CATEGORY Car Name (Best Selling as per Nov’15) Price (Rs.) Eligibility for loan Loan taken EMI (Rs.) Interest Rate Tenure Down Payment Processing Fees Cash Discount Freebies Documents required
MPV Maruti Ertiga               980,000 21 to 60 years for salaried class borrowers with a minimum one year in employment and 21 – 65 years for self-employed borrowers.     490,000          10,910 9.80% to 12.50% 1 to 7 years 10% of Ex- Showroom Price Rs. 0 to Rs. 10,000 Rs. 20,000 Exchange discount No Freebies The application has to accompany the following documents:
a)Two Passport size photographs.
b)Quotation from the dealer for the car to be purchased / copy of Sale Agreement with the seller in case of a used car.
c)Valuation Certificate from approved valuer in case of a used car.
d)Proof of identification (Not required in case of existing account holders) – Copy of Passport, Identity Card issued by the employer, Voter Id Card, PAN Card etc.,
e)Proof of address – Copy of a utility bill (electricity, water, telephone, gas etc.) in borrower’s name at the given address, Voter Id Card, letter from employer, Credit Card statement etc.
f)Proof of income : Latest salary Slip showing all deductions and
g)Copy of Form 16 issued by the employer for past one/ two years or copies of income tax returns filed.
h)Statement of Bank Account for last 12/24 months.
i)Post dated cheques for the monthly installments of the loan
SEDAN Honda Amaze               870,000 21 to 60 years for salaried class borrowers with a minimum one year in employment and 21 – 65 years for self-employed borrowers.     435,000             9,686 9.80% to 12.50% 1 to 7 years 10% of Ex- Showroom Price Rs. 0 to Rs. 10,000 Rs. 20,000 Exchange bonus 1st year insurance The application has to accompany the following documents:
a)Two Passport size photographs.
b)Quotation from the dealer for the car to be purchased / copy of Sale Agreement with the seller in case of a used car.
c)Valuation Certificate from approved valuer in case of a used car.
d)Proof of identification (Not required in case of existing account holders) – Copy of Passport, Identity Card issued by the employer, Voter Id Card, PAN Card etc.,
e)Proof of address – Copy of a utility bill (electricity, water, telephone, gas etc.) in borrower’s name at the given address, Voter Id Card, letter from employer, Credit Card statement etc.
f)Proof of income : Latest salary Slip showing all deductions and
g)Copy of Form 16 issued by the employer for past one/ two years or copies of income tax returns filed.
h)Statement of Bank Account for last 12/24 months.
i)Post dated cheques for the monthly installments of the loan
HATCHBACK Ford Figo               741,000 21 to 60 years for salaried class borrowers with a minimum one year in employment and 21 – 65 years for self-employed borrowers.     370,500             8,250 9.80% to 12.50% 1 to 7 years 10% of Ex- Showroom Price Rs. 0 to Rs. 10,000 Upto Rs. 25,000 Exchange Bonus 1st year insurance, extended warranty The application has to accompany the following documents:
a)Two Passport size photographs.
b)Quotation from the dealer for the car to be purchased / copy of Sale Agreement with the seller in case of a used car.
c)Valuation Certificate from approved valuer in case of a used car.
d)Proof of identification (Not required in case of existing account holders) – Copy of Passport, Identity Card issued by the employer, Voter Id Card, PAN Card etc.,
e)Proof of address – Copy of a utility bill (electricity, water, telephone, gas etc.) in borrower’s name at the given address, Voter Id Card, letter from employer, Credit Card statement etc.
f)Proof of income : Latest salary Slip showing all deductions and
g)Copy of Form 16 issued by the employer for past one/ two years or copies of income tax returns filed.
h)Statement of Bank Account for last 12/24 months.
i)Post dated cheques for the monthly installments of the loan
EXECUTIVE SEDAN Toyota Corolla            1,830,000 21 to 60 years for salaried class borrowers with a minimum one year in employment and 21 – 65 years for self-employed borrowers.     915,000          20,373 9.80% to 12.50% 1 to 7 years 10% of Ex- Showroom Price Rs. 0 to Rs. 10,000 No Discount Schemes Rs. 50,000 worth Accessories Package The application has to accompany the following documents:
a)Two Passport size photographs.
b)Quotation from the dealer for the car to be purchased / copy of Sale Agreement with the seller in case of a used car.
c)Valuation Certificate from approved valuer in case of a used car.
d)Proof of identification (Not required in case of existing account holders) – Copy of Passport, Identity Card issued by the employer, Voter Id Card, PAN Card etc.,
e)Proof of address – Copy of a utility bill (electricity, water, telephone, gas etc.) in borrower’s name at the given address, Voter Id Card, letter from employer, Credit Card statement etc.
f)Proof of income : Latest salary Slip showing all deductions and
g)Copy of Form 16 issued by the employer for past one/ two years or copies of income tax returns filed.
h)Statement of Bank Account for last 12/24 months.
i)Post dated cheques for the monthly installments of the loan
SUV Hyundai Creta            1,450,000 21 to 60 years for salaried class borrowers with a minimum one year in employment and 21 – 65 years for self-employed borrowers.     725,000          16,143 9.80% to 12.50% 1 to 7 years 10% of Ex- Showroom Price Rs. 0 to Rs. 10,000 No Discount Schemes No Freebies (Waiting Period of 4 weeks to 12 weeks) The application has to accompany the following documents:
a)Two Passport size photographs.
b)Quotation from the dealer for the car to be purchased / copy of Sale Agreement with the seller in case of a used car.
c)Valuation Certificate from approved valuer in case of a used car.
d)Proof of identification (Not required in case of existing account holders) – Copy of Passport, Identity Card issued by the employer, Voter Id Card, PAN Card etc.,
e)Proof of address – Copy of a utility bill (electricity, water, telephone, gas etc.) in borrower’s name at the given address, Voter Id Card, letter from employer, Credit Card statement etc.
f)Proof of income : Latest salary Slip showing all deductions and
g)Copy of Form 16 issued by the employer for past one/ two years or copies of income tax returns filed.
h)Statement of Bank Account for last 12/24 months.
i)Post dated cheques for the monthly installments of the loan

 

Sr. No. Assumption
1 Top end model is considered in each category.
2 For calculation of EMI, tenure taken as 5 years & bank interest rate is assumed to be 12.50%.
3 Loan taken is 50% of the car price.
4 City assumed is Mumbai.

 

Sr. No. Source
1 http://finotax.com/itp/carloan
2 http://loanpaisa.com/Page_content.aspx?Pid=4&Sid=3
3 http://www.myiris.co.in/loans/article/autoArt.php?autoartno=3
4 http://login2loans.com/car-loan.aspx#features & benfits
5 www.cardekho.com

 

Credits- Divya Agarwal