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Loan Details | |
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Interest Rate | Depends on the bank |
Processing Fees | Depends on the bank |
Loan Tenure | 1 year to 8 years |
Pre-closure Charges | Varies with bank |
Guarantor Requirement | Varies with bank |
Key USP | Bank | Features |
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Loans for Luxury Cars | HDFC |
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This is especially for professionals & agriculture with income proof | State Bank of India |
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Small amount loan | Axis Bank |
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Free personal accident insurances | Federal Bank |
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Loan with repayment tenure | ICICI bank |
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Low- interset rates for new user and car | Canara bank |
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The car loan eligibility criteria can be different for different banks. The common criteria are as follows:
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) |
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Address proof (any of the following) |
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Proof of income |
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Note: Make sure you check exactly what documents the lender wants. The Documents can change depending on your situation too. The Documents to take a used car loan are the same as above.
Steps | Requirement | Inference |
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Apply for a car loan | Compare all offers available | To find the loan that offers you the highest loan amount and the most affordable interest rate |
Submit Income Proof | Bank Statement (last 6 months) Pay-Slips (last 3 months) IT- Returns (last 2 months) | Lender wants to establish your ability to repay the loan |
Proof of Insurance and Driving License | Copies of the vehicle's Motor Insurance and your Driving Licence | Lender must establish that all laws and protocols are followed with regard to the purchased vehicle. |
Credit History | PAN Card | Lender wants to check your past credit records and establish if you can be trusted to make regular repayments |
Information About Vehicle | Sales Receipts from the showroom from where the vehicle was purchased | Lender must confirm that the deal was affected as intended |
Proof of Insurance and Driving License | Copies of the vehicle’s Motor Insurance and your Driving License | Lender must establish that all laws and protocols are followed with regards to the purchased vehicle. |