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Car Loan

Car Loan Online ComaprisionComparision
Banks Interest Rate(%) Processing Fee Range Loan Amount Tenure Range  
SHRIRAM Housing Finance
SHRIRAM Housing Finance
9 - 12% upto 1% *Min 1 Lac 1 - 5 Years Get QuoteRequired Documents
PNB Housing Finance
PNB Housing Finance
9 - 12% upto 1% *Min 1 Lac 1 - 5 Years Get QuoteRequired Documents
Standard Chartered Bank
Standard Chartered Bank
9 - 12% upto 1% *Min 1 Lac 1 - 5 Years Get QuoteRequired Documents
ICICI Bank
ICICI Bank
9 - 12% upto 1% *Min 1 Lac 1 - 5 Years Get QuoteRequired Documents
HDFC Bank
HDFC Bank
9 - 12% upto 1% *Min 1 Lac 1 - 5 Years Get QuoteRequired Documents
Yes Bank
Yes Bank
9 - 12% upto 1% *Min 1 Lac 1 - 5 Years Get QuoteRequired Documents
Kotak Mahindra Bank
Kotak Mahindra Bank
9 - 12% upto 1% *Min 1 Lac 1 - 5 Years Get QuoteRequired Documents
Reliance Capital
Reliance Capital
9 - 12% upto 1% *Min 1 Lac 1 - 5 Years Get QuoteRequired Documents
LIC Housing Finance
LIC Housing Finance
9 - 12% upto 1% *Min 1 Lac 1 - 5 Years Get QuoteRequired Documents
Aditya Birla Finance
Aditya Birla Finance
9 - 12% upto 1% *Min 1 Lac 1 - 5 Years Get QuoteRequired Documents
Car Loan Online OverviewOverview

Car Loan Online

Life is full of happiness if we can move comfortably and do our task easily. The productivity increases when you are not strained.

To have this in life, banks and NBFCs have come up with a product called 'Car Loan Online'.

They are willing to give to people who are in need and one can take loan for vehicle in his name for registering with organisations like "UBER" & "OLA" have come up in the market.


The plus points (Benefits) are


  • Car loan is to get your own four wheeler, which is a dream of most of the Indians who belong to the middle class family.
  • Simplified Method: The procedure to obtain a car loan is simplified.
  • It is easy to understand as financiers are flexible with the minimum down payment requirement.
  • In the car finance process the financier pays majority of the amount of the price of the car and the customer pays the minimum amount as a down payment.
  • The main reason for customers today to prefer the option of car loans over the traditional method of saving first.
  • Customize your EMI

To make you acquainted with other few points to understand the product, we have indicated the following which will definitely help you.

Purpose:

  • To buy a new car
  • In case of old car, it should not be more than 5 years old

Eligibility:

  • Employed : Individuals in service ( confirmed) in Govt, Public sector ,Private sector undertaking , institutes. Take home salary should not be less than 50 %.
  • Take a glance at our Loan Eligibility Calculator for further actions.
  • Business entrepreneurs

Amount:

  • New Car : 90% of invoice price
  • Used Car: 75% of the Market values ( Max 5 lac and vary among banks)
  • 90% of the invoice price or 10 times the gross salary (This vary with the Banks and NBFCs)

Margin:

  • New Car: 10%
  • Used Car: 25%
  • Margins vary with Banks and NBFCs

Security:

Hypothecation of Vehicle

Disbursement:

Payment to dealer

Moratorium:

  • Start from the next following month

Prepayment Issues:

No Prepayment penalty by PSU Banks

Repayments and Collection:

  • New Car: 60 EMIs
  • Used Car: 36 EMIs

ROI (Rate of Interest):

9% to 12%

Processing fee:

Vary from Bank to Bank or NBFCs

If you have any queries write us at info@myfundbucket.com

Car Loan Online FAQFAQ's

Q. Can I sell my vehicle before I repay the entire loan?

Ans. You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Axis Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.


Q. How long can the tenure of my loan be?

Ans. Usually the tenure of an Car Loan is 3 to 7 years. The tenure also depends on the type of car you wish to purchase. If it is a super premium car the tenure is restricted to 3 years only. In addition, the higher your tenure is the lower your EMI will be, but the total interest outflow is higher.


Q. What documents do I need to submit after the loan amount is disbursed?

Ans. You can keep the original car documents, registration certificate, insurance policy and tax papers with you; but you need to submit photocopies of these documents to the bank.


Q. What happens if the car meets with an accident?

Ans. In the event of an accident, the first step is to inform the insurance company. The company then sends a surveyor to assess the extent of damages to the car. Your claim is then processed and paid directly to us, unless you have taken an NOC from the bank in which case the payment will be made by the insurance company in your favour. The bank normally gives you an NOC if you are regular in your payments. In case of a complete loss, the bank will receive the payment directly from the insurance company.

Car Loan User ReviewsUser Reviews