Car Loan

A Car Loan is a loan for your personal use, be it your child’s wedding, a dream

vacation, or a shopping extravaganza. A Car Loan does not require any security or

collateral and can be availed without much fuss. Typically Car Loans range from

Rs. 50,000 to Rs. 100 Lacs with a tenure typically ranging from one to five years.

Getting a Car Loan is quite stress free and there are typically a number of offers in

the market most of the time.

Apart from the rate of interest banks also charge some fees which are usually of

two types. Once when you are applying for the loan and once when you are pre-

closing the loan. The fees when charged at the time of processing called as

Processing Fees vary from 2-3% of the loan amount. This could be reduced if you

have the ability to bargain. the second charge is the prepayment penalty paid at the

time of pre-closure. This too varies from 2 – 3 %. Similar to processing charges,

you can also try to get this fees reduced.

Other Papers and Documents – Income proof:

Salaried individuals : Latest Salary Slip and 3 years Form 16/ Income tax returns, bank statements last one year including loan tracks

Self-Employed individuals: 

Income Tax Returns and computation of income of 3 previous financial years. bank statements last one year including loan tracks

Partnership Firms, Societies & Companies :

Income Tax returns of 3 previous financial years along with complete financial/audit report. bank statements last one year including loan tracks

Documents supporting customer information : 

Identity Proof, Signature Proof and Address Proofs as per Bank norms.