Car Loan - Overview

Documents

• KYC documents (PAN Card, Aadhaar Card, etc.)
• Income proof documents (salary slips, bank statements, etc.)
• Address proof documents
• Car-related documents (car registration certificate, insurance certificate, etc.)

Fees & Charges

• Processing fees: Up to Rs. 5,500
• Penal interest rate: 2% per month on overdue amount
• Prepayment charges: 5% of the principal outstanding

Think About

• Competitive interest rates.
• Flexible loan tenure and repayment options.
• Financing of up to 100% of the car's on-road price.
• Quick and hassle-free loan approval process.

Eligible Criteria

• The applicant should be between the ages of 21 and 70 years.
• The applicant should have a minimum income of Rs. 15,000 per month.

Documents

Identity proof: PAN card, Aadhaar card, Voter ID, Passport, or Driving License.

Address proof: Aadhaar card, Voter ID, Passport, or Driving License.

Income proof: Salary slips, bank statements, or income tax returns.

Car documents: Car purchase agreement, RC book, insurance policy, and invoice.

Fees & Charges

Processing fee: Up to 2.5% of the loan amount.

Prepayment charges: Up to 5% of the outstanding principal amount.

Late payment charges: 3% per month on the overdue amount.

Think About

Wide network: Kotak Mahindra Bank has a wide network of branches and ATMs across India.

Competitive interest rates: Kotak Mahindra Bank offers competitive interest rates on car loans.

Quick loan processing: Kotak Mahindra Bank offers quick loan processing and disbursal.

Flexible repayment options: Kotak Mahindra Bank offers flexible repayment options to suit the customer's needs.

Eligible Criteria

Age: The applicant must be at least 21 years old at the time of application and a maximum of 58 years old at the end of the loan tenure.

Income: The applicant must have a minimum monthly income of Rs. 25,000.

Credit Score: The applicant must have a good credit score.

Employment: The applicant should be employed in a stable job or self-employed with a regular source of income.

Documents

• ID proof (Aadhaar card, PAN card, passport, voter ID card)
• Address proof (Aadhaar card, passport, voter ID card, utility bills)
• Income proof (salary slips, bank statements, income tax returns)
• Age proof (birth certificate, 10th or 12th mark sheet)

Fees & Charges

• Processing fees: Up to 2.25% of the loan amount.
• Prepayment charges: 5% of the outstanding principal amount.

Think About

• Quick loan disbursement.
• Low interest rates.
• Minimal documentation.
• Pre-approved offers for existing customers.

Eligible Criteria

• Applicant must be between 21 to 60 years of age
• Should be a resident of India
• Should have a minimum annual income of Rs. 3,00,000

Documents

1. Identity proof such as Aadhaar card, PAN card, Voter ID, Passport, etc.
2. Address proof such as Aadhaar card, driving license, Voter ID, Passport, utility bill, etc.
3. Income proof such as salary slips, bank statements, Form 16, ITR, etc.
4. Age proof such as Aadhaar card, PAN card, birth certificate, etc.

Fees & Charges

1. Processing fees: Up to 1% of the loan amount, subject to a minimum of Rs. 3,000 and maximum of Rs. 10,000.
2. Penal interest: 2% per month on the outstanding amount.
3. Late payment charges: 2% per month on the outstanding EMI amount.
4. Prepayment charges: 5% of the principal outstanding amount.

Think About

1. Competitive interest rates and flexible repayment options.
2. Quick loan approval and disbursal.
3. No hidden charges or processing fees.
4. Easy documentation process.
5. Loan up to 100% of the on-road price of the car.

Eligible Criteria

1. Applicant must be an Indian resident.
2. The minimum age of the applicant should be 21 years, and the maximum age should be 65 years at the time of loan maturity.
3. The applicant should have a minimum monthly income of Rs. 25,000.

Documents

1. Identity Proof (Aadhaar Card/PAN Card/Passport/Driving License/Voter ID Card)
2. Address Proof (Aadhaar Card/Voter ID Card/Passport/Utility Bill/Registered Rent Agreement)
3. Income Proof (Salary Slips of last 3 months/Bank Statements of last 6 months/Form 16/ITR for last 2 years/Audited Financials for last 2 years)
4. Age Proof (School Leaving Certificate/Birth Certificate/Passport/PAN Card)
5. Photographs (2 passport-sized)

Fees & Charges

1. Processing Fee: Up to 1% of the loan amount (minimum of Rs. 1,000).
2. Prepayment Charges: No prepayment charges for partial or full prepayment of the loan amount.
3. Late Payment Charges: 2% per month on the outstanding installment amount.
4. Cheque Bounce Charges: Rs. 750 per instance.

