Get instant car loan in India.
image image Apply online Car  loan in India. Apply online Car  loan in India.

CAR LOAN

Apply Car Loan Online

Car loans are works like the same way as other types of loans. Now several banks and financial institutions can provide secured or unsecured car loans that put a lien on another car owned by the borrower. All the loan providers agree to provide you loans to buy the car and agree to pay back the money you borrowed through monthly payments. Throughout the process, you can pay more than the desired minimum amount due each month. The car loans are categorized into secured car loans, unsecured car loans, simple interest loans, and many more.

Compare Best Car Loan Interest Rates in India for 2019

Car Loan - With interest rates as low as 8.55% p.a. and repayment tenure of up to 8 years, you can find the most suitable vehicle loan for your needs at BankBazaar. You can take the loan for 90% to 100% of the on-road price of the car.

Bank Car Loan Interest Rates Lowest EMI per lakh for Max Tenure Maximum Loan Amount
SBI Car loan Apply Online. 7.70% Floating 7 years 85% of on-road price Apply
BOB Car loan Apply Online. 7.35% Floating 7 years 90% of on-road price Apply
ICICI Car loan Apply Online. 7.90% Fixed 7 years 100% of ex-showroom price Apply
HDFC Car loan Apply Online. 9.25% Fixed ₹1,622 for 7 years 100% of ex-showroom price Apply
Federal Bank Car loan Apply Online. 7.65% Fixed 7 years 100% of ex-showroom price Apply
Union Bank Car loan Apply Online. 7.40% Floating 7 years 85% of on-road price Apply
Yes Bank Car loan Apply Online. Apply
IDBI Car loan Apply Online. 9.20% Fixed 7 years 90% of ex-showroom price Apply
Indian Bank Car loan Apply Online. 9.65% Floating 7 years 85% of on-road price Apply
Axis Bank Car loan Apply Online. 8.70% Fixed 7 years 100% of on-road price Apply
IndusInd Car loan Apply Online. 8.65% Fixed 5 years 85% of ex-showroom price Apply
Kotak Bank Car loan Apply Online. 6.50% Fixed 5 years 90% of ex-showroom price Apply
PNB Bank Car loan Apply Online. 7.55% Floating 7 years 85% of on-road price Apply
Central Bank Car loan Apply Online. 7.25% Floating 7 years 90% of on-road price Apply
Andhra Bank Car loan Apply Online. 7.40% Fixed 7 years 85% of on-road price Apply
BOI Car loan Apply Online. Apply
Maharashtra Bank Car loan Apply Online. 7.55% Floating 7 years 90% of on-road price Apply
Corporation Bank Car loan Apply Online. 7.40% Floating 7 years 85% of ex-showroom price Apply
Indian Bank Car loan Apply Online. 9.65% Floating 7 years 85% of on-road price Apply
United Bank Car loan Apply Online. 8.60% Floating 7 years 85% of on-road price Apply
IDFC Bank Car loan Apply Online. Apply
Bajaj Finserve Car loan Apply Online. Apply

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Car Loan Interest Rates


Car Loan Details
Interest Rate (Monthly reducing balance) 8.55% onwards
Processing Fees Starts from 0.2% of the loan amount
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

State Bank of India

If you are decided for financing a new car for your family or loved one, but due to your current financial condition you unable to do it, then connect with the state bank of India for getting the car loan at lower interest rates. SBI offers the best deals for financing your new car at not only lowest interest rates, but also the lowest EMI, minimal paperwork and quick disbursement for making your buying process smoother.

Key Highlights
  • SBI loan has the longest repayment loan tenure of 7 years.
  • Financing is offered up to 90% of the road price of the car.
  • Interest calculated on daily reducing balance with no advance EMI.
  • Loan includes the registration cost and total service package of the car.
Car Loan Interest Rates Max Tenure Max Loan Amount
8.70% Floating ₹1,594 for 7 years 85% of on-road price Apply
SBI Instant online car loan, Apply Now.
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Bank of baroda Instant online car loan, Apply Now.
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Bank of Baroda

Own your new dream car by taking the help of Bank of Baroda car loans. With the car loan, you can buy a car of your choices such as sedan, SUVs, sports cars or any other luxurious cars. The SBI car loans are offered to the businessman, professionals, salaried employees, and corporate. On the other hand, the bank can provide attractive interest rates on car loans with up to 90% financing for funding your brand new car.

