To be eligible for an LoanOnMind New or Used Car Loan, applicants must adhere to the below-mentioned car loan eligibility criteria
As proof of address, applicants can provide a copy of any of the following documents:
- Documents of title
- EC for 13 years
- Possession certificate
- Location sketch
- Land tax receipt
- Building tax receipt
Frequently Ask Questions
Car loans are granted to:
Individuals, Sole Proprietorships, Partnership firms, Companies, Trusts, Educational Institutions and any other lawful organizations with adequate / regular income to repay the loan.
New Vehicles : Maximum 84 months for Resident customers and maximum 60 months for NRI customers
Used Vehicles : Maximum 84 months for Resident customers and maximum 60 months for NRI customers with the condition that the total of loan period and age of the vehnicle shall not exceed 10 years
Car loan interest rate will change subject to the changes made by Bank/RBI from time to time. Please click here to know latest car loan interest rates. Whenever car loan interest rates are changed, new rates and corresponding EMI shall be communicated to the borrower.
Repayment of car loans are to be made in Equated Monthly Installments (EMI).
EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your LoanOnMind car loan. Your housing loan EMIs are fixed at the time of availing the loan. EMI's are used to pay both interest and principal amount of a loan in a way that over a specific number of years, the loan amount is repaid to the bank along with interest.
Fixed rate of interest means interest rate remains constant during the entire tenure of the loan.
Floating rate of interest means interest rate fluctuates based on the changes in RBI’s Repo Rate.
Repo rate is the rate at which Reserve Bank of India lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation.
Under the Pre-EMI option, the borrower is required to pay only the interest on the loan amount that will be disbursed as per the progress on the construction of the project. The actual EMI payment starts after the possession of the house / flat.
You can calculate car loan EMI using our Car Loan EMI calculator by entering principle amount, tenure, rate of interest etc.
Amortization is a tabular schedule with details of interest payment and periodic principal of a loan along with the amount outstanding after each payment and the decrease of loan balance till zero.
Yes, you can make your prepayment in either part or full.