sanctioned by clubbing your spouse's income. The spouse then becomes the co-applicant.
How is EMI paid?
Mostly banks ask for post dated cheques for the entire amount or for the first 4 years. The EMI can also deducted from your monthly salary as per your instructions with the bank.
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Can I sell my car before I repay my loan?
NO. You cannot sell the car unless you repay the loan. An NOC is required from the banks before you can sell the car.
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What is Zero Interest Scheme?
In this scheme there is no interest only the principal amount is paid.
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What is the next step after I have paid all my EMI's?
After the last EMI is cleared, the bank issues Form 35 with a No objection certificate to the RTO for cancelling their name from the R/C book. Even the insurance company is given a NOC for removing their name.
How much loan can I avail as Car loan?
The amount of car loan depends on the cost, the type and the finance percentage applied. Mostly banks offer upto 90 % of the loan finance or even 100% as certain schemes. Most Banks finances most passenger cars and multi-utility vehicles manufactured by India's leading automobile companies. However, the minimum loan amount is Rs.50000.
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What are the tenure options?
You can choose any repayment option from 12 to 84 months.
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How long does it take to process the loan?
The processing will take between 2 to 7 days.
