The need for a car has replaced the luxury of owning one. Fortunately, car loan interest rates in India are now lower than ever thanks to the rise of numerous financial organisations, and online car loans may be obtained quickly. You can get 100% financing of the on-road price for a few models when you apply for a car loan online, with the cheapest car loan interest rates starting . This article explains how to apply for all types of vehicle loan online in India, as well as the interest rates, paperwork requirements, eligibility requirements, loan foreclosure, tax advantages, and other details.
The amount of a loan you can obtain to purchase your ideal four-wheeler is known as a car loan eligibility . For the approval of vehicle loan applications, various lenders have varying qualifying requirements. The table below lists the standard eligibility requirements for auto loans used by all Indian lenders.
| S.no | Criteria | Salaried | Self-Employed |
|---|---|---|---|
| 1 | Age | 21-60 years | 21-65 years |
| 2 | Income | A minimum annual income of Rs. 1,80,000 is required |
A minimum annual income of Rs. 1,80,000 is needed |
| 3 | Job/Business Status | Work experience of at least 2 years with a minimum of 1 year with the current employer |
A minimum of 2 years in the same line of business is needed |
| 4 | 1 year with the current employer |
Amount
Tenure
% Interest
0/month
Principal
Interest
Total Payable
Here are the some few steps that help you to applying for a personal loan online :
Step 1: Visit the website of our official bank and follow the instructions there to submit an online loan application for a car.
Step2: Name, address, cell phone number, state, district, and branch choice should be entered on the inquiry form as basic personal information.
Step 3: In order to get a callback from a bank representative, submit the form by clicking the submit button.
Step 4: A bank representative will get in touch with the borrower and assist them with the loan application procedure