Car Loans
Car Loan
Bringing home the car you've always wanted has never been simpler! At Tata Capital, we aim to make the experience quick, transparent and hassle-free. Attractive Car Loan Interest Rate, a wide range of cars to pick from and your choice of payment structure through flexi EMIs make Tata Capital the best choice for car loan. Before applying, check car loan eligibility and how you can structure your loan repayment using a car loan emi calculator.
THE TATA CAPITAL ADVANTAGE
1. Minimum Loan Amount of Rs 1 Lakh.Quick Disbursal and Hassle-Free Documentation.
2. Competitive Rate of Interest.
3. Tenure Period up to 5 years.
4. Flexi EMIs- Step Up,Step Down, Bullet or Ballooning.
USEDCAR LOANS
1. Finance for up to 90% of car's valuation.
2. Low income requirements for salaried and self employed.
NEWCAR LOANS
1. 100% loan on ex-showroom car price.
2. Low income requirements for salaried and self employed.
Used Car Loan Benefits
In last few years, there has been a growing trend among the people to regularly upgrade their cars after using them for few years. What this does is that it has exponentially grown the used car market. And since used cars offer a good value for money option, many people do not hesitate in going for old cars. Unlike earlier, the lenders are also willing to help buyers buy these cars through used car loans.
Tata Capital offers finance for used cars. Used car loans are offered to purchase a wide variety of cars ranging from small hatchbacks to SUVs and luxury cars. By using technology, the entire process of used car loan application and disbursal is done in a very quick and transparent manner.
Like any other loan, the most important criteria is the rate of interest being offered. Tata Capital offers competitive used car loan interest rates. A lower interest rate means comparatively lower EMIs for the same tenure. This helps borrowers save thousands of rupees in interest if one was to consider the entire loan duration.
Large banks tend to avoid lending for used cars and even when they do, the terms are not beneficial for borrowers. Mostly, banks want a down payment of upto 20%. From borrowers. But if one avails used car loan from Tata Capital, it's possible to get a loan of upto 90% of car's valuation. This means that only 10% is to be brought in by the borrower as down payment.
Car loan for used cars can be availed for a period of upto 5 years. This is unlike most lenders who are only willing to lend for upto a maximum of 36 months. Tata Capital also gives borrowers the option of customizing their used car loan repayment schedule as per their convenience. Some of the innovative options being offered are: Step-Up (EMIs increase gradually), Step-Down (EMIs reduce every year), Bullet Payment (allows prepayment in parts, at periodic intervals) and Ballooning Option (lower EMIs with bigger payment in last EMI).
Car Loan Eligibility & Documents
India's car market has been growing at brisk pace in last few years. And the best part is, that with more and more people entering the middle class with higher disposable incomes, the demand for cars is only going to increase in years to come.
Banks and financial institutions acknowledge this demand for new cars and are willing to help customers with a wide variety of new car loans. So if you were waiting till now to purchase your dream car, then you should not wait any longer. Go and make an application for a car loan at the earliest. But to ensure that your application is processed quickly and without any hassles, make sure that you have a thorough understanding of car loan eligibility criteria and documentation requirements.
Tata Capital is willing to lend upto 90% of the ex-showroom price of the car. But for individuals who are either salaried or self-employed, it's possible to obtain a car loan for almost 100% of the price of the car. The salaried individual needs to have a minimum annual income of Rs 2.5 lac. For the self-employed professionals, the minimum annual income requirements are slightly lower at Rs 2 lac.
Apart from meeting above mentioned eligibility criteria, individual borrowers also need to submit the following documents in support of their car loan applications:
Identity Proof: PAN Card, passport, driving license or any other government issued identity document
Age Proof: Since borrower needs to be more than 21 years old, a document supporting age needs to be submitted. Ex - School leaving certificate, Passport, Ration Card, Driving License, etc.
Address Proof: Any government issued document having current address
Income Proof: For salaried individuals, ITR/Salary Slips/Form-16. For self-employed individuals, ITRs or balance sheets/P&L accounts can be submitted.
Signature Verification Proof
Bank Statement of last 3 months
1 or 2 recent photographs
In case of non-individual borrowers, there are some additional requirements that include Certificate of Incorporation for Private and Public Ltd. Companies, Address Proof & Pan Card of the Firm, ITR, Audited Balance Sheet and Profit and Loss Account Bank, etc.
So make sure that you understand all car loan eligibility criteria and submit your application with all required documents, to get a quick disbursal of your loan.
