Any salaried individual, self-employed professional, business owner, or partnership firm with a stable income can apply.
You can get up to 90–100% of the car’s on-road price, depending on your income, credit score, and the bank’s policy.
Some banks offer loans to individuals without formal income proof, but usually against strong collateral or guarantor support.
Your loan application may be rejected if you have a bad credit score, have defaulted on your repayments or applied for and been rejected for loans multiple times, etc. Also, you should meet the bank’s eligibility criteria such as minimum income level, age, previous relationship with the bank, etc. to get your loan approved.
The tenure of a car loan ranges from 1 year to 5 years. The shorter the loan tenure, the higher is the EMI payable and the reverse is true for longer car loan tenures. Currently, a small number of lenders are engaged in providing car loans for longer durations of up to 7 years.
Foreclosure charges differ from one bank to another, as each financial institution sets its own policies and fee structures.
