Buoyant & robust economy and huge
disposable incomes of youths have made way to easy auto finance by banks
and non-banking finance companies.
Auto finance is now available from both, banks and
non-banking finance companies (NBFCs). A large number of financing
agencies are entering the Indian auto finance market. Most NBFCs have
also arranged tie-ups with dealers and manufacturers. All these
financial agencies together has created purchasing power of customers.
Getting auto loans has become quite easy. The finance agencies has come
of age and companies are aggressively marketing different auto loan
schemes by offering innovative and alluring offers to the customers.
Overview
Features of Auto Finance
- Upto 90% is financed.
- The finance period is between 1 to 5 years.
- The interest is calculated on the basis of compound interest.
- Equated Monthly Instalment (EMI) is worked out for repayment.
- Early settlement of the full amount charges a penalty.
Documents Required
- Bank statement for the last 6 months
- Two passport size photographs
- For salaried, latest salary slip and Form 16.
- For self employed individuals and professionals, IT returns for
the last two financial years.
The following navigations will lead you to get a complete picture
of auto finance in India:
