Category: Car Loan

Ride Your Own Favorite Car With ICICI Car Loan

Everybody wishes to drive his/her own car. After all, the feeling of driving one’s’ own car is something different. You can take your car for unplanned long drives or planned trips to nearby exotic places. In case of any emergency, you can use your car for easy commutation. So have you saved some money for paying the down payment to the dealer. Are you thinking to avail a car loan but the high interest rates is acting as a barrier for you? If yes, then you can lay all your worries to rest.

ICICI car loan has been designed to fuel your wishes of riding your own car. ICICI bank is one of the leading private sector banks which has satisfied customers from all parts of the country. You can avail a car loan at attractive rates for a period up to seven years. The applicant, whether a salaried individual or a self-employed professional or self-employed non professional can avail funds from the bank. I have specially created this article to give you all the relevant important about the product.

car loan

Eligibility criteria: Interested applicants are supposed to fulfil the eligibility norms if they want to avail finance from the bank. Check out the criteria for different applicants here-

Salaried Employee:

  • The applicant should be above the age of 25 years at the time of loan application and up to 58 years at the time of maturity of loan
  • The annual income needs to be at least Rs. 2.5 Lakhs
  • An employment stability of more than two years is required
  • The applicant needs to be employed with his/her current employer for a period of at least one year

Self-employed Professional:

  • The applicant needs to be above the age of 28 years but he/she has to below the age of 65 years at the time of maturity of the loan
  • The annual income should be at least Rs. 2 Lakhs
  • The business stability needs to be more than three years

Self-employed Non-professional:

  • Profit After Tax (PAT) of at least Rs. 2 Lakhs is important
  • The business stability needs to be more than three years

Documents required for an ICICI car Loan:

Documentation work is an important thing which has to be completed if you wish to obtain finance from ICICI Bank.  Have a key look at the essential documents required at the time of loan application-

Salaried Employee:

  • Photographs of passport size
  • Completely filled application form
  • Proof of Identity- Aadhar card/Voter ID card/PAN Card/Passport/Driving License
  • Proof of Age- Birth certificate/Passport/High school marksheet/PAN card
  • Proof of Residence- Allotment letter/Passport/Telephone Bill/Electricity Bill/Leave and license agreement
  • Proof which can show employment stability
  • Proof of Income- latest salary slip and Form 16
  • Bank statement along with verification of signature

Self-employed Professional:

  • Photographs of passport size
  • Loan application form which is completely filled
  • Proof of Identity- Aadhar card/Voter ID card/PAN Card/Passport/Driving License
  • Proof of Residence- Allotment letter/Passport/Telephone Bill/Electricity Bill/Leave and license agreement
  • Proof of Age- Birth certificate/Passport/High school marksheet/PAN card
  • Proof of ownership or Proof of business
  • Bank statement along with verification of signature
  • Proof of Income- Income tax (IT) returns of the previous two years

Self-employed Non-professional:

  • Application form which is fully filled
  • Proof of Address- Passport/Allotment letter/Leave and license agreement
  • Proof of Identity- Aadhar card/Voter ID card/PAN Card/Passport/Driving License
  • Proof of Residence- Allotment letter/Passport/Telephone Bill/Electricity Bill/Leave and license agreement
  • Proof of Age- Birth certificate/Passport/High school marksheet/PAN card
  • Bank statement along with signature verification
  • Proof of Income- Income tax returns of the last two financial years along with audited Balance Sheet and Profit & Loss account
  • Partnership deed and a letter duly signed by the present partners whereby they give complete authority to one partner
  • For companies and societies two things are needed -Memorandum & Articles of Association plus Resolution by board of directors
  • Proof of ownership or Proof of business stability

Interest rates and processing fees-

ICICI bank offers car loan at a fixed interest rate which implies that the rate of interest will remain consistent during the entire given tenure and will not change as per the changes in bank’s MCLR. The segment of the car and the tenure period plays an important role in deciding the interest rate. In the case of a new car, the interest rate is 12.75% if the term is less than two years i.e up to 23 months. If an applicant wishes to take a loan for a period between  24 to 35 then the rate charged will be 12.25%. In case of tenure between 3 to seven years i.e. 36 to 84 months, the rate of interest is 10.75%. The rate of interest for an old car is 15.50% for a tenure of 24 to 35 months.

A non-refundable processing fee is also charged from the applicants for both new and old car. In case of a new car the maximum and minimum amount charged is Rs. 5,000 and Rs. 2,500 respectively. The processing fee for an old car is 2% of the loan amount or Rs. 6,000 whichever is lower.

ICICI car loan EMI Calculator-

This is a magical tool my dear friend. Want to know why? I have called it magical because ICICI car loan EMI Calculator helps you to calculate your monthly installments that you have to pay to the bank, in few seconds. Yes buddy, that’s true. You are required to enter details like desired loan amount, rate of interest and tenure period. And then wait back to check the amount of EMI you have to pay and the total interest which is payable. Let’s make it simple for you with an

example- Let’s assume Abhishek wishes to take a loan of Rs. five lakhs and therefore approaches the bank. The bank checks his eligibility and after completion of documentation work offers him finance at a rate of 11% for a tenure of seven years. The monthly EMI is Rs. 8,562 and the total interest payable is Rs. 2,19,143. This instant calculation has been possible due to this magical tool only.

 

Article Source: http://homerproject.org/ride-your-own-favorite-car-with-icici-car-loan.php

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SBI Car Loan: The Best Affordable Option to Fulfil Your Car Dream

Going on a long drive in your own car is such an exuberant feeling, right? The feeling can’t even be described in words, it can only be felt. Having a car at your disposal eliminates the need to use public transport or private cabs. You no longer have to stand in the crowded metro or wait for your colleague to pick you up, when you have your own car.

So you must be saving some amount from your monthly income to buy a brand new car, right? After all, a certain amount of money has to be given to the dealer as down payment. With so many lenders in the market offering you a car loan, you are bound to get confused. Is the high interest interest rate forcing you to apply a brake on your car dreams? If yes, then you should not bother about it any longer. SBI car loan has been specially designed to meet the aspirations of people who wish to buy a car of their choice. Want to get more information about the product offered by SBI, read this article. I have given brief details about the different types of schemes offered under a SBI car loan.

sbi car loan

SBI New car loan scheme- Are you thinking of buying a stylish new car? If your answer is in affirmative, then you need to  secure this loan as soon as possible from the bank. Anybody, whether a salaried individual or a self-employed individual or an individual engaged in any agricultural activity can avail this scheme from SBI. the age of the applicant should be between 21 to 65 years.

You can purchase a passenger car or a multi-utility vehicle or even a sports-utility vehicle with this car loan product. Salaried individuals are required to earn an annual income of at least ₹ 2.5 Lakhs if they wish to secure finance from the bank. For self-employed individuals and people engaged in agricultural activity, the net annual income should be at least ₹ 4 Lakhs. The applicants can add the income of the co-applicant in their net annual income. The interest rate for the same lies in the range of 9.20% to 9.25%. The processing charged is 0.50% of the loan amount along with the applicable service taxes. This amounts to a maximum of ₹ 9,100 and a minimum amount of ₹ 450.

SBI Loyalty car loan scheme– If you want a scheme that can offer you 100% finance, then you should opt for this one. This scheme has been designed for SBI Home loan borrowers. Applicants falling in the age group of 21 to 65 years can apply for this loan product. Salaried employees of regular public sector undertakings, Central/State government and private companies, self-employed individuals, businessmen and people engaged in agricultural activities are eligible to obtain loan from the bank.

Net annual income of both the applicant and co-applicant clubbed together should be at least ₹ 2 Lakhs. The repayment tenure for the same is seven years.  The bank charges an interest rate between 9.10% to 9.15% for the same. The processing fee charged is 0.25% of the loan amount sanctioned plus the services taxes applicable. It can be a maximum of ₹ 4,500 and a minimum of ₹ 450.

