INTEREST RATE FOR USED CAR LOAN BANK OF INDIA Car Loan | Finance Destination

Car Loan

8.90% *

Rate of Interest

About Car Loan:

There was a time when owning a car was a luxury not all could afford to have. Buying a car was a life milestone for everyone who could shell out those huge amounts of money all at once to buy their dream car. Therefore, viewing the huge demand for financing both used and new cars, leading loan lenders in India offer car loans, which are floated products, which enable you to purchase your car and pay off the car loan amount borrowed bit by bit through car loan EMIs or installments.

Interest rate for
New Car Loan

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Interest rate for
Used Car Loan

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Features of Car Loan:

  • One can opt for new or used car loan depending upon the need and the kind of car requirement. Though, most people prefer a car loan over new cars and not the second hand ones.
  • Car loans in India generally provide a fixed rate of interest option while repayment through EMIs. This keeps you assured of a fixed repayable amount on a monthly basis towards the car loan, facilitating better budget planning without disturbing your usual expenses.
  • A bank offering car loan mostly also provide flexible repayment tenure options of 1-7 years to repay the car loan amount in regular EMIs.
  • Car loans in India are often easier to avail when compared to any other loans and involves easy documentation with clear instructions and guidance throughout the full car loan approval and sanction process.
  • Car loan borrowers can avail loans up to Rs. 1.5 cores, mostly comprising of 100% of the vehicle's on-road price.
  • Most banks have reasonable EMIs within flexible tenure options to offer on Car loans.

Documents For Car Loan:

We are working with different products such as BL, PL, HE, HL,Car Loan & Used Car Loan at various locations.
  • For Self-employed Persons
  • 1) One Photograph
  • 2) Copy of ID Proof / Signature Proof / Date of Birth proof: PAN Card/ Valid Passport
  • 3) Copy of latest Address Proof
  • 4) Business proof.
  • 5) Business Address Proof
  • 6) Last 2 years Income Tax Returns with Computation of Income, Balance sheet and Profit& Loss Account along with Annexure (CA certified or Audited) Individual as well as of company.
  • 7) Bank statement for last 1 year – All Accounts (Self and Business).
  • 8) Existing Loan statement or Sanction letter for all current loans. (If any).
  • 9) RC Book & insurance policy copy for used car
  • For Salaried Individuals
  • 1) One Photograph each of App and Co applicant.
  • 2) Copy of ID Proof / Signature Proof / Date of Birth proof: PAN Card/ Valid Passport.
  • 3) Last 3 Months salary slips.
  • 4) Last 2 years form no 16.
  • 5) Bank Statement of last six months.
  • 6) Copy of latest Address Proof
  • 7) RC Book & insurance policy copy for used car