+91-120-466-4600
 
 
SBI    

  Interest Rates w.e.f. 01.09.2011 (Base Rate 10 % p.a.)
  For Term Loan:

  For New Car 1.25% above Base Rate, i.e. 11.25% p.a.
  For Used Car 1.25% above Base Rate, i.e. 17.5% p.a.
  For Overdraft:
  OD will attract 0.50% more than the existing rate for Term loans.


 ICICI BANK

  Interest Rate(Monthly reducing balance): 11% to 14%
  floating
  Pre-closure Charges :5% of principal outstanding or interest
  outstanding for unexpired period of the loan, whichever is
  lower


 HDFC BANK

  For Term Loan:
  For New Car 12.25 % p.a.
  For Used Car 17.75 % p.a.


 KOTAK MAHINDRA BANK

  For Term Loan:
  For New Car 13.5 % p.a.
  For Used Car 20 % p.a.


 AXIS BANK

  For Term Loan:
  For New Car 15 % p.a.
  For Used Car 15 % p.a.


 BANK OF INDIA

  For Term Loan:
  For New Car 15 % p.a.
  For Used Car 15 % p.a.


 FEDRAL BANK

  For Term Loan:
  For New Car 13.25 % p.a.
  For Used Car 16.5 % p.a.



Car Loan Tips

Finance Tips in India with apnigaari.com

What is car finance/loan?

Car financing is a procedure where in those who want to buy a car do so by getting the money for payment from another source and then paying it back a little at a time over a certain period. The reason for this finance/loan is simple. Very few people have the financial capability to buy a car with cash only. Thus, car financing is an option for those who want to get a car without spending a big amount of their money up front.

What are normal Eligibility Criteria?

Minimum age of applicant: 18 years (Salaried) and 21 years (Self Employed).

Maximum age of applicant at Loan Maturity: 60 years (Salaried) and 70 years (Self Employed).

For Salaried Employees: Should have worked for one year in the current company.

For Self Employed: Should have been at least 2 years in the business.

Minimum Loan Amount generally given is Rupees 1 Lac

What are the documents required for car loan?

Document’s requisition varies in All Banks and Financial Institutions to which you apply. Broadly they are:

Address Proof

Identity Proof

Income Proof

What are the documents required for Salaried Individual?

Address Proof: (any of the following)
House Lease/ Leave & License agreement, Ration card, Driving license, House Tax chalan, Housing Society bill, Voter card, Passport, Telephone bill, Electricity bill, Water Tax chalan, Wireless Landline bill, Credit Card Statement, Post Paid Mobile bills (2 bills required one bill of the last completed month and one which is 6 months before the last completed month).

Identity Proof : (any of the following documents):
Passport, Photo Credit Card, PAN Card, Voter Identity card, Driving license, Employee ID issued by Government of India/ PSU/ Limited companies, Local Panchayat Identity card, Notary certification with Photograph. Form 16 with latest Salary slips.

Income Proof: Latest salary slips with the Form 16 document

What are the documents required for Self Employed?

Address Proof: (any of the following)
The documents collected towards identity proof to reflect the current address of the concern/firm.

Identity Proof : (any of the following documents):
Passport, PAN Card, Voters Identity card, Driving license, Latest Sales Tax assessment order, Sale Tax registration certificate. Income Proof: Latest Income Tax Return.

What are the documents required for Private Limited Companies?

Address Proof: (any of the following)
The documents collected towards identity proof to reflect the current address of the concern/firm.

Identity Proof : Memorandum and Articles of Association (with registration certificate)
Income Proof: Audited Balance Sheet, Profit & Loss Account (latest two years) and the latest 2 years IT returns of the firm.

What are the documents required for Partnership Firms?

Address Proof:
The documents collected towards identity proof to reflect the current address of the concern/firm.

Identity Proof :
Partnership deed, Shop & Establishment Act certificate, Latest Sales Tax assessment order, Sale Tax registration certificate Income Proof: Audited Balance Sheet, Profit & Loss Account (latest two years) and the latest 2 years IT returns of the firm.

What are the schemes a buyer can opt?

Buyer who wants to buy the car can opt following schemes:

Margin Money Schemes

Security Deposit Schemes

Hire Purchase and Lease EMI

Lease financing purchase