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Surfindia » Automobile » Auto Finance » Car Finance

Car Finance

Research say that 75% of the total vehicles purchased in the last decade were financed/ purchased through auto loans.

Financing a dream car has become very simple and easy method. Thanks to multi-national companies (MNCs) and other private sector banks. All banks and financial institutions are aggressively marketing their products with innovative service offerings and incentives. A wide range of flexible and customized financing options for the purchase of both new and second hand cars are availabe through out the country.

Overview
Features of Car Finance
  • Banks pay upto 90% of the cost of the new vehicle.
  • In case of used vehicles, banks finance up to a maximum of 85% of the value of the car.
  • Generally public sector banks offer lower rate of interest than the non-banking finance companies.
  • Usually the interest is calculated on a monthly reducing balance.
  • The banks offer a repayment tenure of 12 to 60 months.
  • Few institutions even offer 7 years repayment period.
  • A salaried person can borrow up to 3 times of the annual salary.
  • A self employed individuals can borrow up to 6 times of the annual income.
Documents Required
  • Application Form
  • Photographs
  • Proof of income of last two years
  • Proof of Residence
  • Proof of identity
Take Note
  • The income of spouse can be clubbed to increase the loan amount.
  • Terms and conditions for prepayment of the amount need to be clarified before agreement
  • Try to consider taking loan where there is no penalty of prepayment.
List of Companies offering Car Finance



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