Getting a car loan today is easy. Get all the info on the scenario beforehand, so you know what is in store for you. Taking a loan means, you can buy a vehicle without spending all your money upfront; but it ties you down to regular payments until you pay off the borrowed amount.

The most popular option is the Hire Purchase System, whereby EMI’s are adjusted towards repayment of the principal amount and the accrued interest.

Normal Eligibility Criteria:

* Minimum age of applicant: 18 years (Salaried) and 21 years (Self Employed).
* Maximum age of applicant at Loan Maturity: 60 years (Salaried) and 70 years (Self Employed).
* For Salaried Employees: Should have worked for one year in the current company.
* For Self Employed: Should have been at least 2 years in the business.
* Minimum Loan Amount generally given is Rupees One Lakh.

Documentation Required for Car Loans:

* Address Proof
* Identity Proof
* Income Proof