 There has been a growing trend of getting purchase of automotives financed. Two wheelers, cars, commercial vehicles are increasingly being purchased on loans. Banks and various non-banking finance companies are cashing on this trend by offering attractive automotive loans. Major automotive manufacturers are tying up with banks for providing auto loans. Easy finance schemes have pushed the auto sales further. To purchase all personal vehicles New & Used is the main purpose of this loan. The security for this loan required is mostly the last year income tax returns and the car itself. The rate varies from bank to bank and now it is near 15% to 16%.
Eligibility
- To avail an Car Loan, you should be :
- Individual between the age of 21-65 years of age.
- A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or
- A Professionals or self-employed individual who is an income tax assessee or
- A Person engaged in agriculture and allied activities.
- Net Annual Income Rs. 100,000/- and above.
Loan Amount
There is no upper limit for the amount of a car loan. A maximum loan amount of 2.5 times the net annual income can be sanctioned. If married, your spouse's income could also be considered provided the spouse becomes a co-borrower in the loan.
Documents Required for Auto Loans:
- Application Form
- Photographs
- Proof of income of last two years
- Proof of Residence
- In case of public/Private companies, a certifies copy of MOA and AOA.
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