Features of Car loans:

A Car loan is a great way to drive your dream car without making the complete payment upfront. Some other traits which make a car loan more feasible are:

✔ Flexible contract terms and comfortable tenure of loan i.e. upto 7 years
✔ Competitive and attractive rates of interests
✔ A tax deduction may be applicable if the vehicle is to be used for business purposes
✔ Almost everyone with a Permanent Income can apply for a car loan
✔ Some banks offer up to 100% of car finance on ex-showroom price and generally upto 85% of car finance on ex-showroom price is available.
✔ Very low processing fees and prepayment charges.

Check your Eligibility for a Car loan:

The certain factors that determine your eligibility for a car loan are:
✔ Age
✔ Kind of employment
✔ Income
✔ Period of employment
✔ Previous running EMI’s and CIBIL score

You can check your eligibility and get quotes by updating all information in our eligibility calculator.

Car loan interest rates can be vary from user-to-user based on different parameters. Some of these factors are:

1. Banks give lower interest rates to the employees who have salary accounts with the same bank.
2. It gives lower interest rates to employees of top 5000 companies of India.
3. Based on your income per month you might get some waivers or on the total loan amount you may get cheaper rates.