Key Highlights
  • Processing charges on the loans are minimal which 0.50% charge of the loan amount.
  • Minimum age of the borrower should be 21 years and the maximum for repayment is 70 years.
  • Repayment period of the car loan is up to a maximum of 84 months.
  • Interest rate of the car loan is calculated on the daily reducing balance.
Car Loan Interest Rates Max Tenure Max Loan Amount
8.90% Floating ₹1,604 for 7 years 85% of on-road price Apply

ICICI Bank

Among the several car loan providers, the car loan provided by the ICIC bank is extremely convenient, quick and flexible. The loan provided by the bank is available among the customers with flexible schemes, attractive interest rates, and quick and hassle-free application process through a single click of the mouse. Bank can ensure that the repayment terms of the loans are equally convenient for you.

Key Highlights
  • Repayment tenure of the loan can be ranged from 1 year to 7 years.
  • Partly payment is also applicable for the salaried employees with some extra charges.
  • Offer a chance to refinance up to 140% of the car value.
  • Attractive interest rates with the simplified documentation process.
Car Loan Interest Rates Max Tenure Max Loan Amount
8.89% Fixed ₹1,603 for 7 years 100% of ex-showroom price Apply
ICICI Instant online car loan, Apply Now.
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HDFC Bank Instant online car loan, Apply Now.
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HDFC Bank

Today owning a car with the surplus amount is seems to be a difficult task. So, HDFC can provide a car loan that comes with flexible and exclusive features like 100% financing on the selected cars, flexible repayment tenure, and the most important highly flexible EMI to get the dream car you always want. Bank provides a step-by-step EMI scheme to buy your dream car at more affordable EMIs.

Key Highlights
  • Car loan up to Rs. 3 crore on a wide range of cars and multi-utility vehicles.
  • Flexible repayment tenures from 12 months to 84 months.
  • Existing car loan customers can get a top-up loan with no documentation.
  • Bank offers zero foreclosure charges after 24 months of repayment.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.25% Fixed ₹1,622 for 7 years 100% of ex-showroom price Apply

Federal Bank

When your dream car opens the door for you, finance shall not be a red signal on your path. Now the federal bank can provide car loans to make your dream comes true and drive your car to your home very smoothly. The loan provided by the bank is highly flexible and smooth so that you will buy your dream car without any issues and delays. Consult with the loan providers for enjoying the best car loans.

Key Highlights
  • Repayment period of the loan up to 84 months.
  • Competitive interest rates with nil pre-closure charges for individuals.
  • A loan can be offered for buying a new car, used car and new two-wheelers.
  • No-income document scheme with faster processing.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.15% Fixed ₹1,617 for 7 years 90% of ex-showroom price Apply
Federal Bank Instant online car loan, Apply Now.
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Yes Bank Instant online car loan, Apply Now.
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Yes Bank

Apart from the other loan providers, the Yes bank can provide car loans for financing the car of your dreams. In the loan, you will enjoy the convenient rate of interest, great savings, and attractive features as well as 100% financing options on the selected models of the vehicles. The Yes bank can provide car loans for new as well as used cars which are tailored to meet your car requirements.

Key Highlights
  • Loans can be availed for amounts ranging from Rs. 1 lakh to Rs. 500 lakhs.
  • For select models 100% loan amount provided toward on-road price.
  • Multiple repayment options with competitive interest rates in the industry.
  • Minimum 21 years and less than 58 years before the completion of the loan tenure.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.25% Onwards Apply

Union Bank of India

Now you can easily fulfill the dream of buying your new car, by taking the car loan provided by the union bank of India. Thus, the union bank of India will avail special schemes for you to purchase the new cars or other four-wheels as well as provide you the loan for buying two-wheeler vehicles. Consult with the professionals for getting complete details about the car loan and its rate of interest.

Key Highlights
  • The minimum age for applying the loan is 18 years and the maximum is 70 years.
  • Loan range is fixed as per the type of car you want to buy which is 20 lakhs to 125 lakhs.
  • The maximum loan payment tenure is from 5 years to 7 years.
  • Loan approved for a resident of Indian and need a valid license for non-resident Indians.
Car Loan Interest Rates Max Tenure Max Loan Amount
8.60% Floating ₹1,589 for 7 years 85% of on-road price Apply
Union Bank Instant online car loan, Apply Now.
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IDBI Bank Instant online car loan, Apply Now.
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IDBI Bank

Driving the dream car always seems to be a better experience for the car owners. So, the IDBI bank can offer car loans for your dream cars. All of our loans are very easy and quick to avail and get faster processing of the loan within a stipulated period. Thus, the bank can provide car loans for both the salaried and self-employed professionals at attractive interest rates.

