What is the documents required for car loan?

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General Documents:

Documents Required Individual Cases
Salaried Self Employed
Income Proof Latest 2 Salary Slips & Latest Form 16 1. Latest ITR
Bank Statement Latest 3 months Bank Statement
Age Proof PAN / Driving Licence/ Passport/ Birth Certificate

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Likewise, can I get car loan with 30k salary?

If you have a monthly income of Rs 30,000 and aspire to buy a car, you can get a list of models including Tata Tiago, Tata Indica eV2, Maruti Suzuki Celerio, Hyundai i10 to choose from. (In Rs.) (In Rs.) (In Rs.)

Correspondingly, how can I reduce my HDFC car loan interest rate? Opting for a longer tenure will automatically bring down your EMI. For example, you will pay an EMI of Rs 2028 for a 5-year loan of Rs 1 lakh at 8% interest. But if you extend the tenure to 7 years, you can bring down the EMI by almost 25% to Rs 1559. HDFC Bank offers flexible tenures of up to 7 years.

Accordingly, how much car loan can I get on 25000 salary?

Most lenders determine the maximum loan amount up to 10 times of your monthly salary. If you earn Rs. 25,000 per month, you may become eligible for up to Rs. 2.5 Lakhs.

How much car loan can I get on 40000 salary?

It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.

6 Related Question Answers Found

Is HDFC Bank good for car loan?

With HDFC Bank Car Loan, you get the best interest rates and door step service. Interest rates start at 9.35%. You don’t need a guarantor to be eligible for this Loan. HDC Bank also gives you prepayment and foreclosure options after a waiting period of 30 months.

Is HDFC car loan fixed or floating?

Car Loan EMI of HDFC Bank is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by HDFC Bank is ₹ 1,860 per lakh loan amount at lowest car loan interest rate of 8.65%.

Is ITR required for car loan?

It is very easy in India for any salaried or self-employed person to get a car loan – even without furnishing an income tax return or any other kind of income proof. … You will have to be ready to pay a higher car loan interest rate because without an ITR, it is going to be basically an unsecured loan.

Is proof of income required for car loan?

Proof of income

When you’re applying for your loan, you’ll want to take copies of your pay stubs from the last month, showing the total of what you’ve been paid year to date. You may also be able to use bank statements to show proof of income — be prepared with up to six months of statements — or a W-2.

What is the EMI for 10 lakh car?

What is a car loan EMI calculator?

Loan amount Loan tenure EMI
Rs.5 lakh 5 years Rs.10,477
Rs.10 lakh 1 year Rs.87,637
Rs.10 lakh 5 years Rs.20,953
Rs.15 lakh 1 year Rs.1,31,456

What is the process of car loan in HDFC Bank?

For existing customers, HDFC Bank offers instant, paperless Car Loans via NetBanking. Once the loan is sanctioned, you can visit the dealer and pay the recommended finance value of the car’s price. The bank will deposit the loan funds directly into your account. You can complete your payment and booking.

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