Car Finance – Car Loan Services

We are committed to provide the most convenient car loan to make your car buying experience more pleasant.

What is Car Loan?

The term “Car Loan” or “Car Finance” is used when you borrow money from a bank or any financial company at a certain rate of interest to buy a car. People do take car loans in India to buy a car.

What Are the Types of Car Loans Available in the Market:

Land/Plot Purchase Loan
Home Construction Loan
Home Renovation Loan
Home Extension Loan
Home Purchase Loan
NRI Home Loan
Home Loan Balance Transfer
Bridge Loan

How do you Get a Loan to Buy a Car?

After finalizing which house or Home land you want to purchase, you need to contact an expert who can help you check your credit score, assist you in collecting required documents, do any critical calculations involved, compare available offers based on the best return and interest rates and suggest the best one for you, and will remain with you until your loan amount credited to you.

Car Loan Process in India

Fill Home Loan Application Form
Pay File Processing Fee
Discuss with the Bank or Money Lending Firms
Documents Evaluated by the Bank
Home Loan Approval Processing
Offer Letter Processing
Legal Check after Processing Property Papers
Site Estimation and Technical Checks
Final Home Loan Deal, Sign Agreement, and Loan Disbursal

What are the Required Documents for Car Loan?

You need to maintain a file of all the mandatory paper. Let’s have a look at the List of the documents required to apply for a home loan:
1	Completed Home Loan Application Form
2	Passport Size Photographs
3	Proof of Identification(Any one of these) – PAN Card Passport Aadhaar Card Voter ID Card Driving License
4	Proof of Age(Any one of these) – Aadhaar Card PAN Card Passport Birth Certificate 10th Class Marksheet Bank Passbook Driving License
5	Proof of Residence(Any one of these) – Bank Passbook Voter’s ID Ration Card Passport Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill) Letter from a recognized public authority verifying the customer’s address
6	Income Documents: For Salaried Individuals – Form 16 Certified letter from Employer Payslip of last 3 months Increment or Promotion letter IT returns of past 3 years. Bank Statement(6 month/1 year) For Self Employed: Income Tax Returns (ITR) of last 3 years Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a C.A.) Business License Details (or any other equivalent document) The license of Professional Practice (For Doctors, Consultants, etc.) Registration Certificate of Establishment (For Shops, Factories & Other Establishments) Proof of Business Address Bank Statement(6 month/1 year)
7	Property Documents Required For Home Loan: NOC from Society/Builder A detailed estimate of the cost of construction of the house Registered Sale Deed, Allotment Letter or Stamped Agreement of Sale with the Builder (original document) Occupancy Certificate (in case of ready-to-move-in properties) Property Tax Receipts Maintenance Bills and Electricity Bills Receipts of the advance payments made towards the purchase of flat (original document) An approved copy of the building plan (key plan/floor plan in case of purchase of flats) Original of the land tax paid receipt and possession certificate as issued by the revenue authority Payment receipt or bank account statements showing payments made to the Builder or Seller

What is the Eligibility for Car Loan?

Eligibility for a home loan depends on various essential factors and it varies with your age, occupation, income, and CIBIL score. Let’s take a look into it.

Main factors that determine eligibility for car loan are:

Age of the Applicant	21 to 60 years
Eligible Salary	Rs. 15,000 per month and above
Work Experience for Salaried	2 years and above
Business Stability for Self Employed	2 years and above
Minimum CIBIL Score	650
Maximum Loan on Property Value	Up to 90%
Maximum EMI as percent of income	65%
Eligibility with Co-applicant	Up to 3 earning family members may be added to get higher loan eligibility