Car Loan

(Mumbai Only)

Are you buying a vehicle? Are you thinking of getting a car? Are you thinking of getting a car loan? As you do your research and collect all the information you need to make an informed decision, you’re probably not like to sit back and say to yourself, ”Hmm, I wonder from where would I get a car loan from?” Not likely, right? Yes…now fulfilling your dream to own a car is made simple.

You can get loans up to 90% of ex-showroom price of your new car or the assessed value of your used car, with flexible repayment options.

But now that we’ve mentioned how much loan you can avail help us find the best suited options for your need by giving us some information about yourself. One of our Relationship Executive will get in touch with you to give you complete information about the loan that we feel would be most suitable for you and to assist you with the application formalities.

Car loan eligibility

  • Salaried Individuals
  • Self Employed Professionals
  • Self Employed Non Professionals ( Business People )
  • One should have completed more than one year of continuous service from the same company
  • For self employed 3 years of continuous business

Car Loan documentation: Car loan documentation process is minimal and generally banks require the following document:

  • Identity proof namely a copy of the passport or PAN card or Voter’s Id or driving license.
  • Income Proof in the form of usually the latest salary slip with the latest income tax forms (Form 16 in the case of the salaried individual, ITR form in the case of a self employed individual).
  • Residence Proof in the form of a Ration card or Driving license or Voter’s ID or Passport copy or telephone bill or electricity bill or life insurance policy or PAN card.
  • A copy of the bank statements pertaining to the most recent and relevant time frame.

1) Who can avail of Car Loans?
Salaried Individuals, Self Employed Professionals, Self Employed Businessmen, Proprietorships, Partnership Firms, HUFs, Trusts, Private and Public Limited Companies

2) Who can be the co-applicants for the loan?
For salaried/Self employed/Sole Proprietorship:Family member

For Partnership Firms:Any one Parterner

For HUFs:Karta

For Trusts:Any one Trustee

For Private/ Public Ltd.Companies:Any one Director

3) Do I need a guarantor?
Generally not required. But if your income does not meet the credit criteria, then you may be required to have a guarantor to stand surety for your loan.

4) What are the lending rates?
As per approved rates from time to time.The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers.

5) What are the loan tenure options?
12 months to 84 months

6) Which cars can be financed?
As per list of cars approved by the bank.

7) How much finance can I avail of?
Generally banks fund 90%of the on road value.

8) How is the interest charged/calculated?
Interest is calculated on a monthly reducing balance basis.

9) What is a Monthly Reducing Balance?
In the case of monthly reducing balance method,the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.

10) Do I have to pay any additional charges?
Generally banks charge a nominal processing fee depending on the loan amount and customer.

11) Can I use the Car for Commercial Usage?

12) How long will it take to process the loan?
Within 3 days from the date of completion of documentation. However in some cases the approvals are done even faster.

13) What are the stages involved in availing a loan?
The stages involved are:

Processing of the loan



14) What security/collateral do I have to provide?
Asset financed will be hypothecated/lien marked in favour of the financier bank.

15) How do I repay the loan?
EMI’s in the form of PDC’s(Post Dated Cheques)and through Electronic Clearing Service(ECS).

16) Is the EMI charged as Advance EMI or Arrears EMI?
Both the options are available suiting to your needs.

17) Do I have the option of pre-paying the entire loan amount?
Yes. One can pre-pay the loan any time after 6 months of availing of the loan. One merely has to pay a small prepayment fee on the outstanding loan amount.

HDFC Bank is the leading name in the auto loan industry and so we have partnered with them to get you the cheapest offer from the number one bank in our country.

The following is the rate grid for car loan:

Rate of Interest

10.5% – 13.0%

Processing fees

Upto Rs 5000

Pre Closure charges

3% – 6%


1 year – 7 years

* No Guarantor required.

* The car loan amount will depend upon the model you choose and there is 100% finance for          pre-approved customers.

* Lock in period for 6 months.