Car loan

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In Rs.
In Rs.

 

 

 

 

Product Overview

 

A car loan, as the name suggests is given for purchase of passenger cars, both new and used.

 

  • These loans are granted to individuals, proprietorships, partnerships, private and public limited companies

  • Upto 95% loan to value (ex-showroom) is funded for new cars and 80% - 85% for used cars is funded.

  • Loans are granted upto a maximum of Rs.5 crore

  • The repayment tenor is a maximum of 7 years

  • Minimum age of 21 years and maximum age of 65 years

  • Minimum Income criteria differs from bank to bank

  • Minimum 2 years in the same line of business and 3 years audited balancesheet should be available.

  • Audited financials should be available, along with tax paid forms

  • Bank statement for the last 6 months required.

  • Application form duly filled

  • Latest photo

  • KYC documents - ID and address proofs & signature proof

  • Bank Statements for 6 months

  • Proforma Invoice

  • Income proof documents

  • Post sanction documentation

  • PDCs / ECS forms

  • Margin money - proof to be shown

Documents