Key Highlights
  • Repayment with easy EMIs and avail the loan for up to 7 years.
  • Ensure a smooth ride by taking the loan with attractive interest rates.
  • Get a higher sanction of the loan for funding your dream car.
  • Repayment is done through equated monthly installments.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.30% Fixed ₹1,624 for 7 years 90% of ex-showroom price Apply

Indian Bank

Indian banks can provide car loan tenure up to 60 years which is very affordable and convenient to meet your car needs. The EMI charged by the bank is consists of both interest payment and principal payment. Through the monthly EMI payments, the principal components of the loan can be increased and interest components keep reducing. So, it's always advisable to choose the loan tenure because longer tenure means high-interest expenses.

Key Highlights
  • Loan sanction age should be between 21 years to a maximum of 65 years.
  • The loan amount offered by the bank is up to 85% of the on-road price.
  • Interest rates are starting from 9.65% depending upon a down payment and net income.
  • The processing fee for approving the loan is 0.22% of the cost of the car Maximum 10,191.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.65% Floating ₹1,642 for 7 years 85% of on-road price Apply
Indian Bank Instant online car loan, Apply Now.
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Bank of India Instant online car loan, Apply Now.
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Bank of India

Do you want to buy a car of your choice with reliable financial support? Then connect with the professionals of Bank of India for getting a car loan of low-interest rates with high loan tenure. Through the bank of India car loans, you will enjoy the auto-adjusted benefits of interest rates which would be extended into the future and guide you through the entire process of the loan payments.

Key Highlights
  • Loans granted to the age group of people between 18 to 65 years.
  • The maximum loan tenure for the loan is up to 7 years.
  • The interest rate charged for the loan amount is 9.35%
  • The loan to value ratio is up to 85% on the road price.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.50% Floating ₹1,634 for 7 years 85% of on-road price Apply

Axis Bank

Looking to buy a new car, then Axis bank can provide car loans with a host of benefits such as attractive interest rates, comfortable tenure, and many more. Get the best interest rate car loan to drive the car around the city in your vehicle. So, consult with a reputed professional of the Axis bank for getting the car loan with the best interest rates and relevant time of loan tenure.

Key Highlights
  • Availing the car loan from Rs. 1 lakh up to 100% on-road pricing.
  • Tenure of the loan should be ranged for up to 8 years.
  • Rate of interest of the loan starting at 9.25% of the amount.
  • Special benefits can be provided to banking and other customers.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.25% Fixed ₹1,478 for 8 years 90% of ex-showroom price Apply
Axis Bank Instant online car loan, Apply Now.
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IndusInd Bank Instant online car loan, Apply Now.
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Indusind Bank

Searching for the best banks for applying for a car loan on your next car purchase, then your search ends here. Indusind bank can provide attractive car loans which would be carried with relevant features and other special benefits to make your buying process much safer and smoother. Through the loan, you can purchase the car of your own choice without considering its price and other insurance factors.

Key Highlights
  • Loans can be provided for a broad range of cars and customer segments.
  • Easy online application with faster loan processing segments.
  • Loan disbursement time is speedy with less documentation.
  • Attractive interest rates with the relevant loan tenure.
Car Loan Interest Rates Max Tenure Max Loan Amount
10.65% Fixed ₹2,157 for 5 years 85% of ex-showroom price Apply

Kotak Mahindra bank

Car loans always help you to reach a step closer to your dream car. Now the Kotak bank can provide car loans that can help you to get up to 100% funding at attractive interest rates. In this way, you will realize to drive your dream car to your home. With minimum effort, Kotak bank can help you in owning a car into a reality. The bank can provide car loans with a flexible loan scheme and tailored to meet the requirements of individuals.