Certified Pre-owned car loan scheme– In case, you want to buy an old car or a second hand car, then this product has been tailor made for you. You just have to ensure that the already used car you are buying is not more than five years old. In order to be eligible for the loan, you should be an individual falling between the age group of 21 to 65 years. Salaried employees of regular public sector undertakings, Central/State government and private companies, self-employed individuals, businessmen and people engaged in agricultural activities can avail a loan from the bank. Net annual income of both the applicant and co-applicant clubbed together should be at least ₹ 2 Lakhs. The maximum tenure period for the scheme is five years. The interest rate for the same is 12.65% and the processing fee charged is 0.50% of the loan amount availed along with service taxes. It can be a maximum of ₹ 9,100 and a minimum of ₹ 450.

Documents required to avail a SBI car loan:

Completing the documentation work has to be the top priority of any interested loan applicant. Check out the required documents here-

  • Proof of Identity- Driving License/Aadhar Card/Passport/Voter ID Card/PAN Card
  • Proof of Residence- Electricity bill/Driving License/Passport/Ration card/Voters ID card/Life Insurance policy/Telephone Bill  
  • Completely filled loan application form
  • Two photographs of passport size
  • Proof of Income- Salaried employee: Latest Salary slip and Form 16, Income Tax returns. For Self-employed: Audited Balance Sheet plus Profit & Loss account for the last  two financial years and Income tax returns
  • Bank account statement of the previous six months
  • For Self-employed: SSI registered certificate/sales tax certificate/Shop & establishment act certificate/copy of partnership

Go and secure the best deal from your nearest SBI branch.

 

Article Source: https://wishfin.blogspot.in/2017/02/sbi-car-loan-best-affordable-option-to_9.html

Check Car Loan Interest Rates Before Applying

Buying a car involves crucial decision making and a lot of search work. Right from the car model to the dealer, the buyer has to think about every aspect. But, when it comes to looking for the correct financier people become liberal and live the decision on the showroom dealers who suggest the financiers with whom they have tie-ups. The lenders suggested by the dealer may offer good deals but before finalising, the potential buyer must check and compare the car loan interest rates offered by various banks and other lending institutions. This will enhance the joy of purchasing a new car by reducing the burden of repayment.

car-loan

So if you are you in the plan to purchase a new car, spare some time and search for the right financiers. You can do this by comparing the lending rates and other loan details of various banks. The loan details and rate of interest of few banks are given below:

SBI Car Loan:

The State Bank of India provides car loan for the purchase of both new and used car. The loan is sanctioned for the maximum tenure of 7 years. The borrower can even prepay the loan if in a position to. The bank doesn’t charge any penalty on the foreclosure. Moreover, it offers the loan at reasonable rates. The lending rates on a new car loan for women borrowers ranges from 9.10% – 9.20% p.a. while for male applicants it is 9.15% – 9.25% p.a. Whereas, the used car loan rates varies from 10.40% -12.65% p.a. for female applicants and from 10.45% – 12.65% for male borrowers.

Axis Bank Car Loan:

The borrowers can apply for a loan at Axis Bank and earn reward points for completing the transaction. The bank provides up to 95% of the ex-showroom price on the selected models while the minimum amount of loan is ₹ 1,00,000. The new car loan can be availed for the time period ranging from 1 year to 7 years. The rate of interest for salaried individuals is 9.15% p.a. and for others, it ranges from 11 -12% p.a. The bank also offers used car loan for the tenure lasting up to 5 years at the interest rate of 14.50% – 16.25% p.a. It lends up to 90% funding of the valuation amount.

HDFC Bank Car Loan:

HDFC Bank finances the car requirement of the aspirants making a car purchase. It provides loan for the purchase of both second-hand and new car. The customer can avail up to 100% finance to purchase a new car. The loan can be taken for the flexible period of 7 years and for the maximum amount of ₹ 1,50,00,000. For the used car, the applicant can avail up to 80% of the car value for the tenure ranging from 1 year to 5 years. The maximum amount disbursed in the case of used cars is limited to ₹ 50,00,000. Both the loans are charged at fixed rate of interest. The lending rates for new car loan ranges from 11.50% – 13.75% p.a. and for used cars it variates from 14.50% – 17.50% p.a.

