Drive away a brand-new car or a pre-owned car with 100% quick and cost-effective financing. Buying your dream car gets a lot easier with Express Paisa as it serves you with hassle free car loans. We present you an excellent opportunity to own your favorite car at low-interest rates and great service deals.
What is a Car Loan?
To own and drive their favorite car is a dream of all. Unfortunately, not all can afford the stock of cash required in purchasing a brand new or a pre-owned car. To turn this necessity into a reality one has an option wherein he/she can procure finance from a bank or an NBFC. Buying a car loan will ensure that you need not pay the whole sum of the cash and pay the amount in the sum of monthly affordable EMI’s.
By opting for a car loan from a leading financial institution, you receive money in a whole sum, which you can then repay with interest over time. Amount of the loan, repayment tenure and the interest rates depends upon your monthly payment i.e. the EMIs.
The most feasible way to purchase a car is through a car loan. After researching in the market and finalising on the car of your choice, it becomes extremely critical to have a financial partner who can assist you in getting the finest car loan from the finest financial institution available. At Express Paisa, we help you to reach this feat by analyzing the best loan amount at the most competitive interest rates and keep you worry free at the financial front.
What is a Used Car Loan?
At times, it may not be a good idea to buy a new car as it may add up additional and unbearable monthly expenses. The need or the luxury could be sufficed by a purchase of a pre-owned car. A used car loan could be the best option to avail as it will need lesser down payment amount and lesser loan amount as a whole. Having the right knowledge of the interest rate and the applicable banks and NBFC’s is extremely important while availing a used car loan.
It is essential to know your eligibility before applying for a car loan as it defines the type of the loan that you can apply for. Although the fundamental criteria remain the same, it varies slightly from bank to bank.
Minimum 21 and maximum 70 years of age with annual salary of 2.5 lakh and at least one year of continuous employment.
Minimum 18 and maximum 75 years of age with minimum annual business income of 1.5 – 2 lakhs with minimum three years of work in the same business.
Documentations for a car loan
Duly signed and filled application form, Bank statements and salary slips, identity and residence proof etc. are the general documents considered.
All the essential documents as suggested by the respective bank needs to be produced, out of which the fundamental ones are
Duly signed and filled application form
Identity and residence proof
Last 6 months’ bank statements
Latest 3 months’ salary slips for salaried person
Latest 3 years Income Tax Returns with computation of Income along with CA Certified / Audited Balance Sheet and Profit & Loss Account statements for self employed
Unlike other finance companies Express Paisa goes that extra mile in understanding a customer and then suggesting an apt product for the loan. Your personal banking executive from Express Paisa will be at your doorstep on demand to clear all your doubts and present you a perfect loan product.
It follows the following 4 simple steps for a quick approval of your loan
Select Loan Type
We will customize offers with the top banks and best deals for you covering all your needs, all at the comfort of your home
No need to take a single step out of your house as we will help you from application form filling to documents collection and submission
Verification by Banks and Credit Assessment
We will provide complete assistance on bank’s internal checks on your identity, residence, office, income, CIBIL, risk assessment
Instant Loan Approval and Disbursement
We will do the required follow ups with the banks and ensure you a smooth delivery of loan amount in your bank
Why Express Paisa?
There are companies and agencies which claim to provide loans with attractive numbers and offers but it is crucial to know the minute intricacies before finalization for the loan not to be a burden.
At Express Paisa, the team of experts helps the borrower with the accurate information of the loan type to be availed by understanding the specific requirement and then suggesting the optimal one with best interest rates.
Partnerships with over 50 Banks
1 Crore+ Satisfied Customer Base
125 Crore+ Monthly Loan Disbursal
Present in 75+ Locations Pan India
Hassle Free Express Loan Approval
Complete End to End Support
Services at the Comfort of Your Home with Home Delivery
100% Free of Cost Service – No Hidden Charges
Negotiations for Higher Discounts & Lower Interest rates
No, there is no such compulsion of a personal guarantor when you apply for a car loan. It is required only at the instances where your credit profile does not match the lender’s requirements by any case. Applying with a co-applicant again relieves you with the formality of providing a guarantor.
If at all you need a guarantor, then it could be your father, mother, son, daughter, husband, brother, sister, son’s wife etc. However, to consider them as guarantors for the loan, they should abide by all the norms like age, profile, etc. of the lending bank or NBFC.
The maximum loan amount that gets approved varies from one bank to another. In general, banks approve loan amounts ranging from 80-90% of the on-road price of the selected car. There are few banks who lend 100% of the car’s ex-showroom price as well. The percentage of the finance to be approved depends upon the type (standard/premium) and price of the car and also whether the loan is for a new car or a pre-owned/used car.
In almost all banks, there is no specific salary requirement. But your loan application might get rejected sometimes in case your salary does not exceed a predetermined threshold of a specific bank you opt for. To avoid rejections in such cases, you can apply with a co-borrower and thus increase your chances of successful car loan application.
Though missing one or two payments are ignored by most of the banks, you must pay the EMI’s regularly. In case you do not pay them on time, your credit score takes a hit and reduces your chances of acquiring loan in future. Your future eligibility for loan comes on stake.
The key difference is of the interest rates which are different for new/used car. Although the loan covers actual price of the car, other charges such as transfer fees, registration etc. costs are to be paid by the buyer.
I am grateful to Express Paisa who helped me out me so well in availing my car loan so easily and quickly. I thank the whole team who aided me in bringing my dream car home. The services here are truly feasible and helpful.
Mrs. Swati Sharma
Get your dream come true with Express Paisa; get the car of your choice parked at your door with instant car loan approvals.
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Our mission is to provide financial convenience and flexibility to every individual and to assist them chase their dreams in a worry free financial environment and at the same time build a long-lasting relationship with our customer.
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