Turn Your Car Dreams Real.
Rev up your aspirations with Bharatloansapp Car Loans. Drive home your dream vehicle with easy financing and flexible terms.
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Car Loan
Car Loan
Bharat Loans App fulfils your dream of travelling on your own wheels. Now, buy your desired car and pay for it in EMI at very low interest rates. Understanding the connected emotions between a vehicle and its owner, we provide you with up to 100% funding for the car, making the car loan process in Mohali easier and more transparent. Bharat Loans App funds you the ex-showroom value of the car from top brands like Maruti Suzuki, Hyundai, Mahindra, TATA Motors, Toyota, Renault, and many others.
Features and Benefits of our Car Loan
- Choose from a wide variety of vehicles
- Competitive interest rates
- Flexible repayment options
- Easy documentation
- Instant approval
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Car Loan Eligibility and Documents
Call to know the criteria required to apply for our Personal Loan
Car Loan Eligibility Criteria
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
For Salaried Individuals
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Individuals who are at least 21 years old at the time of loan application and no older than 60 at the end of the loan tenure
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Individuals who have worked for at least two years, with at least one year with the current employer
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Individuals with a minimum earning of Rs. 3,00,000 per year, including the income of the spouse/co-applicant.
For Self Employed Individuals
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Individuals who are at least 21 years old at the time of application and no older than 65 at the end of the loan tenure.
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Those who have been in business for at least two years.
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Should earn at least Rs. 3,000,000 per year
Documents required to apply for Car Loan
- KYC Documents – Passport/ PAN/ Aadhar (Eligibility Age Criteria is 21 years)
- Proof of Income – Salary Slips, Form 16, IT Returns, Bank Statements
- Identity and Proof of Address
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FAQ
A car loan is a financial product that provides funds to purchase a vehicle. You repay the borrowed amount with interest in installments.
We offer a range of car loans, including new car loans, used car loans, and loans for various vehicle types.
You can apply for a car loan online through our website or contact our team for guidance on the application process.
Eligibility depends on factors like your income, credit score, age, employment stability, and the car's value.
Commonly needed documents include identification proof, address proof, income proof, vehicle documents, and bank statements.
LTV ratios can vary but often range from 70% to 90%, meaning you can get a loan for 70% to 90% of the car's value.
Interest rates can be either fixed or variable, depending on the lender and the specific loan terms.
Yes, you can prepay your car loan, and there are usually no prepayment penalties for doing so.
While there may be processing fees and documentation charges, these should be disclosed transparently by the lender.
Missing an EMI payment can result in late fees and negatively impact your credit score. It's crucial to communicate with the lender in case of financial difficulties and seek options for managing the situation.
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