Car Loans

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Car Loans

What is Car Loan?

Basic Fact Sheet Is Security Required? | Yes (the Car being purchased) | Is Guarantor Required? | No | What is the Tenure? | 1 to 6 years | What is the Interest Rate? | 10.5% to 15% (Diminishing) | Is Part Payment Allowed? | Yes | Is Pre-Closure Allowed? | Yes | Is Balance Transfer Allowed? | Yes | What is the minimum Salary? | Rs. 10,000 /- Net (pm) | How many days does it take? | 5 to 10 days | What is the loan amount? | Rs. 1,00,000 /- to Rs. 1,00,00,000 /- (and more) |

What is the Procedure for Car Loan?

Compare What goes in here? | Customer details and Requirements | Who are involved? | Customer & ezloans / Bank / DSA | How much time does it take? | 2 minutes to 1 day | What is the result here? | Selecting a Bank and Loan type |

Apply What goes in here? | Documents | Who are involved? | Customer & ezloans / Bank / DSA | How much time does it take? | 1 day to 2 days | What is the result here? | Collecting, Preparing and Submitting the documents |

Credit What goes in here? | Loan File | Who are involved? | ezloans / Bank / DSA & Credit Manager, Verifying Team | How much time does it take? | 1 day to 3 days | What is the result here? | Sanctioning or Declining of the Loan |

Agreement What goes in here? | Sanction Letter & Blank Loan Agreement | Who are involved? | ezloans / Bank / DSA & Customer | How much time does it take? | 1 day to 2 days | What is the result here? | Collecting, Preparing and Submitting the Agreement |

Disburse What goes in here? | Loan Agreement | Who are involved? | Disbursement Team & Customer | How much time does it take? | 1 day to 3 days | What is the result here? | Release of Payment (DD / RTGS) |

Car Loan Documents Required,
Along with Car Loan Application Form and generally 2 passport size photographs, below is set of documents needed for Car Loan :-
- KYC (in Bank Terminology its called Know your Customer

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