Car Loans

Get going with Eprimeloans car Loans

Gone are the days when owning a car was dream for many. Eprimeloans offers to you best ever car buying online platform that negotiates with lenders and provide slew of attractive financing options to its customers. It not only enables you to compare Car loan interest rates offered by different banks but also help you to calculate your car loan EMI using Car Loan EMI Calculator and check car loan eligibility using Car Loan Eligibility Calculator.

Car Loan Eligibility Criteria

Car loan Eligibility enables you to check your eligibility for availing a car loan. Whether you are salaried, self employed or a businessman, you can easily check your car loan eligibility by having look at the table common eligibility criteria mentioned below.

Parameters Salaried Self-employed
Age Applicant should be 21-60 years Applicant’s age must be between 21-65 years
Income Applicant’s minimum annual income should not be below Rs. 1,80,000 is required. Applicant’s minimum annual income should not be below Rs. 1,80,000
Job/Business Status Work experience of atleast 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

Car Loan Interest Rates 2020 offered by Different lenders

Bank Car Loan Interest Rates Loan Amount (in ) EMI per lakh(in )
HDFC Bank Car Loan 9.25% Fixed 1,622 for 7 years 100% of ex-showroom price
SBI Car Loan 8.70% Floating 1,594 for 7 years 85% of on-road price
ICICI Bank Car Loan 8.89% Fixed 1,603 for 7 years 100% of ex-showroom price
Axis Bank 9.25% Fixed 1,478 for 8 years 90% of ex-showroom price
IndusInd Bank 10.65% Fixed 2,157 for 5 years 85% of ex-showroom price
Kotak Bank 11.50% Fixed 2,199 for 5 years 90% of ex-showroom price
PNB 8.75% Floating 1,596 for 7 years 85% of on-road price
Union Bank of India 8.60% Floating 1,589 for 7 years 85% of on-road price
Central Bank of India 9.00% Floating 1,609 for 7 years 90% of on-road price
Andhra Bank 9.40% Fixed 1,629 for 7 years 85% of on-road price
IDBI Bank 9.30% Fixed 1,624 for 7 years 90% of ex-showroom price
Federal Bank 9.15% Fixed 1,617 for 7 years 90% of ex-showroom price
Bank of India 9.50% Floating 1,634 for 7 years 85% of on-road price
Bank of Maharashtra 9.25% Floating 1,622 for 7 years 85% of on-road price
Corporation Bank 9.55% Floating 1,637 for 7 years 85% of ex-showroom price
Indian Bank 9.65% Floating 1,642 for 7 years 85% of on-road price
OBC 9.05% Floating 1,611 for 7 years 85% of on-road price
Bank of Baroda 8.90% Floating 1,604 for 7 years 85% of on-road price
United Bank of India 9.10% Floating 1,614 for 7 years 85% of on-road price

Car Loan Interest rates differ depending upon varying factors including the value of car, company you are working with, loan amount you have applied for and your repayment capacity. Also, interesting fact about car loan is that higher the loan amount, lower will be the ROI.

Car Loan Eligibility Calculator

Your car loan eligibility is based on different parameters. Eprimeserve’s car loan eligibility calculator uses your income as the main parameter to calculate estimated Car loan eligibility. It gives an individual a fair approximation of the amount he is eligible for loaning. The Car loan EMI calculator also help you to know the lenders who can provide you with the expected car loan amount under your eligibility conditions. Car loan EMI calculator saves your time and money in approaching lenders.

Car loan EMI calculator calculates your car loan EMI and has many benefits that are listed below.

  • Saves Time: Car loan EMI calculator calculates EMI in seconds so you don’t have to waste time in doing time consuming and tedious calculations. You just need to enter loan related details and you will get the output immediately.
  • Accurate Results: manual calculations may lead to wrong results that may change your EMI and therefore change your decisions while applying for loan.
  • Plan your finances: Car loan EMI calculator lets you know if you will be able to pay back the EMI amount or not. It lets you plan for your future expenses so that your budget won’t get disturbed. Also, it won’t affect your credit score as you would know the exact amount of EMIs at present.
  • Evaluate multiple schedules: You can view the amortization schedule along with EMIs for different loan tenure combinations and interest rates, thereby allowing you to select the EMI that matches your repayment capabilities.

Modes of Payment of Car Loan EMI

  • The best and most popular way of making a vehicle loan EMI is by way of giving ECS mandate in favor of the lending institution i.e. your bank from which you have availed the vehicle loan.
  • You don’t need to maintain a bank account with the bank you are availing vehicle loan. You can issue an ECS mandate from your salary account or even from your regular bank account.
  • One of the key advantages of paying EMI through ECS is that lender gets assured that there is no risk of check bounces owing to signature mismatch or any technical issue.
  • Other modes of payments include issuing post dated checks and paying via demand drafts. Although people rarely use these modes of payments nowadays.

Documents needed to apply for a Car loan

Documents required for acquiring a car loan vary from lender to lender and one cannot do without submitting the rights documentation which is the established proof of your identity, age, income and address.

Documents ID Individuals Firms, Partnerships
Signed Application Form Applicant must submit dully filled application form Firms/ Partnership companies are required to submit dully signed application form
Identity Proof Passport, PAN card, Driving License, Voter id, Aadhaar Card, Government issued i-card PAN card, Voter id, Driving License, Aadhaar Card, Passport, Government issued i-card
Certificate and Proof of Business Existence NA PAN , Trade license, sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, certificate of practice, registration certificate issued by RBI
Address Proof Passport, Election ID card, Driving License, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old) Utility bill, Registry copy, Bank statement, lease or rent agreement, TAN allotment letter leaving certificate.
Age Proof PAN card, Passport,Voter id card, Driving License, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college Passport, Driving License, PAN card, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate.
Income Proof Form 16, last 3 months salary slip, last 3 months' bank account statement showing salary credit Last 3 months bank account statement, Last 2 years ITR
Car Quotation You also need to submit car quotation showing cost of the car that your dealer had given Car quotation from dealer

Frequently Asked Questions (FAQs)

Bank may charge a penalty in case you skip to make EMI payment or if your ECS bounce. Make a note that this will get reflected in your CIBIL report which may affect your CIBIL score.

Using EMI calculator, you can easily find out the accurate EMIs you are required to pay in future. The tool is quick and easy to use. It can be used for n number of times, that too for free. Best part is that the EMI calculator results are instant and accurate whereas calculating EMI manually may have human error and is time taking. Also, you can fill in varying combinations of the loan tenure, loan amount and interest rates to get revised results.

If you are someone who falls under the following categories, then you can easily avail a car loan:

• Salaried individuals

• Self-employed individuals

• Partnership firms

• HUFs and Trusts

• Partnership firms

No, the car loan EMI calculator at Eprimeloans site is available for free, no charge at all. There’s no need of making a new login ID to use the Car Loan EMI Calculator on Eprimeloans website.

Yes, of course. You an avail Car loan for maximum tenure of 7 years. Your vehicle loan tenure has direct impact on your monthly EMI. This simply means Longer the tenure of vehicle loan, lower will be your car loan EMI.