Car Loan

Salaried

Business Person

Self employed professionals

Salaried

Loan Amount Looking For:

Your Company Name:

Your Full Name

Gross monthly income

Other monthly income

Total amount of EMIs you pay

Date of birth

Mobile No

E-Mail Id

Note : I authorize Findestination & its associates to call me or SMS me with reference to financial products. This consent will override any registration for DNC / NDNC.

Submit

Business person

Loan Amount Looking For:

Your Full Name

Type of Entity:

Business category:

Name of the Firm/Company:

Latest Year Turnover:

Latest Year Profit After Tax (PAT):

Other monthly income

Total EMI

Date of birth

Mobile No.

E-mail ID.

Note : I authorize Findestination & its associates to call me or SMS me with reference to financial products. This consent will override any registration for DNC / NDNC.

Submit

Self employed professional

Loan Amount Looking For:

Type of Profession:

Your Full Name:

Latest Year Profit After Tax (PAT):

Latest Year Gross Receipts:

Total amount of EMIs you pay

Date of birth

Mobile No.

E-mail ID.

Note : I authorize Findestination & its associates to call me or SMS me with reference to financial products. This consent will override any registration for DNC / NDNC.

Submit

Overview

A Car Loan is a loan taken for purchasing new Car, Used Car or as a Car refinance on existing Car.

If you are planning to buy a new car we will take care of Car Loan and assistance for you.

Features & Our Assistance

Avail up to 85% of the cost of the vehicle
Tenor - Ranging from 12 to 60 months (depending on model)
Quick and speedy processing.
Repayment through convenient EMI’s
Minimum / hassle free documentation

Car Loan Types

New Car Loan

If you want to avail a new car you can take a new car loan

Used Car Finance

Owning a used car can be a simple, easy and reliable experience. You can get up to 90% funding of the car value.

Car Refinance

Avail this loan by pledging your existing car which is free from any loan / hypothecation

Take over of your existing car loan and generate cash*

It’s a loan taken over from the bank where the foreclosure amount is lesser than what other Bank actually funds on the asset. That’s how you generate cash and you can get more than 100% finance.

Applicable Interest Rate

Currently, rate of interest on Car Loan starts at as low as 8.50%.

Procedure

Submission of complete application form with photograph
Submission of all required documents.
Internal verifications.
Personal interview with a bank official.
Sanction of the Loan
Collection of pre-disbursement documents
Loan disbursement

Eligibility & Documents Required

Eligibility Criteria

Your eligibility depends upon your repayment capacity as determined by Financial Institution. Factors like your income, age, qualifications, number of dependants, spouse’s/Co-applicant income, assets, liabilities, savings history, stability, property value and continuity of occupation are considered while computing your eligibility.

Documents required

Salaried

Duly filled application
Identity proof: (Pan Card / Passport / Ration card / Voter Id Card)
Passport size Photographs of all applicants
Address Proof
Latest form 16 and last 3 months salary slips
Last 6 months bank statement of salary account
Existing Loans sanction letter/Repayment track record , if any

Sole Proprietorship / Partnership / Pvt Ltd Company

Duly filled application
Identity proof: (Pan Card / Passport / Ration card / Voter Id Card)
Passport size Photographs of all applicants
Business Proof
Latest Address Proof
Last 2 years income tax return of directors / partner
Last 6 months bank statement of main operating account of the firm
Audited financials
Certified copies of MOA /AOA / Partnership deed as applicable
Professional qualification certificate , if applicable
Existing Loans sanction letter/Repayment track record , if any

Frequently Asked Questions: FAQ

Who can avail Vehicle Loans?

Salaried individuals
Self-employed individuals
Partnership Firms
Public & Private Ltd. companies
HUFs and Trusts

Which cars can be financed?

You can avail finance on most passenger cars and multi-utility vehicles manufactured by India's leading automobile companies. You can also avail finance on imported cars subject to fulfillment of certain terms and conditions.

How much finance can I avail of?

You can avail up to 85% for new car or used car purchase and up to 150% on existing car loans

What are the tenure options?

You can choose any repayment option from 12 to 84 months all specially designed to suit your requirements.

Can I avail refinance on a Car if there is existing loan running on same?

Yes, You can avail car refinance even if existing loan is running on same car. Existing loan will be foreclosed and additional amount will be disbursed to you.

Do I need a guarantor?

No, a personal guarantor is not a must. But if your income / age does not meet credit criteria, then you may be required to have a guarantor to stand surety for your loan.

Who can be the co-applicants for the loan?

Your spouse or any blood relative staying in the same residence can be a co-applicant.

How is the interest charged/calculated?

Interest is calculated on a monthly reducing balance basis.

What security/collateral do I have to provide?

No additional security/collateral needs to be provided, apart from the car against which the loan is granted, being hypothecated to an Financial Institution.

Do I have the option of pre-paying the entire loan amount?

Yes, for floating rate loans for individual borrowers foreclosure charges are nil. Most of the banks offer car loan on fixed rate and hence foreclosure charges are applicable. One can pre-pay the loan any time after 6 months of availing of the loan. You have to pay a small prepayment fee on the outstanding loan amount. Financial Institutions charge prepayment fee of 3%-5% on the outstanding principal amount, Service Tax will be charged as applicable.