Think About

1. Competitive interest rates.
2. High loan eligibility.
3. Flexible repayment options.
4. No hidden charges.

Eligible Criteria

1. The applicant must be at least 21 years old at the time of applying for the loan.
2. The maximum age of the applicant at the time of loan maturity should not exceed 70 years.
3. The applicant must be a salaried individual or a self-employed professional or a businessman.

Documents

• Identity proof (Aadhaar card, passport, voter ID, etc.)
• Address proof (electricity bill, rental agreement, etc.)
• Income proof (salary slips, bank statements, ITR, etc.)
• Quotation of the car to be purchased

Fees & Charges

• Processing fee: Up to 2% of the loan amount
• Late payment charges: 2% per month on the outstanding amount
• Foreclosure charges: Nil

Think About

• Attractive interest rates and flexible repayment options
• Easy and hassle-free loan application process
• Quick loan approval and disbursal
• No prepayment charges
• Dedicated customer support

Eligible Criteria

• Minimum age of the applicant should be 18 years and maximum age should be 70 years
• Should have a minimum monthly income of Rs. 25,000 for salaried individuals and Rs. 2.5 lakhs per annum for self-employed individuals
• Should have a minimum work experience of 2 years for salaried individuals and 3 years for self-employed individuals

Documents

• KYC documents (Aadhaar card, PAN card, Passport, Voter ID)
• Income proof (salary slips, bank statements, ITR documents)
• Address proof (utility bills, rental agreement)
• Car documents (quotation from dealer, registration certificate, insurance papers)

Fees & Charges

• Processing fee: Up to 2% of the loan amount
• Prepayment charges: Up to 5% of the outstanding amount
• Late payment charges: 2% p.m. on the overdue amount
• Foreclosure charges: Up to 5% of the outstanding amount

Think About

• Competitive interest rates
• Minimal documentation and quick approval process
• Flexible repayment options
• No hidden charges or fees
• Part-prepayment and foreclosure options available
• Dedicated customer support

Eligible Criteria

• The applicant should be an Indian resident
• The minimum age should be 21 years and the maximum age should be 65 years
• The applicant should have a stable income source
• The applicant should have a good credit score

Documents

1. Identity proof: Aadhaar card, passport, driving license, voter ID card, etc.
2. Address proof: Aadhaar card, passport, driving license, voter ID card, utility bills, etc.
3. Income proof: Salary slips, bank statements, income tax returns, Form 16, etc.
4. Car-related documents: Quotation from the car dealer, insurance policy, registration certificate, etc.

Fees & Charges

1. Processing fee: Up to 2.50% of the loan amount.
2. Foreclosure charges: 4% of the outstanding principal amount if the loan is foreclosed before 6 months from the date of disbursement, and 3% of the outstanding principal amount if the loan is foreclosed after 6 months.
3. Late payment charges: 2% per month on the overdue amount.
4. Part-payment charges: 4% of the part-payment amount.

Think About

IndusInd Bank offers several benefits to customers, such as high loan amounts, flexible repayment tenure, quick disbursal of funds, balance transfer facility, and pre-approved car loans. Additionally, the bank offers competitive interest rates and charges minimal fees

Eligible Criteria

1. The minimum age of the applicant should be 21 years, and the maximum age at the time of loan maturity should be 60 years.
2. The applicant must be a salaried individual or a self-employed professional.
3. The minimum annual income of the applicant should be Rs. 2.50 lakhs.

Documents

• Identity proof: Aadhaar card, passport, voter ID, driving license, PAN card
• Address proof: Aadhaar card, passport, voter ID, driving license, utility bills
• Income proof: Salary slips, bank statements, income tax returns
• Car documents: Car insurance, registration certificate, road tax receipt

Fees & Charges

• Processing fee: Up to 2% of the loan amount
• Prepayment charges: 3% of the outstanding principal amount
• Late payment charges: 2% of the overdue amount per month
• Foreclosure charges: 5% of the outstanding principal amount

Think About

• Hassle-free loan application process
• Competitive interest rates and flexible repayment tenure
• Loan disbursal in a quick and convenient manner
• No hidden charges or fees
• Prepayment and foreclosure options available with nominal charges

Eligible Criteria

• Applicant must be an Indian citizen or resident
• Applicant must be at least 21 years old at the time of application and no older than 65 years at the end of the loan tenure
• Applicant must have a minimum annual income of Rs. 2.5 lakhs
• Applicant must have a good credit score and credit history

Documents

Identity Proof: You need to submit any one of the following documents as identity proof: PAN card, passport, driving license, or voter ID card.

