Car Loan

Want to bring home your dream car, but don't have enough funds? Now, you don't need to wait for some more months or years to buy your dream car as you can take a car loan to meet your fund requirement. We can make this drive easy for you, apply for a car loan with solutionforloans.com and become pride owner of your dream car.

Features of Car loans:

A Car loan is a great way to drive your dream car without making the complete payment upfront. Some other traits which make a car loan more feasible are:

✔ Flexible contract terms and comfortable tenure of loan i.e. upto 7 years
✔ Competitive and attractive rates of interests
✔ A tax deduction may be applicable if the vehicle is to be used for business purposes
✔ Almost everyone with a Permanent Income can apply for a car loan
✔ Some banks offer up to 100% of car finance on ex-showroom price and generally upto 85% of car finance on ex-showroom price is available.
✔ Very low processing fees and prepayment charges.

Check your Eligibility for a Car loan:

The certain factors that determine your eligibility for a car loan are:
✔ Age
✔ Kind of employment
✔ Income
✔ Period of employment
✔ Previous running EMI's and CIBIL score

You can check your eligibility and get quotes by updating all information in our application form.

What are the Top Features and Benefits of Used Car Loans?

Used car loans are a very safe and certain way of purchasing your car. One of the topmost benefits of a used-car loan in India is that it is secured against the car itself, so, you do not have to mortgage your property or other assets to get a car loan. You also get to use your car while you are servicing the car loan term, so a few years down the line you have added to your original savings and have the opportunity to own the car having paid off your car loan completely.

  • The loan amount you require will generally be lower because the cost of the car will be lower.
  • The repayment tenure will be lower due to the lower loan amount. This will help you save on interest payments.
  • The repayment tenure can be as long as a new car loan (depending on the bank). You can easily get a loan tenure of up to 5 years, or in some cases, even 7 years.
  • You can get up to 90%, or even 100% financing for your car.
  • The application process is simple and in most cases, similar to that of applying for a new car loan.

Get loans at lowest Interest rate in India


Frequently Asked Questions

A typical car loan tenure is between 24 -84 months. The shorter the tenure, the higher is the monthly installment.

The maximum loan amount approved may vary from one bank to the other. Usually, most banks approve loan amounts that range from 80%–90% of the car’s ex-showroom price. Some banks even lend 100% of the car’s ex-showroom price. The percentage of the loan offered depends on the price, type of car (standard/ premium), your income profile and CIBIL score. Generally, the banks tend to approve car loan with EMI upto 40% of your monthly income.

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from the Bank. The NOC can only be obtained after a foreclosure or after you have paid off your loan. It is advisable to check the rules and regulations associated with the foreclosure with the respective bank.

It can take anywhere between 48 hours to 15 days once all the documents have been received. If all the document are valid and the bank find the applicant to be capable of paying the EMIs on time or have a pre-approved loan from the bank, they will approve the car loan quickly.