ICICI Bank Car Loan:

The salaried, self-employed professionals/  non – professionals between the age limit of 21 years to 65 years can apply for a car loan at ICICI Bank. The bank provides car loan up to 100% of the ex-showroom price for the tenure of 7 years. The bank offers pre-qualified car loans to the existing customers. The interest charges are based on the age and segment of the car.  The ICICI new car loan interest rate varies from 10.75% to 12.75% p.a. and depends on the tenure of the loan. However, the rate of interest for the pre- owned car is 15.50% p.a.

These were the lending rates of some of the top banks. The borrower must check the rates offered by other lending institutions and avail the financing facility from the one that meets the expectations at the lowest cost. Also, while applying for the loan keep the following documents handy.

Documents Required for Car Loan:

The following documents are requisite documents:

  • Age proof
  • ID proof
  • Application form
  • Photograph
  • Residence proof
  • Income proof
  • Bank statement
  • Signature verification proof
  • Pro-forma Invoice or Rate List

Purchase a Stylish Car with Axis Bank Car loan

Having a car at your disposal makes the entire process of commutation easier, isn’t it? You can go for long drives whenever and wherever you want. The entire feeling of driving one’s own car can’t be described in words. However there are many people who wish to have a car of their choice but the lack of sufficient funds is stopping them from fulfilling it. If you are having the same problem then a good news awaits you.

Axis bank car loan is offered to interested applicants who wish to buy their favorite car. Axis bank is one of the leading private sector banks in our country which offers a variety of loan products to the people, thereby meeting their financial needs. Anybody be it a salaried individual or a self-employed professional or a self- employed non professional, can secure finance from the bank to purchase a new car or an old car and even take a loan against his/her car. The tenure for a new car goes up to a maximum of seven years.

axis bank

The minimum amount which one can avail is Rs. 1 Lakh and the maximum amount goes up to 85% of the on-road price. This article will give all the essential information you require about the product offered by Axis bank.

Eligibility criteria:

An applicant can be eligible for a car loan only if he/she is able to meet the below requirements imposed by the bank. Let’s have a look at them-

Salaried Individuals:

  • Should be at least 21 years old at the time of loan application
  • Should not exceed the age of 70 years at the time of loan maturity
  • Should earn an annual income of at least Rs. 2,40,000
  • Should be working with the present employer for at least one year

Self-employed Individuals:

  • Should have attained at least 18 years of age while applying for a loan
  • Should not exceed the age of 75 years when the loan matures
  • Should earn a minimum annual income of Rs. 1,80,000
  • Needs to have a business stability of at least three years

Self-employed Non-individuals:

  • A net annual income of at least Rs. 1,80,000 is required for selected car models and Rs. 2 Lakhs in case of others
  • Business stability of a minimum of three years is mandatory

Documents required to avail a car loan:

Any interested applicant after fulfilling the eligibility criteria has to complete the documentation work. The list of documents he/she has to submit are-

  • Completely filled application form
  • Age Proof- Passport/PAN Card/Aadhar card/Voter ID card/Birth certificate
  • Proof of Identity– Driving license/PAN Card/Aadhar card/Passport/Voter ID
  • Proof of Address- Voter ID/Passport/Electricity Bill/Life Insurance Policy/Telephone Bill
  • Income Proof- The applicant is required to submit certain documents as proof of income.  
  • For Salaried Individuals- Salary Slip of Last three to six months and Form 16 of the previous two financial years.
  • For Self-employed– ITR and Profit & Loss A/C Statement and Audited Balance Sheet of the past three financial years  
  • Pro-forma Invoice or Rate List
  • Signature Verification Proof– Passport/PAN card or any other such document verifying the applicant’s signature
  • Bank Statement– Bank Statement of the last six months

Interest rates and processing fees:

Before availing any loan one has to check the interest rates offered by the lender and then choose accordingly. Axis Bank charges an interest rate ranging from 11 to 12% for a new car. The processing fee lies between the range of Rs. 3,500 to Rs. 5,500.

Interest rates for a pre owned car and a loan against car is 14.50 to 16.25%.  The processing fee for both is between Rs. 3,500 to Rs. 5,500.

