cAR LOAN

Call Us Today 9370672252/ 9822142252

Overview

“Planning to buy your Dream Car? “Hmm, so what is stopping you?

No need to wait any more. Here we come up with the perfect Financial Plan for purchase of your Dream Car. Car Loans are a unique product designed specifically for purchase of your New Car / Pre-Owned Cars of your own desire. Car Loans are Hassle free loans, provided at your doorstep as and when you require it. All that you need to do is decide on the make and Model of the car you like and leave the rest to us. Our team will prepare a customised and User friendly Loan option to finance your dream.  

You could avail this facility for Pre-Owned Cars as well and if you are looking for an additional enhancement on your existing Car Loan, we could help you with this as well.  We could also provide you additional funds for fulfilling your Loan needs against you existing Cars as well. These Loans can be availed by both Salaried as well as Self Employed Individuals based on their requirements. As mentioned earlier, this process is quite hassle free with an Instant approval and customized as per your needs.

Features

Product Overview

  • Customized Car Loan Solutions with attractive interest rates without any kind of third-party guarantee.
  • Quick Processing and Hassle free loans with minimum documentation requirements which could be repaid in convenient easy monthly instalments.

Funding

We fund 80 to 90% of the Car’s Ex-Show Room Price.

For Pr-Owned Cars, we can fund up to 75% of the Car’s Market Value.

 

Criteria

An Applicant could apply for a Car Loan in his own Individual capacity. If required, any of his immediate family member could act as a co-applicant for the sake of fulfilling his eligibility or other stability norms.

Quantum

Maximum Tenure of 7 Years based on the credentials as well as restricted to Bank’s Policies and other criteria norms.

CIBIL Score

Financial Institutions and Banks will check the Credit Report which is downloaded from Credit Bureau of India Ltd website to understand the applicant’s & co-applicant’s past repayment history and also to understand the existing Loan obligations serviced by the Individual. Based on this past History and Loan Obligations, the Financial Institutions finally appraise the said proposal for final sanctioning. Based on the Cibil score, the final Car Loan interest rates could also vary.

Car Loan Eligibility Norms

Loan Sanction Criteria could vary based on the Profile of the Customer such as his Company’s Profile, his Designation and whether his company has been listed.  Salaried Individuals working in Government Organizations as well as in Schools and Colleges are also considered. For Self Employed Individuals, the final loan assessment takes place based on his existing Business stability as well as considering his financial documents.

For Salaried Individuals, the calculations are normally done based on the Net Income Salary which is credited in the Bank Account along with other fixed monthly obligations which are normally deducted from take home salary. Based on the net amount, the final eligible loans amount is derived.

Similarly, for self employed Business owners, the criteria is almost the same where you consider the financial income documents and you deduct his existing loan obligation while deriving the final eligible amount.

Rate of Interest

Interest Rates vary based on the Cibil Score, Proportionate funding amount to the Car Value and it also depends on various other Parameters such as his Car Segment, Loan Amount & Profile of the Customer.

Lesser the Interest Rate, lesser would be the EMI charged which could in turn Increase the Loan Amount proportion.

Car Loan Processing Fees & Other Charges

Apart from Car Loan Interest, Banks and other Financial Institutions will charge a Fixed Nominal Charges which normally needs to be paid at the time of Loan Processing. While making your comparisons make sure you also consider these charges. Below are details of this charges which are normally paid at the time of Loan Disbursement:–

Processing Fees

 While processing your Loan Application, Banks and other Financial Institutions normally charge you a Processing Fee. This is considered to be the charges for processing of your Loan documents and overall cost which includes Sales and Back-end process as well as documentation verification and other credit checks. These charges are likely to vary with different Banks.

For Cars, it varies from 0.25 to 0.5% based on the Loan Amount, as well as Banks or Financial Institutions.

 

Loan Insurance

In Order to Secure the Loan Proposal, the Bank provides a Loan Cover in order to secure the Loan. Cover could be of Different types in order to reduce the premium amount such as Accidental Death Cover or Complete Loan Cover due to natural death. The Insurance amount is added to the Loan Amount which indirectly increases the EMI amount.

Franking, Notary and Car Hypothecation Charges

While Executing the Loan Agreement between the Financial Institutions and Customer, the State Government normally charges a Nominal Stamp Duty which the Customer needs to bear along with the Legal Fees during execution of the Loan Agreement. Hypothecation charges will vary with different Banks and other Financial Institutions.

Post Loan Disbursement

Customers need to be aware of the below charges which could be charged

  • Cheque / ECS Dishonour Charges
  • Penal Interest Charges
  • Rate Conversion Fees
  • Duplicate Loan Statement & Other Related Documents

Preclosing Charges

For Car Loans, the Preclosure Charges may vary from 2 to 4% or may depend on other criteria which could vary within the Bank or Financial Institutions. For Car Loans special approvals could be taken at the time of Loan Sanctioning which could be taken on exceptional basis.

 

 

Car Loan Documentation Details

Below Documents need to be submitted along with your Loan Application

 
Documentations
Options
KYC Documents
Check box
Income Documents
Bank Statements
Existing Loan Details
Car Quotation & Related Documents

Above List could vary based on the Banks and other Financial Institutions and solely depend on the Final credit approval provided any additional documentations required for final credit assessment.

Tenure

As mentioned earlier, the maximum tenure an Individual can apply is for 7 years. It is always subject to Credit Norms and the loan terms which is finalized could be reduced on the sole discretion of the Banks and other Financial Institutions.

Car Balance Transfer & Re-Finance Option

In case of Existing Car Loans, we also have an option of transferring the Loan to another Financer and we could also enhance the amount as a Top-up which could be utilized for fulfilling your Personal requirements. This product could actually facilitate and will allow you to utilize the enhanced amount for fulfilling your other challenges in your Business or planning some of your Personal needs. Based on your Existing Financial Documents we could Fund up to 200% of the Car valuation and this could vary based on the Customer Profile and his other financial documents as well.

 

We'd love to hear from you

Contact Us

Atharva Financial Solutions is one of the leading Financial Consultant Services established in 2007 to produce fast and reliable fund-raising solutions all over India.

Reach us through

  • B-8 Aaradhana Society
    42/2 A Shivaji Nagar
    Pune :- 411005
  • 9370672252/ 9822142252
  • contact@yoursite.com

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