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Car Loans India
Getting a new car loan is not easy though it can be the easiest way to attain your dream car or own a used car. There are many players in the car finance industry and for the consumer choosing the best type of loan is a difficult task. Many factors have to be considered before taking up a car loan.
Types of Car Loans
- New Car Loans - 60 - 100% finance are available on ex showroom car loans for new cars. Minimum loan amount for new car loan is Rs.1 lakh. The loan tenure of car loan ranges from one to seven years.
- Used Cars - Get upto 90% of the car value as loans from various banks for 5 years or more. Minimum loan amount for a used car loan is Rs. 75000. The loan tenure of car loan is one to five years for used cars.
Banks offering Car loans in India
- HDFC Bank
- ICICI Bank
- State Bank of India
- Bank Of Baroda
- United Bank Of India
- UCO Bank
- Axis Bank
- ABN Amro Bank
Types of Interest Rates on Car Loans
Fixed Interest - EMI remains the same throughout the tenure of re-payment.
Floating Interest - The rates of interest fluctuate based on the then-current RBI regulations hence the EMI will keep fluctuating.
Eligibility of Car Loan
Salaried Individual
The applicant should be atleast 21 years old at time of application, and below 59 years of age at time of maturity of the loan
Annual salary should be above Rs 1 lakh per annum
Self-Employed Individual
Any Proprietor, partner, professional or director above 21 years of age but below 64 at the time of the loan's maturity
Annual income above Rs 60,000
Partnership Firm
Firm should have a minimum PAT (profit after tax) income of Rs 60,000
Private / Public Ltd Co
Limited companies should have been in existence for at least 2 years
Minimum PAT (profit after tax) of Rs 60,000
Other costs accompanying the Car Loan
- Loan Processing Fees
- Stamp Duty
- FC Charges