| Is Security Required? | Yes (the Car being purchased) |
| Is Guarantor Required? | No |
| What is the Tenure? | 1 to 6 years |
| What is the Interest Rate? | 10.5% to 15% (Diminishing) |
| Is Part Payment Allowed? | Yes |
| Is Pre-Closure Allowed? | Yes |
| Is Balance Transfer Allowed? | Yes |
| What is the minimum Salary? | Rs. 10,000 /- Net (pm) |
| How many days does it take? | 5 to 10 days |
| What is the loan amount? | Rs. 1,00,000 /- to Rs. 1,00,00,000 /- (and more) |
As the name suggests, one should choose a Car Loan while purchase a new or used Car. It is important to keep in mind that it would be better to opt for a Car Loan when compared to Personal Loan, as the interest rates are lower in a Car Loan.
In short, anyone with an accountable and regular source of Income will be eligible for a Car Loan. Salaried and Self Employed are both eligible for Car Loan. There are occasions where one can be eligible for a Car Loan even without an accountable income, that is without filing Income Tax. In this case, the Banks rely mainly on customers saving habits and on other relevant proof to identify customer's income.