Axis Bank Car loan EMI Calculator:

It’s always advisable to check the amount of EMIs you will have to pay each month to the bank. In case you don’t keep a tab on them, you may end up lamenting and disturbing the monthly budget of yours. Keeping this in mind, Axis Bank car loan EMI calculator has been devised. The tool is simply perfect to calculate your EMIs without much hassle.

Yes, you read it right. All you have to do is simply feed in the information relating to the loan amount you wish to secure, interest rates and tenure period. And then, just wait for the magic to happen. You will receive instant results regarding the monthly EMI you need to pay along with the break up information about the total amount payable.

So now you have got sufficient information about Axis bank car loan, you should hurry up to grab a good deal from the bank.

HDFC Car Loan – A Key To Your Dream Car

The experience of travelling miles alone and with family and friends is stupendous. The enjoyment is even more if the journey is covered by an owned car. To travel in a self-owned car not just adds to the pride but it provides a different experience altogether. Each heart has the craving for possessing a car, but the lump sum amount required to make a purchase acts as a barrier in between.

This major obstacle hindering the access to the dream car loan can be swept off by availing HDFC car loan. The bank offers tailor-made car loans to cater the requirements of potential buyers. The HDFC Bank provides up to 100% finance for the flexible tenure. The funds are granted for the widest range of cars and multi utility vehicles sold in India.

hdfc car loan

The borrower can take a hassle-free loan for the longest tenure of 7 years. The repayment has to be made in the form of EMI that includes a part of principal and interest. The interest is charged at the nominal rates depending upon the segment of vehicle. The relevant information regarding HDFC car loan is given below:

  • The rate of interest ranges between 11.50% p.a. – 13.75% p.a.
  • The processing fee of ₹ 2,825 to ₹ 4,650 is charged depending upon the loan amount applied for.
  • No foreclosure is permitted before payment of 6 EMI’s. Thereafter foreclosure charges are applicable.
  • The penalty of 2% per month is levied on the late EMI payment.
  • Easy credit up to ₹ 1.50 crores can be availed.

HDFC Car Loan Eligibility Criteria:

All salaried and self-employed individuals, partnership firms, public limited and private limited companies are eligible provided they match the eligibility criteria-

Salaried Individuals:

  • Age of the individual should be 21 years & above but below or equal to 60 years
  • Have had a job experience of 2 years and worked for at least 1 year with current employer
  • The minimum annual income should be ₹ 1,80,000
  • Should have telephone/ postpaid mobile

Self – Employed Individuals:

  • Minimum age should be 21 years at time of application but less than or equal to 65 years at time of maturity
  • Have been in business for 2 years
  • Should earn at least ₹ 60,000 annually if wanting to buy a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Having telephone/ postpaid mobile connection at residence

Partnership Firms:

  • Engaged in the business of manufacturing, trading and services
  • Minimum annual turnover of ₹ 4,50,000
  • Having per annum income of ₹ 60,000 for buying a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Have a landline at both office and home

Private Limited Companies:

  • Should be an owner of private company working in the field of manufacturing, trading or services
  • Having per annum income of ₹ 60,000 for buying a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Minimum annual turnover of ₹ 4,50,000
  • Should have an operating landline at office

Public Limited Companies:

  • Director in a public limited company engaged in the line of manufacturing, trading or services
  • Earning minimum ₹ 60,000 per year if willing to buy a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Annual Turnover should at least be ₹ 4,50,000
  • Should have a landline connection at office

Documents Required:

Identity Proof – ( Applicable only for salaried individuals and sole proprietors )

  • Copy of Passport
  • PAN Card
  • Voters ID Card
  • Driving Licence

Address Proof –  

  • Ration Card
  • Driving Licence
  • Voters Card
  • Copy of Passport
  • Telephone Bill
  • Electricity Bill
  • Life Insurance Policy

Income Proof-

  • For Salaried – Latest salary slip with form 16
  • For Self-Employed Individuals – Latest ITR
  • For Others –
    • Audited balance sheet
    • Profit & Loss Account Statement of previous two years
    • IT returns of the company of last 2 years
  • Bank Statement of last 6 months

