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Unsecured car loan: You avail an unsecured car loan to purchase a used car. You need not offer the car as security for the loan. You are sanctioned a smaller quantum of loan than a new car loan, and at a higher interest rate.
Why avail a Car Loan?
Eligibility criteria to avail a Car Loan
- Age: You need to be at least 25 years of age and a maximum of 60 years at maturity of the loan.
- Income: You need to have a gross annual Income of at least INR 3 Lakhs a year.
- Employment stability: You need to have more than 2 years of work experience, and you should be in your current job for at least a year.
- Age: You need to be at least 25 years of age and a maximum of 65 years at maturity of the loan.
- Income: You need to have a gross annual Income of at least INR 2.5 Lakhs a year.
- Business stability: Your business should have more than a 3 year track record of existence and profits.
Documents Required To Availing a Car Loan
If you are salaried
You need an address proof such as a Ration card, Driving license, House Tax chalan, Housing Society bill, Voters card, Passport, Telephone bill, Electricity bill, Water bill, Landline bill and a Credit Card Statement.
You need an identity proof such as a Ration card, Passport, PAN Card, Voter Identity card, Driving license, Employee ID issued by Government of India/ PSU/ Limited companies, Local Panchayat Identity card, and a Notary certification with a Photograph.
You need the latest salary slip with the Form 16 document as an income proof.
- If you are salaried
- You need an address proof which shows the location of your firm/business.
- You need an identity proof such as a Passport, PAN Card, Voters Identity card, Driving license, Latest Sales Tax assessment order or a Sales tax registration certificate.
- You need the latest Income Tax Return as an income proof.