Getting Your First Car Has Never Been this Easy!
In India, there are several banks and NBFCs that provide car loans at attractive interest rates and easy terms. We at ReferLoan are helping people get new car loans with a completely online process and easy disbursal.
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, the amount will be disbursed to your account shortly.
Advantages of Getting a New Car Loan from ReferLoan
You’re here because you want to buy a new car which is a great idea, but thinking about it and buying might affect with the finances. So, you’re here in the right place. No matter which car you want and how much the loan amount everything can be done easily with fastest loan disbursal as well as because we are trusted and linked with more then 100+ financial institutions.
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Minimal Documentation
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Rapid Procedure
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Instant Approval
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Determined Loan Tenure
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Low-Interest Rates
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Wide Range of Lenders
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No Collateral Required*
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Flexible EMIs
All You Need to Know About ReferLoan New Car Loan
We at ReferLoan are here to help you get a new car loan in the easiest way. Our seamless process and 100% transparency are what attract our customers the most. We at ReferLoan assist you to get a new car loan with an attractive interest rate. We have a plethora of options for you to choose from so that you have ample choices available at your end.
| Car Loan Details | |
|---|---|
| Interest Rate | 7.00% onwards |
| Processing Fees | Depends on Bank |
| Loan Tenure | 1 Year to 8 Year |
| Pre-closure Charges | Varies with Bank |
| Guarantor Requirement | Varies with Bank |
Eligibility for a New Car Loan
Age of applicant
The age of the applicant always plays an important role in the rate of interest as well as the tenure of the Personal Loan and the minimum age should be 18 Years and the maximum age decided is 75 Years.
Income of applicant
The loan amount is decided by the income of the applicant and the income should not be less than Rs.20,000/- per month
Continuity of Job
At least 1 year of employment with the current employer
CIBIL score
It was always recommended to have a CIBIL score of 700 and if your CIBIL score is no less than 650 then you’re also eligible for the loan amount.
Occupation
The eligibility is different, but the applicant who is salaried employees, self–employed professionals, self–employed nonprofessionals, and private limited companies are applicable.
Required Documents for a New Car Loan
PAN Card
Aadhaar Card
Driving Licence
Voter ID
Passport
Registered rent agreement
Current passport size photograph
Salaried income documents
Self Employed person documents
Salaried income documents
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Last 3 months' salary slip
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Form 16 of last 2 years
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Income Tax Return if any of last 2 Years
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Last 3 months' bank statement if the salary directly credited in the bank account
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Certificate of employment from current employer
Self Employed person documents
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Income tax returns of previous 2 years
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Statement of finances with a proper balance sheet with profit and loss in that sheet
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Bank statement with continuity of business
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GST registration evidence of business
Other documentations
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Cancel cheque or bank passbook front page copy
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Any recent loan with a proper repayment sheet
Factors You Should Keep in Mind Before Applying for a New Car Loan
It is preferable to get a pre-approved loan when you need money to pay for the new car you have had your eye on for a while. You can keep a check on a few factors before applying for a Car Loan to increase your chance of approval.
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Examine your loan’s needs.
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Do proper research to get the best rate
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Examine your credit report
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Carefully read the fine print on your loan agreement.
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Assess your repayment ability before deciding on a loan term
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Select a reasonable interest rate.
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Examine your EMIs thoroughly
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Examine the processing costs
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Depending on your option, choose a fixed or variable interest rate
What is a New Car Loan?
Your way to drive smoothly to your destination without suffering the traffic hassleA car loan, or an auto loan, is a sum of money a borrower obtains from a financial institution to purchase a vehicle. It's usually secured through a lien against the vehicle being purchased. If a borrower fails to make payments according to the terms of their loan agreement, the lender will repossess the vehicle.