Features of HDFC Car Loan:

  • The loans are given for purchase of all types cars including multi-utility vehicles
  • Long repayment tenure lasting up to 7 years
  • Amount disbursed up to ₹ 1.50 crores
  • Loan approved within 30 minutes
  • Attractive rate of interest
  • No income document scheme
  • Special schemes for HDFC Bank customers
  • Lowest down payment
  • Quick disbursal and less documentation
  • Repayment in form of easy installments

Car Loan EMI Calculator-One Tool, One Platform to Calculate Monthly Installment

What are the things that come to your mind while you are looking to buy a car on a loan? Is it the interest rate, loan amount, tenure or what? All that are important for a successful car loan journey. Obviously, you should choose a lender offering a car loan at lower interest rates. Currently, car loan interest rates range from 9.35%-13% p.a for new models. While the rates go up to 14%-20% p.a. on older cars. No matter what the interest rates are, your ignorance on the EMI can be a costly mistake and you must avoid the same.

car loan calculator

So, how will you resolve the hassle of EMI? Any guesses? Not coming with the answer? It’s the car loan EMI calculator that will fix the problem by computing the monthly installments with ease. Let’s discuss on the same in detail.

Computation of EMI:

EMI constitutes the amount of principal and interest payable towards a car loan. The amount of EMI depends on the loan amount, interest rate, and the tenure of a loan. Higher the interest rates greater will be the amount of EMI and vice-versa. Tenure also plays an instrumental role in either increasing or decreasing the EMI amount. On a shorter tenure, the EMIs are higher compared to a loan with a longer one.

However, the overall interest repayments are lower in the case of a shorter period. So, the decision to opt for a shorter or longer tenure solely rests with your ability to repay the EMIs. If you can afford to pay a higher EMI, better is to opt for a shorter loan tenure to reduce the interest repayments. Else, opt for a longer tenure to go easy on your pocket month-on-month. The maximum tenure for a new car and old car loan is 7 years and 5 years, respectively.

You can calculate the car loan EMI by using the formula below.

EMI= [ P x R X (1 + R) ^ N] / [ (1 + R) ^N – 1]

Where P=Principal Loan Amount

          R= Interest Rate

          N= Number of Monthly Installments

Suppose a bank is offering you a car loan of ₹ 5 lakhs at an interest rate of 10% p.a. for a period of 7 years. The amount of EMIs and interest repayments will be ₹ 8,301 and ₹ 1,97,250 over the 7-year tenure.

Features & Benefits of Car Loan EMI Calculator:

The function of your friend in car loan EMI calculator is wide ranging from helping you choose the right model to give you the right estimates of monthly installments payable. So, without any delay, let’s run through its features and benefits below.

  • The calculator makes it easy for you to compute the installments with a mere entry of loan amount, interest rate and loan tenure.
  • Along with the EMI, you can also know the overall interest repayments and the total outgo towards a car loan.
  • An amortization schedule is another thing that you can get to see using the calculator. The schedule shows the repayments of principal and interest amounts, along with balance outstanding each year. This will give you an idea of how should you approach for a car loan. Glancing at the schedule, you can decide on three important parameters-loan amount, interest rate and tenure.
  • The calculator also allows you to see the impact of prepayments on your loan EMI. You just need to input the amount, frequency & charges of prepayment in the calculator to know the same.
  • The EMI calculator can help you budget your monthly expenditure in an effective manner so as to make the installments affordable for you.
  • You can save a lot of time using the EMI calculator as the results are instant. With a mere entry of the loan amount, interest rate and tenure, the calculator flashes the desired amounts of EMI, interest and total repayments over the course of a loan tenure.
  • Accuracy is synonymous with car loan EMI calculator as it removes the hassles of calculating the installment using the complex mathematical formula. Yes, you can be very good in mathematics. But like many, you can also err being a human.
  • Keep changing the values and you will receive the new amounts of EMI and interest. Doing this will help you in comparing different loan offers to choose the best one.

