Drive home the car of your dream, without burning a hole in your pocket!! Thanks to lucrative low-interest bank car loan offers; buying a new car has become remarkably easier and convenient today!! Compare car loan rates in India and apply online at PolicyBazar.com and get your loan approved instantly from the best service provider. It’s that simple!!
How to Apply for Car Loan?
To apply for an auto loan in India, first compare and review the interest rates, duration, and EMI offered by different banks and financial institutions at PolicyBazaar.com. On finding the best choice, apply for the loan online. The eligibility criteria for getting a car loan approval are:
- Must be a self-employed individual or salaried or a self employed professional like lawyer, doctor.
- Aged above 18 years.
- Must have a good credit score.
- Must have a steady and good source of income, which determines the repayment capacity of the individual.
Important Documents to be submitted for Approval:
The process of car loan documentation is minimal, whereby the banks require the following important documents to be submitted:
- Income Proof: Includes latest salary slips and Form 16 for salaried individuals, and Income Tax Return form for self employed individuals.
- Identity Proof: To be submitted in the form of Voter ID card, passport, PAN card, or driving license.
- Residence Proof: Voter ID, passport, driving license, electricity or telephone bill, or life insurance policy.
- Recent bank statements for your current or savings account.
- Passport size photographs.
The banks and financial institutes determine your car loan eligibility on the basis of your monthly income and repayment capacity, your credit score, total cost of the vehicle you wish to purchase, and other EMI’s that you might be paying for other loans. Typically, it takes a week’s time to get approval for your bank car loan. However, in the competitive scenario today, loan approvals are even available within a day.
Car Loan EMI Calculator
Calculating your car loan EMI was never so easier before!! Simply enter the loan amount, preferred duration period, and desired interest rate in the EMI Calculator, and the tool will instantly calculate the installment for your car loan on a reducing balance. The EMI Calculator can also be used for knowing the total amount of interest per annum or per month, and flat rate of interest. However, it does not include any other charges or processing fees that may be applicable as per the rules of financial institutions. It is important to know that more the down payment you pay, lesser will be the burden of your car loan.
How to Calculate the Car Loan Amount?
Before applying for car loan in India, calculate the total amount that you want to be refinanced from the bank on the basis of:
- Cost of the vehicle, color, model, and make.
- Kind of accessories that you want to buy for your car.
- Type and amount of insurance coverage that you wish to opt for.
- The total amount of down payment that you can pay.
- The percentage of financing available for your preferred car, make and model.
Is it Possible to Get 100% Financing for cars?
While 100% financing is not predominant in India, there are certain banks and financial institutions that offer 100% car financing, without any down payment or terms and conditions only for specific models and makes of cars. However, this is applicable only for new cars. 100% refinancing is not available on re-finance.
Compare Car Loan Interest Rates:
Wondering how to find the best bank car loan among the several choices available in the market? Compare the total loan amount, interest rates and EMI available under each offer. Even if the EMI or loan tenure available is similar, it is important to compare the offers on the basis of interest rates charged by them, processing fees, service charges and other bank fees applicable on your loan. At Policy Bazaar, we help you review and compare the interest rates and EMI options offered by different banks, enabling you to make a wise choice.
Besides comparing the interest rates offered by different banks, it is important to compare the EMI for the same loan tenure. This will help you have the best choice in bank car loan India.
Having compared different choices in car loan in India, apply online to get easy and fast quotes from the best providers. No complicated paperwork, no wasting your time in shopping around for the best deal; simply fill up our form online, and get the car loan rates that best suit your requirements and pocket.
Call us today to learn more about car loans in India. Our expert consultants are always at your service to offer the most lucrative and cost effective solutions in car loans.