Key Highlights
  • The loan repayment option can be ranged from 12 to 84 months.
  • The loan should be sanctioned within the 48 hours of the document submission.
  • Pre-pay the loan any time after 6 months of availing the loan.
  • The minimum loan amount is Rs. 75,000 and borrow up to 90% of the car value.
Car Loan Interest Rates Max Tenure Max Loan Amount
11.50% Fixed ₹2,199 for 5 years 90% of ex-showroom price Apply
Kotak Bank Instant online car loan, Apply Now.
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PNB Bank Instant online car loan, Apply Now.
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PNB Bank

Availability of the car loans for the purchasing of the new car is always defined to be a proposed option for the car buyers. So, the Punjab national bank can provide car loans for buying the new car, van, jeep and other sports utility cars as per your choice and requirements. The loan can be approved for several individuals such as the business concerns of the corporate or non-corporate field, individuals and other persons.

Key Highlights
  • 2% on the outstanding pre-paid is charged and no prepayment charges to be levied.
  • The car should be purchased to be hypothecated to the bank.
  • 15% of the on-road price is charged for new cars with one-time road tax and insurance.
  • The minimum monthly income of the borrowers needs to be more than Rs. 20,000.
Car Loan Interest Rates Max Tenure Max Loan Amount
8.75% Floating ₹1,596 for 7 years 85% of on-road price Apply

Central bank of India

Want to purchase new cars for your personal use, then the central bank of India can provide car loans which would be more enough to fulfill the requirements to buy your dream car. In this way, you will easily buy your new car or purchasing the old one without having any types of financing issues. So, consult with the professionals of the central bank of India to buy the new car and enjoy a safe drive towards your home.

Key Highlights
  • The margin of the loan amount, not more than 75 lakhs and not less than 20 lakhs.
  • Interest rates of the loan can be charged based on the manual rating model score.
  • Loan appliers need to a minimum of 18 years above and a maximum of up to 65.
  • The loan should be sanctioned on-road price with additional cost.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.00% Floating ₹1,609 for 7 years 90% of on-road price Apply
Central Bank Instant online car loan, Apply Now.
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Andhra Bank Instant online car loan, Apply Now.
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Andhra Bank

Like other loan providers, the Andhra bank can also provide car loans which are completely based on your payment capacity and the maximum permissible EMI not more than 60% of the net salary of the salaried people and 70% of the non-salaried class. Subsequently, the hypothecation charge is registered in the registration certificates of the car in favor of the bank.

Key Highlights
  • The maximum loan amount is 25 lakhs to 50 lakhs depending upon dealing with the bank.
  • Loan borrowers need to have a minimum gross income of Rs. 1 Lakh per annum.
  • Loan tenure needs to be 36 months to 84 months as per the amount borrowed.
  • Repayment terms can depend on the income flow and occupational status of the borrower.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.40% Fixed ₹1,629 for 7 years 85% of on-road price Apply

Bank of Maharashtra

Bank of Maharashtra is approving car loans under the scheme of Maha supercar loan scheme with a low-interest rate of 9% depending on your employment status and CIBIL score of the applicant. Apart from the handsome interest rates, the bank of Maharashtra also provides attractive repayment tenures for the car loan. So, connect with them for getting all the details about their car loan scheme.

Key Highlights
  • The loan tenure period of the amount is 12 months to 84 months.
  • Interest rates of the loan are ranged from 8% to 30%.
  • The loan amount can also start from 1 lakh to 30 lakh.
  • No limit on the maximum loan amount availed as a loan.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.25% Floating ₹1,622 for 7 years 85% of on-road price Apply
Bank of Maharashtra Instant online car loan, Apply Now.
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Corporate Bank Instant online car loan, Apply Now.
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Corporation Bank

Like other loan services, the Corporation bank offers car loan services much-sought-after in the market. The bank can provide loans of low-interest rates paired with the minimal miscellaneous fees and other charges for the preferred lenders for many customers. The loan can be sponsored for many individuals such as salaried employees, sole proprietorship, businessmen, professionals, and many more.

Key Highlights
  • Interest rates of the car loan are ranged from 8.65% to 11.00%.
  • Loan tenure is provided by the bank from 1 year to 7 years.
  • Bank does not charge any types of processing fees and pre-closure charges.
  • The age limit of the loan is 21 years up to 70 years before the term ends.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.40% Fixed ₹1,629 for 7 years 85% of on-road price Apply

United bank of India

If you want to buy a new car and need immediate fund, then united bank of India provide car loans with lowest interest rates. The bank can provide the loan with the interest rates ranged from 9.10% to 9.15%. In this manner, you will get the loan by considering the loan amount, borrower occupation and loan tenure. So, consult with the reputed professionals for enjoying the car loan from a reputed bank.

