About Car Loan
A car loan allows a buyer to buy the car of their dreams without spending lot of money upfront . Car loans are low interest, secured loans with short to mid tenures. The tenure may range anywhere from 2 to 7 years, depending on the loan amount and the repayment ability of the borrower. The financer usually secures the car loan by hypothecating the car.
Eligibility for Car Loans :-
Car loans are offered to salaried and self-employed professionals between 21-65 years old, with a minimum annual salary of 2.4 lakhs
per annum. The loan amount and tenure depend on the credit history of the borrower, repayment ability, career and job prospects etc. Most banks and financial institutions fund up to 90% of the vehicle cost and the balance amount must be paid by the borrower.
Apply for Car Loans
Generally, car dealers tie up with various Banks & NBFC’s to provide loans to the customers who purchase cars from them. However, the choice is limited. or you could select a lender of your preference. where you have to do a lot of ground work.
Alternately, you can compare multiple car loans providers on Jeevan Utthaan which also offers a free online eligibility check from banks and lenders you select. After you receive a completely paperless in-principle approval, you may submit your documents online or choose for a doorstep document pickup and Jeevan Utthaan’s executives will contact you regarding documentation and loan disbursal. The entire process takes way shorter than reaching out to several banks and financial institutions independently.
How it Works