I am sure, you have come to know how critical a car loan EMI calculator can be in your loan journey. So, keep using EMI calculator to save on your car. Hope the information above will enable you to get the keys of your dream car.

Bring home a car of your choice with HDFC Car Loan

Having a car is one of the most cherished dreams of human beings. The simple thought of going on a long drive in one own’s car is so exciting. You too must be having the same feeling, right? But is lack of enough savings putting a brake on your dreams? If yes, then you need to put all your worries into rest. HDFC Car Loan is going to fuel your dream of owning a car of your choice. Housing Development Finance Corporation (HDFC) is one of the leading private sector banks in our country which provides finance to people who wish to buy a car.

HDFC Car Loan

The applicant be it a salaried employee or a self-employed individual can take a loan from the bank up to 3 and 6 times of his/her annual income respectively. Both passenger and multi-utility vehicles (MUVs) are financed by HDFC for a tenure up to seven years. The applicant can take a loan to buy a new car or a pre-owned car or even take against a car. The rate of interest for a new car is 8.51 to 15.69%. In case of a pre-owned car or loan against a Car Loan Interest rate is 10.97 to 20.87%.

Eligibility Criteria:

Salaried Employee-

  • Should be at least 21 years of age while applying for a loan and <=60 years of age when the loan matures
  • Should have a job for a minimum of two years and must be working for the current employer for at least one year
  • Must earn a minimum annual income of ₹ 1,80,000. This can include the income of the co-applicant or spouse
  • Should have a post-paid mobile or a telephone

Self employed individual (Sole Proprietorship)-

  • Need to be at least 21 years of age when the tenure starts and <=65 when the tenure ends
  • Need to be in their business for a minimum of two years
  • Need to have an annual income of at least ₹ 60,000 and ₹ 1,00,000 if you plan to get a standard car and mid-sized & premium cars respectively
  • Need to have a telephone at home or a post-paid mobile connection

Self employed (Partnership Firms)-

  • Need to earn a minimum annual income of ₹ 60,000 if you plan to get a standard card and ₹ 1,50,000 to take a car loan
  • A annual turnover of at least ₹ 4,50,000 is required
  • Must have a landline in residence as well as office

Self employed (Private Limited Companies) and Self employed (Public Limited Companies)-

  • Earn a minimum annual income of ₹ 60,000 in order to get a standard car. If you wish to buy premium and mid-sized cars then the annual earning need to be at least ₹ 1,50,000
  • A turnover of at least ₹ 4,50,000 per annum
  • Landline connection in office is required

Documents needed for a car loan:

Identity Proof- PAN Card, Voter ID Card, Passport, Driving License

Proof of Income-  The applicants are required to submit the below documents as a proof of their income.

  • Salaried employee: A salary slip along with Form 16
  • Self employed individual (Sole Proprietorship): Latest Income Tax Returns
  • Self employed (Partnership Firms): Audited Balance Sheet, latest two years Income Tax returns and Profit and loss account of the last two years
  • Self employed (Private Limited Companies): Audited Balance Sheet, P&L account of the last two years and Income Tax returns of the latest two years
  • Self employed (Public Limited Companies): Audited Balance Sheet and P&L account of the last two years

Proof of Address

  • Salaried employee and Self employed individual (Sole Proprietorship):  Driving license/Telephone Bill/Ration card/Life insurance policy/passport copy/Voter card/ electricity bill/PAN Card
  • Self employed (Partnership Firms), Self employed (Public Limited Companies) and Self employed (Private Limited Companies): Sales Tax certificate/Electricity Bill/Telephone Bill/SSI registered certificate/Shop & Establishment Act certificate

Bank Statement: You also require a bank statement of the previous six months

HDFC Car Loan EMI Calculator:

Other than eligibility criteria, documentation work and interest rates one also has to keep in account the monthly EMIs he/she will pay to repay the loan. HDFC Car Loan EMI Calculator is instrumental here to calculate the EMIs. you are just required to feed in the details of your finances and the vehicle you plan to buy. This will provide you with instant information about the loan amount you require, tenure along with the EMIs you will have to pay off every month.