Address Proof: You need to submit any one of the following documents as address proof: Aadhaar card, passport, driving license, voter ID card, or utility bill.

Income Proof: You need to submit income proof documents to demonstrate your repayment capacity. Salaried individuals need to submit salary slips, Form 16, and bank statements of the last 3 months. Self-employed individuals need to submit income tax returns, profit and loss statement, and bank statements of the last 6 months.

Bank Statements: You need to submit bank statements of the last 6 months to demonstrate your financial stability and repayment capacity.

Proof of Employment: Salaried individuals need to submit proof of employment such as employment letter or ID card, while self-employed individuals need to submit business proof such as registration certificate or GST certificate.

Proforma Invoice of the Car: You need to submit the proforma invoice of the car you intend to purchase to ascertain the loan amount.

Passport-size Photographs: You need to submit passport-size photographs as per the bank's requirements.

Fees & Charges

1. Processing fees: Up to 2% of the loan amount
2. Prepayment charges: 5% of the outstanding loan amount
3. Late payment charges: 2% per month on the overdue amount
4. Foreclosure charges: 5% of the outstanding loan amount

Think About

1. Competitive interest rates
2. Flexible repayment options
3. Quick loan disbursal
4. Transparent and easy-to-understand terms and conditions
5. Wide network of branches and customer service support

Eligible Criteria

1. Age: 21 to 65 years
2. Minimum annual income: Rs. 2.5 lakhs per annum for salaried individuals and Rs. 2 lakhs per annum for self-employed individuals
3. Employment: Salaried or self-employed for a minimum of 2 years

Documents

• Application form with photograph
• Proof of identity (Aadhar card, PAN card, Voter ID, Passport, etc.)
• Proof of address (Aadhar card, PAN card, Voter ID, Passport, etc.)
• Income proof (salary slips, bank statements, income tax returns, etc.)
• Quotation for the car to be purchased

Fees & Charges

• Processing fee: Up to 3% of the loan amount
• Pre-payment charges: Nil to 7% of the outstanding principal amount
• Late payment penalty: 3% per month on the overdue amount
• Cheque bounce charges: Rs. 500 per instance

Think About

• Quick loan processing and disbursal
• Flexible repayment options
• Competitive interest rates
• Loan amount up to 100% of the ex-showroom price of the car
• Doorstep document pickup facility

Eligible Criteria

• The applicant must be a resident of India
• The minimum age of the applicant should be 21 years at the time of application and the maximum age should be 65 years at the time of maturity of the loan
• The applicant should have a minimum monthly income of Rs. 20,000

Documents

• Application form with photograph
• Identity proof: PAN card, Aadhaar card, Passport, Driving License
• Address proof: Aadhaar card, Passport, Driving License, Utility bills, Rental agreement
• Income proof: Latest salary slip or Form 16, Last 3 months bank statement
• Photographs
• Any other documents as requested by the lender

Fees & Charges

• Processing fee: Up to 2% of the loan amount
• Prepayment charges: Up to 5% of the outstanding principal
• Late payment charges: 2% per month on the overdue amount
• Documentation charges: As per the lender's policy

Think About

• Competitive interest rates
• Up to 100% financing of the car value
• Quick loan approval and disbursal
• Minimal documentation
• Flexible repayment options
• Dedicated customer support

Eligible Criteria

• Age: 21 years and above
• Employment: Salaried and self-employed individuals
• Credit score: Minimum credit score of 700

Documents

1. Identity proof (Aadhaar card, passport, driving license, PAN card)
2. Address proof (utility bill, Aadhaar card, driving license)
3. Income proof (salary slips, bank statements, ITR)

Fees & Charges

1. Processing fees - up to 3% of the loan amount
2. Prepayment charges - up to 5% of the outstanding loan amount
3. Late payment charges - 2% per month of the overdue amount
4. Cheque bounce charges - Rs. 500 per cheque bounce

Think About

1. Minimal documentation required
2. No collateral required
3. Quick and hassle-free loan processing
4. Flexible repayment options
5. Competitive interest rates

Eligible Criteria

1. The applicant must be an Indian citizen or a resident
2. The minimum age of the applicant must be 18 years
3. The applicant must have a valid driving license
4. The applicant must have a stable source of income

Documents

• Identity proof (PAN Card, Aadhaar Card, Passport, Driving License)
• Address proof (Aadhaar Card, Voter ID, Passport, Utility Bill)
• Income proof (salary slips, bank statements, income tax returns)
• Passport-sized photographs

Fees & Charges

• Processing fees: Up to 2% of the loan amount
• Prepayment charges: Nil
• Late payment charges: 24% per annum on overdue amount
• Foreclosure charges: Nil

