Refinancing your car loan is faster and easier than you think

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  3. FAQ

Want to bring home your dream car, but don't have enough funds? Now, you don't need to wait for some more months or years to buy your dream car as you can take a car loan to meet your fund requirement. We can make this drive easy for you, apply for a car loan with and become pride owner of your dream car.

Car loan Documents Required for Eligibility – or needed for car/auto loans in India. Several documents establishing your identity, proof of income and residence are required for a loan. But, the documents pertaining to the car, new or old are very important. So even if you are eligible for a loan, without proper car documents you can not get a loan.

1. What is a car loan?

Its a loan taken to purchase a car (new or used) – it may be a small car or a sedan or a sports utility vehicle (SUV) or a multi utility vehicle (MUV). Its also called auto loan.

2.How do I get a car loan?

You can apply for car loan online here and get instant quotes from different banks.

3. How long could my car loan tenure be?

Your car loan tenure can be anywhere from 12 to 60 months. Some banks offer car loans with a tenure of up to 7 years for new cars.

4. What is the maximum amount of loan that I can avail ?

Banks usually provide loan of 80% to 90% of car price (considering the 'on road price'). Banks consider your net annual income too before financing.

The amount of car loan you will get depends on following factors:

  • 1.Your income– Maximum amount of car loan you will get is X times of your monthly income. For example, maximum loan amount that SBI offers is 48 times of the net monthly income for a salaried person; and up to 4 times net profit or gross taxable income for self employed and professionals. You can club your spouse's income to enhance your eligible loan amount.
  • 2.Your car– i.e., the price and type (standard / premium) of the car you are going to purchase.
  • 3. The percentage of finance offered by the bank– Banks usually offer 80% to 90% of ex-showroom price. This percentage differs from one bank to another bank.

How should I pay the EMI?

How should I pay the EMI?

1. auto debit facility if you have a savings account with the bank where your EMI will get debited automatically at the end of every cycle OR

2. you can give post dated cheques (PDC) to the bank. Make sure your account has sufficient funds to avoid check bounce.