Car Loan
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Car Loan
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Why choose Rupee Boss for your Car Loan needs?
Service benefits
Streamlined Loan Processing: Our car loan application process is designed to be efficient and hassle-free. We strive to make the loan processing experience smooth and straightforward, saving you time and effort.
Flexible Tenure Policy: We offer flexible loan tenure options, allowing you to choose a repayment period of up to 7 years. This flexibility ensures that you can comfortably manage your loan payments while enjoying your new car.
Attractive Interest Rates: Our goal is to provide you with competitive interest rates on your car loan. We understand the importance of affordability, and we work with multiple banks and NBFCs to secure the best interest rates available for you.
Multiple Payment Options: We offer various payment options to suit your convenience. Whether you prefer monthly installments or a customized repayment schedule, we can accommodate your preferences, ensuring a seamless payment experience.
Collateral-Free Car Loan: Our car loans are collateral-free, meaning you don’t need to pledge any assets or provide additional security. This simplifies the loan process and allows you to focus on driving your new car with peace of mind.
Up to 100% Funding for New Cars: We understand that purchasing a new car can require a substantial investment. That’s why we offer up to 100% funding options for new cars, allowing you to finance the entire cost of your dream vehicle.
Up to 85% Funding for Used Cars: If you’re considering a used car, we provide up to 85% funding options. This allows you to secure a significant portion of the car’s value, making it easier for you to own your desired pre-owned vehicle.
Minimal Documentation: We believe in keeping the documentation process hassle-free. Our car loan application requires minimal documentation, ensuring a smooth and efficient loan approval process.
Key Features
Interest Rate: 8.65% onwards (may vary across lenders)
Loan Amount: 80% to 90% of car’s on-road price (some lenders may offer up to 100%)
Tenure: up to 7 years
Processing Fees: 0.5% onwards of loan amount (may vary across lenders)
Car Loan Eligibility Criteria
Car loan eligibility varies across lending institutions and loan schemes so a common set of housing loan eligibility criteria is given below
Age Limit | 21 to 60 years (not more than 65 years at the time of loan maturity) |
Minimum Income | Salaried – Rs. 25,000 per month Self Employed – Rs. 3 lac per annum (may vary across lenders) |
Minimum Work Experience | 2 years, with a minimum of 1 year with your current employer. |
Credit Score | Preferably 750 and above (varies across lenders) |
Car Loan Interest Rates
Bank/NBFC |
Rate of Interest |
| State Bank of India | 8.65% p.a. onwards |
| Punjab National Bank | 8.75% p.a. onwards |
| Canara Bank | 8.80% p.a. onwards |
| IDBI Bank | 8.80% p.a. onwards (floating) 9.20% p.a. onwards (fixed) |
| Union Bank of India | 8.85% p.a. onwards |
| Indian Overseas Bank | 8.85% p.a. onwards |
| HDFC Bank | 8.95% p.a. onwards (Rack Interest) |
| Karnataka Bank | 9.25% p.a. onwards |
| Karur Vysya Bank | 9.35% p.a. onwards |
| Federal Bank of India | 11.00% p.a. onwards |
| South Indian Bank | Repo Rate + 5.15% p.a. onwards |
| Jammu Kashmir Bank | RLLR + 2.25% p.a. onwards (floating) RLLR + 2.50% p.a. onwards (fixed) |
| Tamilnad Mercantile Bank | 10.70% p.a. onwards |
Documents Required
Documents required for availing Car Loan
- Individual KYC (Photo, Pan Card, Aadhar Card)
- Current Residence Address Proof (Utility Bill)
- Car Quotation provided by the dealer
Salaried Individuals:
- Latest 3 months’ Salary Slip
- 6 month bank statement (Reflecting the salary credited)
- Company ID Card / Offer Letter / Visiting Card
Self Employed Individuals:
- 2 Yrs ITR
- 1 Yrs month bank statement
- Business KYC (Udyam Certificate, Gumasta Certificate, GST Certificate)
Note: The above list is indicative and your lender might ask for additional documents
FAQs
1) Who is eligible for a Car Loan?
Self Employed Individuals (Public Limited Companies): directors in public limited companies. Self Employed Individuals and Professionals (Private Limited Companies) individuals who own a private limited company Self Employed Individuals and Professionals (Partnership Firms): self-employed partners in partnership firms Self Employed Individuals and Professionals (Sole Proprietorship): sole proprietors of a business who are a minimum of 21 years of age at the time of applying for the loan and would not be more than 65 at the end of the loan tenure. Salaried Individuals: employees of private limited companies, employees from public sector undertakings, including central, state and local bodies who are a minimum of 21 years of age at the time of applying for the loan and would not be older than 60 at the end of the loan tenure. Secondly, those Individuals should be holding a job for at least 2 years and working for a minimum of 1 year with the current employer.
2) Is there a minimum salary requirement to apply for a Car Loan?
a. Though the minimum salary or income requirement varies from one financial company to other. Usually, an income of Rs. 300,000/- per annum is the minimum salary / income requirement to qualify for a car loan.loan and would not be more than 65 at the end of the loan tenure. Salaried Individuals: employees of private limited companies, employees from public sector undertakings, including central, state and local bodies who are a minimum of 21 years of age at the time of applying for the loan and would not be older than 60 at the end of the loan tenure. Secondly, those Individuals should be holding a job for at least 2 years and working for a minimum of 1 year with the current employer.
3) What is the maximum tenure for a Car Loan?
a. Car loan or Vehicle Loan tenure depends on the loan amount and your repayment capacity. Generally, the car loan tenure ranges from 01 to 07 years
4) Can I opt for multiple Car Loans?
a. You can apply for two separate car loans from two different banks or NBFCs or the same one.
5) What other collaterals are required for a Car Loan?
a. Car loan is a loan granted to an individual interested in buying a car. Hence, a car loan is a secured loan where the car you buy acts as a collateral. There is no additional collateral required
6) What is the maximum amount I can avail in a Car Loan?
a. Banks approve loan amounts that range from 80%–90% of the car’s on-road price. Nowadays 100% car loan is also offered by banks & financial companies on select models of select vehicle brands.
7) What are the documents that are required to avail a car loan?
a. The documents that need to be submitted are - Age proof, ID proof, Application form, Photograph, Residence proof, Income proof, Bank statement, Signature verification proof, Pro-forma Invoice or Rate List.
8) What will be the EMI Cycle for the car Loan?
a. The EMI due date or cycle is dependent on the borrower. It can be the first of the month or 5th of the month. The borrower can choose the day of the month conveniently. However, some banks do give a fixed day as their processing days are generally automated and the borrower gets to choose from a few options
9) Can I get a Loan for Used cars?
a. Yes. You can get a loan to buy Used Cars but the interest rate will be higher compared to a new car as the old car has lesser resale value.