Key Highlights
  • Bank provides 85% on the road-price on your applied loan.
  • Age limit for taking and completing loan is 21 years to 65 years.
  • Loan tenure should be 7 years for ending the loan EMIs.
  • Processing fees of the loan amount is 0.59%.
Car Loan Interest Rates Max Tenure Max Loan Amount
9.10% Floating ₹1,614 for 7 years 85% of on-road price Apply
United Bank of India Instant online car loan, Apply Now.
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Eligibility Criteria and Documents Required

The car loan eligibility criteria can be different for different banks. The common criteria are as follows:

  • Age between 18 years and 75 years
  • Minimum net monthly income of Rs. 20,000
  • At least 1 year of employment with the current employer
  • Must be salaried or self-employed, working for a government establishment or a private company

To prove your eligibility, you’ll need to provide certain documents. Though this too is specific to different lenders, the common documents will be:

Identity proof (any of the following) Address proof (any of the following) Proof of income
  • Aadhaar
  • Passport
  • Driving license
  • Voters ID card
  • PAN card
  • Aadhaar
  • Passport
  • Driving license
  • Ration card
  • Utility bills
  • Form 16
  • Salary slips if you are salaried
  • Latest Income Tax Returns
  • Bank statements going back 6 months

FAQs on Car Loan

Yes, you can get a 100% car loan with the best interest rates. Through the car loan, you can drive your car around the city. Now the several banks and financial institutions can offer car loans up to 100% on-road price along with all benefits. So, before applying for the car loan online make sure that by using the loan calculator you can easily determine the loan EMI. Ensure that the car loan will bring your dream car into reality without having any difficulties.

Thus, the bank gives car loans for a certain period and you can repay the loan with easy installments till the loan term is over. If you want, then you can also prepay the entire loan amount means to pay off the loan before the completion of the loan tenure. You can prepay the loan amount either in full or in part.

If any cases, you are prepaying the loan amount in full, make sure that you have collected all the post-dated cheques for the proper closure of the loan. By repaying the loan, you can clear off the debts and don’t need to make any monthly installments. Apart from all, the lenders will get some additional benefits.

In general, the guarantor is treated the same way as the loan borrower. If the borrower does not pay, then the guarantor needs to pay off the loan. For the heavy amount of car loans, the banks are needed a guarantor for approving your car by checking the credit history and paying capacity of the borrower.

Turning a guarantor for the car loan will impact your capability to rise for yourself. So, before considering a guarantor consult with the bank and determine your loan amount for purchasing your dream car.

A most important part of the car loan is the loan repayment terms. It's important to select the loan repayment tenure which can help you to save a lot of money in the long run. The repayment tenure of the car loan would be ranged from 12 months to 84 months which is usually 1 to 7 years.

For new cars, many of the banks can offer tenure of up to 7 years. On the other hand, the loan tenure also completely depends on the type of car you desired for purchase. Subsequently, higher loan tenure of the car can lower the EMI payment. For the super-premium cars, many of the banks can be restricted to a tenure of 3 years. Make sure that the higher loan tenure can reduce the EMI payments.

If you are deciding to buy your dream car, then never compromise due to your current financial conditions. So, you can apply for a car loan in the websites of banks and financial institutions. For the self-employed individuals, the loan can be easily set off the interest avail depreciation.

In the car loan, you only need to do a little down payment and negotiate with your lenders to pay up to 80% or more on the loan amount. As you need to pay the loan amount in EMI, so you can easily maintain an inculcate financial discipline. On the other hand, the business and self-employed individuals enjoy the tax benefits with a car loan.

If you are like to buy your dream car and plan to apply for a car loan, then give close attention to your credit score. The three-digit credit score will determine whether your applied loan is approved or not. The consumers with a high credit score will enjoy fewer interest rates and loan tenure.

Moreover, the average credit score needed for buying a car completely depends on the types of cars and the loan providers mean the new cars need 718 and for used cars are 659. So, it's always advisable to pay off the car loan until your credit score improves.

Maintaining a good credit score not only helps you to qualify for financing but also helps you to maintain the lowest interest rates. Yes, the credit score affects the car loan interest rates because a low credit score will face higher interest rates. On the other hand, the credit score also affects the down payments of the loan amount. Eventually, the individuals of a low credit score will need to pay a large number of down payments on the car by paying higher interest rates. The lower credit score will risky to the lenders because they want to recover the loan amount in a short period.

