#182/B, First floor, B.K Guda, S.R.Nagar, Hyderabad

New Car Finance

A car is not just for comfort but also a requirement in our fast-paced world. New car prices have increased over the years and you might just burn out from all the waiting from saving up for a brand new car. This is why our New Car Finance lets you borrow money when you need it the most. Our new car finance comes with hassle-free procedures, low-interest rates and faster approval of loans.

Eligibility

Salaried individuals who are eligible for a car loan

Minimum 21 years of age

Maximum 60 years of age at maturity (conditions apply)

Minimum Net Annual Salary of Rs. 2,40,000 p.a. for all approved car models

Income eligibility based on latest salary slip and Form 16

Minimum of 1-year continuous employment

Self-employed individuals who are eligible for a car loan

Minimum 18 years of age

Maximum 65 years of age at loan maturity

Minimum Net Annual Business income of Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others

Income eligibility based on latest Income Tax Returns

Minimum 3 years of employment in the same line of business

Self-employed non-individuals who are eligible for a car loan

Minimum Net Annual Business income or Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others

Income eligibility based on latest 2 years Income Tax Returns and audited financials of 2 years along with computation of income

Minimum 3 years of employment in the same line of business

Documents Required

Salaried

  • Statement of bank accounts for the last 6 months.
  • 2 passport size photographs
  • Proof of Identity
  • Address Proof
  • Income Proof: Latest Salary Slip, Form 16
  • T. Returns or Form 16 for the last 2 years.
  • Proof of Identity : – (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. Address Proof:- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

Documents Required

Non-Salaried/ Professional/Businessmen

  • Statement of bank accounts for the last 6 months.
  • 2 passport size photographs
  • Proof of Identity
  • Address Proof
  • Income Proof: ITR for last 2 years
  • T. Returns or Form 16 for the last 2 years.
  • Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate/sales tax certificate / SSI registered certificate/copy of partnership.
  • Proof of Identity : – (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

Common Questions

Unless otherwise specified, almost all small to medium-sized cars, Sports Utility Vehicles (SUV) and Multi Utility Vehicles (MUV) come under the purview of this loan.
Repayment tenures usually range from 12 months to 84 months (1-7 years).
A high credit score above 750 is ideal.
A loan guarantor or a co-borrower is only required if you are unable to meet the eligibility criteria.
No. Unlike a home loan, a car loan has no tax savings benefits.

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