Purchasing your dream car has never been easier. As long as you have a job or a business, and able to pay about 10% to 15% of the down payment, the car can be yours. You can take care of the outstanding balance by taking out a car loan. With the help of banks, like Kotak, HDFC, or ICICI, you can pay what is left of your obligation through equated monthly installments (EMIs).

But cars are not only for those who have the chops to pay for it. In case any of your relatives or close friends agrees to act as your guarantor or co-applicant, you stand a big chance of driving home that new set of wheels. This is as long as your co-applicant meets the income requirement.

For many car loan borrowers, the biggest hurdle is the huge interest rate followed by repayment periods. But at Paisaportal.com, we believe in doing things your way. We thereby provide you an extensive range of options for car loan rates and payment terms at the convenience of your home. Just fill out our online application form and our executive will call you in the next few business days.

Car Loan Interest for New or Used Vehicles

Banks use different criteria in computing for actual interest rates. They consider factors such as car’s model, the employment status, income and profile of the borrower in coming up with the rate. But your negotiating power can also impact on whether you get reduced rates or the standard one applied on all car loans. So remember to make a good bargain.

The estimated interest rates for a 5-year loan depend on whether the car is new or used:

  • New Car: 8% to 11%
  • Used Car: 15% to 18%

Features of an Auto/Car Loan

In truth, car loans need less paperwork than when you take out a home loan. You can even get the loan within the week because banks need not conduct asset verification. This is one of the beneficial features of an auto loan. The others are:

  • Attractive interest rates
  • Flexible repayment
  • Easy documentation
  • Covers all vehicle models
  • 80% to 85% of the remaining vehicle cost is available as a loan

Car Loan Application Process

  • You no longer need to go places and check on various lenders with terms, fees, and other perks. Just visit us at pasiaportal.com and fill in the form that is available on the website. Once you are done, submit the form, and wait for the call from our executive for the best loan quotes that suit your requirements. Your preferences will be matched with the lending group that would best fit your budget, vehicle of choice, and acceptable terms of payment.
  • Once the lender has been matched, they will need documents that would verify your identity, source of income, and residence. You may also need to provide income tax returns, pay slips, bank statement, government issued IDs, and other documents.
  • After the documents have been received, a field agent will visit your home to validate the details indicated in the forms you submitted. For a higher chance of getting an approved application, you have to be present when the field agent visits. This way, questions can be clarified and the field agent can generate a report in your favor.
  • With everything validated, documented, and assessed, the lender issues the loan and approves it. You may get the loaned amount through checks or demand drafts.

At paisaportal.com, your car loan application becomes even more efficient. After completing our online form, we can generate the matches in no time. We can hook you up with a lender that has the interest rates within your financial capability and the repayment periods that will not squeeze you dry in the long run.

Car Loans FAQs

Who can apply for a car loan?

    • Employees
    • Self-employed professionals/businessmen
    • Companies or firms

What are the needed requirements for application?

    • Minimum age is 21 years old when the loan is approved
    • For employees: with 5-25 years maximum loan tenureship, age maximum of 58 to 60 years old or until retirement is accepted
    • For self-employed: maximum of 65 years is accepted
    • For co-applicants: Same age requirement for either employed or self-employed
    • For companies or firms: proof of business existence for over 3 years.

What are the documents required?

    • Application form with picture
    • Identification cards and proof of residence
    • Latest bank statement for six months
    • For employees: latest pay slips for three months
    • For self-employed: income tax returns for two years
    • For companies and firms: proof of business for over three years

What are the fees to be paid?

0.5% to 1.0% of the loan amount plus additional service taxes and fees

The best part in all these is that – we, at Paisaportal.com, offer our services at no extra cost. You get maximum benefit without burning a hole in your pocket. This is because we believe that turning your dreams into reality should only be an online form away.