We offer the car loan upto 100 percent of the car cost. Usually, financial institutions / banks offer loan up to 90 percent of the car value, though the final loan amount may differ with each financial institutions. The loan amount that you get depends upon a number of factors, like the price of vehicle, body type, brand and model, resale value, etc.

You are required to submit your identity, income and residential proofs for applying loan.

Post verification of above documents, it takes around 2-7 days in processing and sanctioning the loan.

Two types of rate of interest – Fixed and Floating. You need to confirm this beforehand whether your bank provides the one that you want.

EMI, stands for equated monthly installment, is the monthly amount payments we make towards a loan we opted for. “EMI payments include contributions towards both principal and interest on the loan amount.

Car loan tenure ranges from 1 to 7 years. Short tenure means you will have to pay higher EMI and long tenure means lesser EMI value.

CIBIL or the Credit Information Bureau (India) Limited is a Credit Information Company that collects information of an individual’s loan and credit card payment details, and provides a credit score based on the same. Bank, financial and credit institutions use this score to evaluate loan applications.

The range of Credit or CIBIL scores is between 300 and 900. 750 is an average score that is most commonly accepted by banks for accepting loan applications. An applicant with a score above 600 may not find too many hurdles while applying for car loan. A score of 750 is commonly readily accepted by the banks and they are quite willing to offer credit services to such applicants.

1A bad credit score can lead to loan application getting rejected. Or, if you a defaulter in any way in your past loans. If you are applying for loan for the first time, then the bank will consider your assets, income, company, etc.

You can opt for ECS or post-dated cheques. ECS (Electronic Clearing System) is facility wherein you can request the bank to auto-debit the monthly EMI amount from your bank account. In case of car loans, you can pre-pay the entire loan amount after 6 months to 1 year. You cannot make part payments in car loans. However, you need to check the rules and guidelines with your lender.

It is important to pay all your EMIs on time. Some banks allow you to pay the EMI after due date, along with a late payment fee. However, this can happen only once or twice. Beyond that, you may be considered as a defaulter. In that case, the bank may even take over your vehicle. Also, this highly affects your credit score and reduces your chances of getting any kind of loan approved in future.

A good credit score ensures you get loan approval. You can still get a loan but at a higher interest rate. Before applying for any type of loan, it is recommended that you get your credit score checked and get suggestions on how to improve it.

Banks assess the applicants based on their income, income source and assets. Every applicant is required to submit enough proofs of income to satisfy the bank that he or she will be able to repay EMIs on the loan amount. The most common proof that the banks ask for is the bank account statement for the past three months. The banks typically charge more interest rates to the applicants who pose risk to the banks.

Yes, you must be in the range of 18 to 75 years to be eligible for applying for a loan.

Yes, if he has been released from all the obligations for at least 12 months. However, even in that case, the bank will ask you to state the reasons for that and may even charge you a higher interest rate. This is typically because you will be at a higher risk of not being able to repay on time.

Yes, you can reapply for a loan. However, getting your loan approved totally depends on whether you fulfill all the requirements this time. You need to have a satisfactory credit score. In case you do not have good credit score, you may be charged a higher rate of interest for the applied loan.