Car Loan
Buy your dream car with My Loan Route’s car loan service.
EMI Calculated
Steps To Apply
What is a car loan?
Simple-interest loans are those in which the lender expects to be returned in monthly installments for the amount lent (principal) plus interest by the borrower (the cost of borrowing from the lender, shown as a percentage of the principal balance).
What is the maximum amount of loan one can borrow for a Car Loan?
A monthly installment amount is determined based on the tenure and interest rate, which is the most popular repayment type. EMIs are paid at the start of the month or at the end of the month. The EMI amount gradually reduces from greatest to lowest in this repayment plan. You can get in touch with the experts of the My Loan route can guide you with the same.
What is the process of repayment of a Car Loan?
There is no set limit for the car loan but yes it depends on the exact amount of salary you get credited to your account. If you get a salary of Rs 25000 then the loan eligibility is of 12500 Rs only that means you can get a loan of up to 12.50 lacs
Eligibility Criteria For Loan
Particulars | Salaried | Self-Employed |
|---|---|---|
Age(Min-Max) | 23 years to 58 years | 28 years to 65 years |
Income | Rs.25,000 | Minimum turnover of Rs.40 lakhs |
CIBIL Score | Above 750 | Above 750 |
Documents for Loan Application
Salaried | Self-Employed |
|---|---|
Application form with photograph | Application form with photograph |
Identity and Residence proof | Identity and Residence proof |
Last 6 months bank statements | Last 6 months bank statements |
Processing fee cheque | Processing fee cheque |
Latest Salary Slip | Latest Salary Slip |
Form 16 | Business Profile and Previous 3 years Income Tax returns (self and business) |
Previous 3 years Profit/Loss and Balance Sheet |