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How much loan can I get? |
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Based on your requirements the car loan varies. And based on the ability to repay the loans amount the car loan is calculated. Some times the cost of the car will also suggest your loan amount. Separate loan is issued for used cars.
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What are the documents required? |
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Income proof is the main and the foremost document for availing car loan. Some banks may also see your IT returns for 2 yrs. If you are not a salaried employee then you need to produce your asset document for car loans.
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How long does it take to process the loan? |
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A normal car loan process will take up to 2 to 7 days. If all the required documents are submitted properly then your car loan process will move fast. You need to submit requisite documents like salary slip, tax returns, proof of residence, bank statements etc.
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Can I reduce or change my EMI? |
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EMI amount is usually a pre planned process. We can change the EMI at any stage based on our requirements. EMI is calculated without affecting the principal amount and the interest rate.
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How is the interest calculated? |
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Usually all banks will have a fixed interest rate and all the EMI is paid according to that interest rate. EMI is can be of daily, weekly or monthly based on your requirements.
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How long can I get loan tenure for? |
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A normal tenure period for car loan is 1 to 5 years. But most of the banks will extend it up to 7 yrs. Also know that, higher the tenure, lower is the EMI. But the total interest outflow is higher. The tenure period also varies according to the car you purchase.
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Loans