Car Loan
Whether you want to purchase a new car or a pre-owned car, we at Real Money Solutions can help you secure a car loan for the same instantly. With attractive interest rates and many benefits that accompany various car loan options, banks/financial institutes can offer you up to 80-90% loan on the new car’s on-road price. On some select models, you can also avail a 100% car loan.
For a used car, the loan offered is based on the valuation of the car being purchased i.e. the current on-road cost, insurance and its condition. So for a used car, you can get a maximum loan of up to 80%. However, since the resale value of an old car is less, the interest charged for it is higher.
Car loan eligibility is determined based on the type of car you want to purchase, as each car model has a specific resale value. Here, it important to note that has an asset, the value of the car depreciates over time. Thus, the lender will consider all these factors before they approve your car loan, and the tenure for repayment can be anywhere between 5-7 years (60-84 months).
Unlike a personal loan, where there is no collateral, for a car loan, the car you purchase acts as a collateral. So if you default on your car loan EMIs, the bank has the right to seize your car and put it on sale to recover their money.
At Real Money Solutions, we have a vast network of lenders who offer car loans for varying budgets. You can choose the car model you want and make repayments in easy EMIs in a hassle-free manner. We also ensure that the process of car loan application is simple, and the approval is given swiftly. Thus, begin your journey of owning a car today by applying for a car loan right away!
Eligibility For Car Loan
- The Applicant should be an India citizen.
- The Applicant should be at least 21years of age or up to 65 years.
- Salaried employees should have at least 2years of work experience with the current employer.
- Salary slips, Form-16 and IT Returns (as applicable).
- Self-employed applicants should be in the business for at least 2
*Should have a good CIBIL score.
Note: Different banks/financial institutes have different eligibility criteria.
Car Loan for Salaried Individuals (Documents Required)
- Proof of Identity (PAN Card) of residence Applicant & Co-Applicant.
- Proof of Address (Aadhaar Card or Passport) of residence Applicant & Co-Applicant.
- Bank statements for the last three months(where the salary is credited).
- Minimum of 1-year continuous employment.
- Latest salary slips.
- Form-16 issued by the current employer.
- Minimum net annual salary of ₹2,40,000 p.a. (for all approved car models)
- Photo of Applicant & Co-Applicant.
*Note: The list of documents required varies from bank-to-bank and financial institutes.
Car Loan for Self-employed Professionals (Documents Required)
- Proof of Identity (PAN Card) of residence Applicant & Co-Applicant.
- Proof of Address (Aadhaar Card or Passport) of residence Applicant & Co-Applicant.
- Office/Business Proof.
- Should be in the business for at least 2
- Bank statements for the last three months.
- Photo of Applicant & Co-Applicant.
- Minimum net annual business income of ₹2,40,000 p.a. (for all approved car models)
- IT Returns of two years preceding the one in which loan is applied for.
“GST Certificate”(for self employed) & “Bank Statement”
*Note: The list of documents required varies from bank-to-bank and financial institutes.