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Get a car loan and buy that car





Do you need a car loan to buy that car?

Banks can offer you 95 to 100% of the “ex-showroom” or “on road” price of the car as a car loan. They loan amount may include registration charges, insurance, road tax etc.

You can get a car loan to buy both used and new car. You can transfer a car loan to another bank from your existing bank for better repayment option or other facilities.

How much loan you may get?

There is no fixed limit of how much car loan you can get. You can get up to 2.5 to 6 times of you annual income depending on banks’ standards and your financial status. You can also add other family incomes to get a bigger car loan.

Even if you do not have enough income proof, some banks may offer a car loan. In this situation you may require to make a down payment of 20 to 25% of ex-showroom price of that car. In other situations, you may get a car loan against your credit card or fixed deposit. 

Which bank can offer me the best car loan?

Every bank has different eligibility criterion and car loan schemes. Either you can move from one bank to another or you can fill up the form here at Loan Shop and wait for the banks to offer you the best car loan.

How much time to you get to repay a car loan?

You may get 5 to 7 years of time to repay the loan amount depending on your employment status (Salaried or Self Employed).

Always negotiate for:

  1. Low interest rate on car loan
  2. Longer repayment option and easy EMI
  3. Processing Fee


Caution:
Look for the hidden costs, terms and conditions before signing any agreement with bank or any other financial institute.


Useful Resources

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