Think About

• Competitive interest rates
• Flexibility in loan repayment options
• Easy eligibility criteria
• Quick and hassle-free loan processing
• No prepayment penalty

Eligible Criteria

• Minimum age of applicant: 21 years
• Maximum age of applicant: 65 years
• Minimum annual income: Rs. 3 lakhs per annum
• Should be a salaried individual or self-employed professional/businessman

Documents

• ID proof (Aadhaar card, passport, driving license, voter ID card)
• Address proof (Aadhaar card, passport, driving license, voter ID card, utility bills)
• Income proof (salary slips, bank statements, income tax returns)
• Car-related documents (purchase invoice, registration certificate, insurance policy)

Fees & Charges

• Processing fee: Up to 2% of the loan amount
• Documentation charges: Rs. 500 to Rs. 5,000
• Late payment penalty: 3% per month on the outstanding amount
• Foreclosure charges: Nil for individual borrowers, up to 6% for non-individual borrowers

Think About

• Competitive interest rates
• Simple and transparent loan process
• High loan-to-value ratio
• Minimal documentation required
• No hidden charges or fees

Eligible Criteria

• Applicant must be an Indian resident
• Applicant must be between 21 and 65 years of age
• Applicant must have a minimum monthly income of Rs. 20,000 for a new car and Rs. 15,000 for a used car
• Applicant must have a stable employment history or a stable business for at least 2 years

Documents

• Filled application form
• Identity proof (Aadhaar Card, Passport, Voter ID, Driving License, etc.)
• Address proof (Aadhaar Card, Passport, Voter ID, Driving License, Utility Bill, etc.)
• Income proof (Salary slips, ITR, Bank statements, etc.)
• Photographs
• Car quotation or proforma invoice

Fees & Charges

• Processing fee: Up to 1% of the loan amount
• Prepayment charges: Up to 3% of the outstanding principal
• Late payment charges: 3% per month on overdue amount
• Foreclosure charges: Up to 3% of the outstanding principal
• Cheque bounce charges: ₹500 per instance

Think About

• Competitive interest rates
• High loan-to-value ratio
• Quick and hassle-free loan processing
• Flexible repayment tenure up to 7 years
• Customized EMI options to suit the borrower's needs
• Minimal documentation required for loan processing

Eligible Criteria

• Applicant should be a resident of India
• Minimum age of the applicant should be 18 years
• Minimum annual income of the applicant should be ₹2.5 lakhs

Documents

1. Proof of identity (Aadhaar card, passport, PAN card, etc.)
2. Proof of address (electricity bill, telephone bill, etc.)
3. Income proof (salary slips, bank statements, etc.)
4. Employment proof (employee ID card, appointment letter, etc.)
5. Car-related documents (invoice, registration certificate, etc.)

Fees & Charges

1. Processing fee: Up to 0.5% of the loan amount or Rs. 5,000 (whichever is higher)
2. Prepayment charges: Up to 5% of the principal outstanding on fixed rate loans and nil on floating rate loans
3. Late payment charges: 2% per month on the overdue amount

Think About

1. Low interest rates
2. Flexible repayment options
3. Quick and hassle-free loan approval process
4. Part pre-payment facility available
5. Online application and tracking facilities available

Eligible Criteria

1. The applicant must be a salaried or self-employed individual.
2. The minimum age of the applicant should be 21 years and the maximum age should not exceed 65 years.
3. The minimum net monthly income of the applicant should be Rs. 25,000 for salaried individuals and Rs. 2 lakhs per annum for self-employed individuals.

Documents

1. Identity proof (Aadhaar card, PAN card, Passport, Voter ID, Driving License)
2. Address proof (Aadhaar card, Passport, Voter ID, Driving License, utility bills)
3. Income proof (salary slips, income tax returns, bank statements)
4. Photographs
5. Car quotation from authorized dealer

Fees & Charges

1. Processing fee: Up to 2% of the loan amount
2. Prepayment charges: Nil for floating interest rate loans, up to 5% of the outstanding loan amount for fixed interest rate loans
3. Late payment charges: 2% per month on the overdue amount
4. Foreclosure charges: Up to 5% of the outstanding loan amount

Think About

1. The bank offers competitive interest rates and flexible repayment options.
2. Ujjivan Small Finance Bank provides quick loan disbursement and doorstep services for document collection and loan repayment.
3. The bank offers car loans for the purchase of both new and used cars, providing greater flexibility for borrowers.

Eligible Criteria

1. Individuals aged between 21-65 years
2. Salaried employees or self-employed individuals with a minimum annual income of Rs. 2.5 lakhs
3. The applicant should have a minimum CIBIL score of 700
4. The car loan applicant should be a resident of India