Car Loan

Are you looking forward to purchasing that dream car ?


Well, no need to fret. You need to be salaried or self employed and have around 10 / 15% of the car cost needed for a down payment. If you are capable of repaying the balance amount through monthly EMI's a number of banks like ICICI, Kotak, Hdfc among others can step ahead to provide you a loan for the same.

If you are neither salaried nor self employed, no sweat again. You need to get a guarantor / co applicant who meets the income criterias and you could still drive home your dream car. Depending on your budget you have a choice of purchasing a new car or a second sale car.

Indicative rate of interest for a 5 year loan would be :



New Car 10% to 11%.
Used Car 12% to 16%.

  Actual rates that you may get from the bank depend on various factors like car model, tenure, income, profile, and negotiating power etc.
Process ...

All that you wanted to know about car loans but could not find out :

The first step would obviously be deciding which car & model to buy. This would depend on your personal hoice, need and most importantly your budget. You could also decide on a quality checked 2nd sale car. Once you have decided rest back and let the experienced team at take over the entire burden of applying, booking and geting the loan sanctioned registration, insurance etc.


The loan Process?

  • Enquiry with
  • Submission of documents and boooking amount.
  • Verification agency representative visit.
  • Loan approval.
  • Car registration, Insurance cover and delivery.



  • Various factors are taken into account when assessing the repayment capacity. Income, age, stability / continuity of employment / business and subject to maximum provided by the bank, to name some factors.

  • How can eligibility be increased ?

    Your spouse can be a co-applicant if he / she is earning. The incomes can be clubbed to enhance your loan amount. You can also include Parents/Children as Co-Applicants for higher eligibility.

  • Who can apply for a Auto/Car Loan ?

    Salaried Individuals
    Self employed Professionals/Business men

  • Requirements.

    Min Age should be 21 years when the loan is sanctioned . The loan tenor is from 5 years - 25 years subject to a maximum till 58/60 years or retirement ,whichever is earlier in case of salaried and for selfemployed before 65 years. CO-Applicant can be taken for overcoming the age barrier as well. Companies/Firms to be in existance for at last 3 years.Proof of income/existance needed.

  • What are the Features of Auto/Car loan ?

    * Attractive interest rates.
    * Covers all models.
    * Flexible repayment.
    * Speedy processing.
    * Easy Documentation.
    * 80/85% of the cost of the vehicle available as loan.

  • Various rates offered in Mumbai

    Floating Rate
    Fixed Rate

  • Floating Rate Home Loan

    Loan under Floating/Adjustable Rate is linked to Retail Prime Lending Rate rates of banks. The Rate of interest will be revised every time there is a change in Retail prime lending rate. Generally the EMI is retained and the tenor of the loan is increased /decreased as applicable.

  • Fixed Rate

    currently some banks are offering fixed rates only for 3-5 years.

  • Repayment

    Repayment is normally done through Equated Monthly Instalments (EMIs) comprising both principal and interest.Either through post dated cheques (PDC) or ECS (Electronic clearing system).

  • Documents Required.

    The following documents needs to be submitted :

    * Application form with photograph.
    * Identity and Residence Proof.
    * Latest 3 months Salary-slips-for salaried.
    * 2 years I T Returns-for self employed.
    * Proof of business existence- min 3 years..
    * Last 6 months bank statements.

  • Fees

    Currently ranges from 0.5%- 1% of the loan amount applied plus applicable service taxes and cess Part Payment/Prepayment.Part /Prepayment of loan is possible. Charges vary from bank to bank.


  • How do I get an Auto Loan?

    Apply on Get rates quoted by various banks under one roof.

  • What is the age limit?

  • Minimum Age is 21 years and maximum 65 years .

  • How much loan can I get?
    The amount of the loan depends upon :
    1. The cost of the vehicle.
    2. The type (standard/premium).
    3. The percentage financing offered.

If you are buying a new car, you can get up to 80% to 90% financing. The percentage of finance the banks give on cars is also determined on the basis of second-hand market value of that particular car in case of second hand car.

  • What documents do I need to give?
  1. Photograph.
  2. ID Proof(Pan card,Driving Liscence,Passport)
  3. Proof of signature.
  4. Proof of Age.
  5. Residence and office address proof.
  6. Income proof(salary Slips or IT Returns)
  7. Bank Statements.

  • What is the rate of interest ?
    Rate of interest would vary from 12% to 18% for a new car and 16% to 18% for a second hand car.How long does it take to get a loan sanctioned?It would take between 3/4 days after submision of all documents for a loan to be sanctioned.Can I get a loan to purchase a second hand car?

  • Yes Finance is available on a second hand car whish is less then 7 years old. The loan amount would depend on the valuation of the car done by the financer. Is collateral required to get a loan?
    No, there is no need for collateral, the car is hypothecated in the banks name and an endorsement is made in the Registration ertificate (RC) book of the vehicle.

  • How do I create a better profile to avail a loan?
    If the credit profile does not match the banks requirement it can be reinforced by bringing in a co-applicant who would be able to match the requirement. Are auto loan available without income proof? Yes you can, under the No Income Proof scheme offered by some banks. Can the loan amount be enhanced? The Loan amount can be increased by clubbing Co applicant's income.

  • Is a guarantor required ?
    Generally no,but a guarantor ike father, mother, son, daughter, husband, brother, sister, son's, wife etc is required in case income profile is not met.

  • How is the interest calculated?
    The interest is usually calculated on a flat rate or on a reducing balance which can be either daily, monthly, quarterly or annually.

  • What is the loan tenure ?
    Usually auto loan tenure is available from 1 to 7 years. The tenure would depend on various factors like the financer car segment, income, customer profile etc Is Part payment.

  • Prepayment option available?
    Yes prepayment is possible by paying prepayment fees on the outstanding principal. There is no part payment facility available.


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   Latest News has already gained acceptance and popularity amongst applicants for the above products in a very short time span through peer reviews and word of mouth publicity.The vision of eazeeloans is to provide the best offer in relation to services such as documentation,rate of interest and loan quantum in a personalised manner tailor made for each customer all available under one roof. aims to be the ultimate destination for every kind of Consumer finance solution. With support of Finance Partners and efficient service provides speedy loans.A team of dedicated and trained staff takes care of all the documentation and other formalities. provides one window and tailor-made solutions for customers unique loan requirements & needs.Many new features and applications will soon be added to give visitors a more complete and fulfilling experience. 

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