admin@loanonmind.com +91 93945 93945
carloan loanonmind

Eligibility Criteria

  • To avail Car Loan, you should be an individual aged 21 to 67 years, belonging to one of the following 3 categories:
  • Regular employees of Central Public Sector Enterprises (Maharatnas/ Navratnas/ Miniratnas). Defence Salary package (DSP), Para Military salary package (PMSP) & Indian Coastal Guard Package (IGSP) Customers and Short Commissioned Officers of various Defence establishments.
    Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-.
    48 times of the Net Monthly Income.
    Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses
    Net Profit or Gross Taxable income of Rs. 3, 00,000/- p.a. (income of co-applicant can be clubbed together).
    4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans.
    Persons engaged in agriculture and allied activities. Income Tax return is not required in case of agriculturists.
    Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4, 00,000/-.
    3 times of Net Annual Income.

    To be eligible for an LoanOnMind New or Used Car Loan, applicants must adhere to the below-mentioned car loan eligibility criteria

  • Applicant/individual must be aged between 21 years and 67 years.
  • The applicant must be either a Central/State Government employee, a professional or self-employed individual, or an individual who is engaged in agricultural and allied activities.
  • Documents Required

    KYC Documents

  • Two passport size photos each of the applicant/ and the co obligant
  • Identity Proof – Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card
  • Address Proof – Passport / Voters ID / Driving License / Aadhaar Card
  • Age Proof – Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate
  • NREGA job card
  • Letter issued by National Population Register (NPR).
  • As proof of address, applicants can provide a copy of any of the following documents:

  • Additional documents for Non Resident Customers - Certified copy of Passport, Visa, Work Permit, ID card
  • Resident Salaried
  • Latest Salary Certificate / Salary Slip (3 months)
  • Copies of IT returns (2 years) or Form No.16 (2 years)
  • Latest 6 month's Bank Account statement evidencing the salary credits
  • Resident Self Employed
  • Proof of Business existence & Business Profile
  • Last 12 months bank a/c statements
  • IT returns for 2 years supported by Balance Sheet, P&L Account for the past two years. Where ever available, Tax paid challans may also be collected OR Last 2 years IT returns supported by Tax calculation sheet & Tax paid challans
  • Non Resident Salaried (either of option1 or option 2)

    Option 1

  • NRE account statement with any bank for last one year
  • Embassy / CRO certified Salary Certificate/ latest 3 months salary Slip OR Latest Salary Certificate / Slip (3 months) supported by 6 months Salary Crediting Statement
  • Option 2

  • Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made.
  • Non Resident Self Employed (either of option1 or option 2)

    Option 1

  • Proof of Business existence & Business Profile
  • Last 12 months bank a/c statements
  • Balance Sheet, P&L Account for the past two years. Where ever available, Tax paid challans may also be collected
  • Option 2

  • Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made.
  • Other Documents

  • Invoice
  • Latest land tax receipt or own house proof (latest land/building tax receipt, Electricity Bill, Water bill Etc.)
  • Sale Letter & Valuation letter from authorized used car dealer / dealer in case of Used Car
  • Property Documents (In case of loans over 25 Lakhs)
    1. Documents of title
    2. EC for 13 years
    3. Possession certificate
    4. Location sketch
    5. Land tax receipt
    6. Building tax receipt
    Gift Yourself your Dream Car Today! Apply Now

    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.

  • Principal - The principal is the loan amount that you avail from Bank . Lower principal will lower your EMI and vice versa.
  • Rate of Interest - The rate of interest is the rate at which Bank offers you the car loan. It is also directly proportional to your car loan EMI.
  • Tenure - The tenure or the period is the time within which you repay your loan. It is inversely proportional to EMI. It means longer tenure makes EMIs cheaper and vice versa.
  • 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.

    Want to know more?

    EMI Calculator

    x

    EMI Calculator

    Loan EMI

    ₹ 2,49,595

    Total Interest Payable

    ₹ 3,49,02,802

    Total of Payments
    (Principal + Interest)

    ₹ 5,99,02,808