A credit score of the individual can determine which car they can afford. Eventually, the credit score will determine your ability to pay back the loan. The people with a lower credit score will give higher interest rates and the people with higher credit scores have lower interest rates.

When it comes to the car loan, there are not having any fixed minimum scores for applying the loan. Before applying for the loan, it's always advisable to keep a 750 credit score to stand in the competitive loan world. The credit score for the car loan lies from 300 to 900, so a higher score will define the better able to get the loan.

If you want to check the status of your car loan as well as its due amount on your mobile phone, then it's always advisable to use the application provided by the lender for your mobile phone. Through the application, you can log in by using your login Id and password on your mobile phone. Then go to the loan page for getting all the details about your car loan.

To check the car loan balance, first, you have to log in to the website and go to the car loan page. If you are a new user, then for registration you are requested to put the mobile number, CIF number, date of birth, etc on the given website page.

For better knowledge and easy process, you have to go through the internet banking for checking your car loan balance. After login into the account, enter your loan details as per the requirement of the website. Apart from all, you have to update your mobile number with your bank for an easy and smooth balance check.

The car loans are generally providing financial assistance for purchasing your dream car with a minimum initial payment from your pocket. Availing the car loan from the Eazy bank loan can bring a lot of benefits such as:

  • Loan processing is done on a tight timeline.
  • Interest is calculated based on compound interest.
  • To sanction the loan, the lender does not require any collateral.
  • The documentation process is quite simple and easy.
  • Offer 100% funding on the car value.
  • Loan repayment tenure ranged from 1 to 7 years.
  • For repayment equated monthly installments are worked.

Yes, PF is charged on my car loan but the amount can be depended on the car model, repayment capacity, lender, job profile, credit score, etc. The PF or processing fees are generally charged by the lenders to cover all other incurred costs needed during the loan process.

Moreover, the PF charges are never deducted from the loan amount of the borrower, so the borrowers need to pay it separately. In this process, once the loan is approved, the bank will provide you a statement of PF charge amount on your loan account. Throughout the process, the processing fees are non-refundable for most of the banks.

The car loan EMI consists of the principal portion and interest of the loan amount that you have to pay. The EMI’s are commonly fixed for the entire loan tenure and repaid on every month over the tenure. Mathematically you can calculate your car loan EMI through the following formula:

PXRX(1+R)^N / [(1+R)^N-1]

  • P = Principal amount
  • R = Rate of interest
  • N = Number of monthly installments

For getting easy access to the EMI amount as well as quick results, you can use an EMI calculator for the long run. It can save your valuable time which can be invested in manual calculations.

The documentation requirements for car loans are completely dependent on the source of income. Below points define the documents required while applying for a car loan:

Salaried individuals

  • Required genuine identity proof such as passport, Aadhar card, PAN card, Voter ID card, and driving license.
  • Provide the latest salary slip as income proof.
  • For address proof required any of the documents such as ration card, Aadhar card, Voter ID card, driving license, electricity bill, telephone bill, and passport copy.
  • Required the bank statement of the previous 6 months.

Self-employed individuals

  • Required genuine identity proof such as passport, Aadhar card, PAN card, Voter ID card, and driving license.
  • Provide the latest income tax returns (ITR) as income proof of 2 years.
  • For partnership firms require an audited balance sheet, or profit & loss account.
  • For address proof required any of the documents such as ration card, Aadhar card, Voter ID card, driving license, electricity bill, telephone bill, and passport copy.
  • Required the bank statement of the previous 6 months.

When you are planning for taking a car loan, first you have to determine your eligibility for sanctioning the loan. The following points define the eligibility criteria for applying for the car loan:

Salaried individuals

  • Private company employees need an undertaking from central, state, and local bodies.
  • For applying the car loan, the individual's minimum age needs to have 21 years of age and not older than 60 at the end of the loan tenure.
  • Individuals need to have at least 2 years in a job and a minimum of 1 year with the current employer.

Self-employed individuals

  • For applying the car loan, the individual's minimum age needs to have 21 years of age and not older than 65 at the end of the loan tenure.
  • Individuals need to have in the business of trading, manufacturing, or services for a minimum of 2 years.
  • Individuals need to have in the business of trading, manufacturing, or services for a minimum of 2 years.