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476.    How to get a car loan in India - Documents required to get car loan .  .  .

Questions:  Hi, I am an UK National and holds OCI, working in India since a 8 months now. What I wanted to know is whether am I eligible and can I apply for CAR LOANS to buy a car here? and if yes! then what's the procedure and document list? And secondly, which all bank can avail me car loan? I am particularly interested in getting loan through SBI, as they have the best rate of interest, as of today. A quick response would really be very helpful. Regards, Sandeep Answer:  Car loans are the easiest to get in India. As an OCI status holder working in India, you probably have a bank account in India. The most appropriate method of applying for a car loan would be to contact the bank where you normally do your banking in India. While it is easier and convenient to apply for a car loan where a person normally banks, the choice to apply to any lending institution is always there.

General information on getting a car loan in India

Normally Indian banks will allow a car loan of up to 85% of the car value or 48 times of net monthly Income of the borrower.  Usually there is no such thing as a pre-payment penalty and car loans can be paid off at any time. LTV 85% of 'On Road Price' of car (includes registration, insurance and   cost of accessories worth Rs 25000), 90% in case of Corporate Salary Package accounts Who can get a car loan in India: Individual who wish to apply for a car loan at banks in India should be: 1. between the age of 21-65 years of age. 2. Have full time employment with a reputed company 3. Businessmen should have tax records to show some sort of proof of their income 4. The Net annual income of persons apply for a car loan in India should be at least Rs. 2,50,000/- or above

Documents Required to get car loan in India

While each lending institution would have their own list of documents required to get a car loan, some of the documents required are listed below: Statement of Bank account of the borrower for last 6 months. Passport size photographs of borrower A copy of passport /voters ID card/PAN card. Proof of residence. Latest salary-slip showing all deductions Income tax returns for usually the past two years.

NRI Car Loans in India

Non-resident Indians (NRIs) may be required by banks in India to have a relative resident in India to act as a guarantor for the car loan. Generally a blood relative is what the banks want.

Processing Fee for car loans in India

While in western countries there are no fees for processing loans, in India usually there is a car loan processing fee. Processing fees are charged based on the loan amount and normally are capped at approximately Rs. 5000 or so.  
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476. How to get a car loan in India -

Documents required to get car loan

Questions:  Hi, I am an UK National and holds OCI, working in India since a 8 months now. What I wanted to know is whether am I eligible and can I apply for CAR LOANS to buy a car here? and if yes! then what's the procedure and document list? And secondly, which all bank can avail me car loan? I am particularly interested in getting loan through SBI, as they have the best rate of interest, as of today. A quick response would really be very helpful. Regards, Sandeep Answer:  Car loans are the easiest to get in India. As an OCI status holder working in India, you probably have a bank account in India. The most appropriate method of applying for a car loan would be to contact the bank where you normally do your banking in India. While it is easier and convenient to apply for a car loan where a person normally banks, the choice to apply to any lending institution is always there.

General information on getting a car

loan in India

Normally Indian banks will allow a car loan of up to 85% of the car value or 48 times of net monthly Income of the borrower.  Usually there is no such thing as a pre-payment penalty and car loans can be paid off at any time. LTV 85% of 'On Road Price' of car (includes registration, insurance and   cost of accessories worth Rs 25000), 90% in case of Corporate Salary Package accounts Who can get a car loan in India: Individual who wish to apply for a car loan at banks in India should be: 1. between the age of 21-65 years of age. 2. Have full time employment with a reputed company 3. Businessmen should have tax records to show some sort of proof of their income 4. The Net annual income of persons apply for a car loan in India should be at least Rs. 2,50,000/- or above

Documents Required to get car loan

in India

While each lending institution would have their own list of documents required to get a car loan, some of the documents required are listed below: Statement of Bank account of the borrower for last 6 months. Passport size photographs of borrower A copy of passport /voters ID card/PAN card. Proof of residence. Latest salary-slip showing all deductions Income tax returns for usually the past two years.

NRI Car Loans in India

Non-resident Indians (NRIs) may be required by banks in India to have a relative resident in India to act as a guarantor for the car loan. Generally a blood relative is what the banks want.

Processing Fee for car loans in India

While in western countries there are no fees for processing loans, in India usually there is a car loan processing fee. Processing fees are charged based on the loan amount and normally are capped at approximately Rs. 5000 or so.

   More Car Info for NRIs 

Import Car to India - Customs Duties in India  >> How NRIs can register a car in India  >> Documents required when buying or selling car in India  >> NRI gift a car program in India  >> Renting a car in India  >> Selling your car in India Alert for NRIs leaving India  >>
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