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Check Eligibility to Apply for Instant Loans, Credit Cards | Doloans
Car Loan
Apply for Car Loan
EMI Calculator :
Car Loan Features
- Loan of up to ₹ 47 Lakh
- 3 Unique Variants
- Tenure of up to 72 months
- Minimal Documentation
Features and Benefits of our Car Loan
- Access to Immediate Funds
- Flexible Loan Tenures
- Fixed Interest Rates
- Customized Loan Amounts
- Convenient Monthly Repayments
- Potential Tax Benefits
- Option for New and Used Cars
- Ownership from Day One
- No Need for Full Upfront Payment
- Improve Credit Score through Timely Payments
Car Loan Eligibility and Documents
Read on to know the criteria required to apply for our Car Loan.
Car Loan Eligibility
Car loan eligibility is about whether you can get a loan to buy a car. It depends on things like how much you earn, your credit score, and if you have other debts. Lenders use these details to decide if you can repay the loan. If you meet their criteria, you’re eligible for the loan; if not, you might need to wait or improve your financial situation before getting a car loan.
Car Loan Eligibility Criteria for Top Banks
Car loan eligibility criteria vary from one bank to another, but generally include factors such as your age (usually 21 to 65 years), minimum income (often around INR 20,000 per month), and stable employment. A good credit score, usually 650 or above, is important. Some banks might require you to be a salaried employee or self-employed, while others could need you to have a certain work experience or business vintage. Banks also consider your existing debts and liabilities to ensure you can manage the loan. Checking with each bank directly or using their online eligibility calculators can provide precise criteria tailored to their policies.
Car Loan Eligibility for Salaried Individuals/Self-Employed Individuals
Documents Required to Apply for Car Loan
EMI Calculator for Car Loan
An EMI calculator is a useful tool that can help you estimate the monthly installments you will have to pay towards your Car loan within a specific period. By using the Ruloans EMI calculator, you can calculate your EMI beforehand, which can help you plan your finances better. Additionally, you can check your eligibility and compare different loan options using Ruloans Car Loan calculator.
Fees and Charges for Car Loan
The fees and charges of car loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to car loans:
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Particulars
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Charges
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Loan Processing Fees
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0.5% to 4% of Loan Amount
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Loan Cancellation
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Usually around Rs 3,000
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Stamp Duty Charges
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As per the Value of the Property and State Tax
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Legal Fees
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As per actuals
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Penal Charges
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Usually @ 2% per month; 24% p.a.
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EMI / Cheque Bonus
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Around Rs 400 per bounce
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Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
Car Loan Reviews
I wanted to buy a car to travel daily from office to work but was not having enough money to make the down payment due to less savings but thanks to DOLOANS they got me a car loan for 90% of the car value with the best interest rate going on in the market.
Shivansh Bhagde
I had taken a personal loan with the help of DOLOANS by which I was very impressed. Now I was planning to buy a car from sometime so as it was finalised, I very much knew whom to contact for applying my loan as they are the experts in the loan industry and be it any loan they get the work done for you.
Shreyansh Bakliwal
During my business loan I was not aware of DOLOANS and hence a normal part time agent handled all my loan procedure. He made that procedure so much complicated that I got fedup dealing with him and also he charged me a hefty amount for getting the loan disbursed, but at the time of my car loan I read about DOLOANS and approached them. The loan not only got disbursed in a 4 days but also I wasn’t charged a penny from them.
Ronit Rane
Getting a used car loan can be daunting task because of the never-ending documents required by the lender but thanks to the checklist provided by DOLOANS on their website I was able to arrange all the documents so quickly and submit it to the lender.
Disha Shinde
FAQs
What is a car loan?
A car loan is a financial arrangement where a lender provides funds to help you purchase a vehicle. You repay the loan in installments, often with interest, until the loan is fully paid off.
How does a car loan work?
You apply for a car loan from a lender, and if approved, you receive the funds to buy the car. You then repay the loan in monthly installments over a predetermined period, typically 2-7 years, until the loan is paid off.
What's the difference between interest rate and APR?
The interest rate is the cost of borrowing, while the Annual Percentage Rate (APR) includes both the interest rate and any additional fees, providing a more comprehensive view of the loan’s total cost.
What factors affect car loan eligibility?
Factors include your credit score, income, employment history, existing debts, down payment, and the chosen car’s value.
What's the importance of a down payment?
A down payment is the initial amount you pay upfront. A larger down payment can lower your loan amount, monthly payments, and overall interest cost.
What's the difference between a fixed and variable interest rate?
A fixed interest rate remains constant throughout the loan term, while a variable rate can change based on market conditions, affecting your monthly payments.
Can I prepay or pay off my car loan early?
Yes, many car loans allow prepayment. However, some lenders might charge prepayment penalties, so it’s crucial to review the terms before making extra payments.
What's the difference between a new car loan and a used car loan?
New car loans are for purchasing brand-new vehicles, often offering lower interest rates. Used car loans apply to pre-owned vehicles and might have slightly higher rates due to the car’s depreciation.
What happens if I can't make my car loan payments?
If you miss payments, it can negatively impact your credit score, and the lender might repossess the car. Contact your lender immediately if you’re facing financial difficulties.
Should I get pre-approved for a car loan?
Yes, pre-approval provides you with an estimated loan amount and interest rate, helping you shop for a car within your budget and potentially negotiate better terms.