Do you want to purchase your dream car? You can now do it easily with a simple, affordable and hassle-free auto loan. You can avail this loan up to 90% of the vehicle’s value, which can then be repaid in flexible EMIs.

Types of car loan offerings

The best auto loans can provide you two options:

• 1. Auto loan for new car purchase - This can be used to purchase a new vehicle.
• 2. Auto loan for used car purchase - This loan can be used to purchase a pre-owned or used car.

Interest rates on auto loans

Typically, lending institutions have different interest rates for auto loans on new vehicles, and for purchasing a pre-owned vehicle. The best auto loans can provide you with attractive and affordable interest rates, thus allowing you to make EMI payments with ease. Remember, you can avail a low interest rate on auto loans with a good credit score.

Loan amount sanctioned for auto loans

The best auto loans can allow you to receive funds - up to 90% of the new vehicle’s on-road price. For used cars also, you can receive finance up to 90% of the vehicle’s market value. For instance, if a new car comes with an on-road price of Rs 5 lakhs, you can receive an auto loan of Rs 4,50,000. Similarly, if you want to purchase a pre-owned car, with the market value of Rs 3 Lakhs, you can avail a loan amount up to Rs 2,70,000. The maximum sanctioned amount, however, is subject to fulfilling eligibility conditions such as income, credit score and internal policies of the institution.

Repayment tenures for auto loans

With the best auto loans, you can avail flexible repayment tenures, keeping in mind your budget and repayment capacity. You can avail a repayment tenure, ranging from 12 months and 48 months, and choose to pay convenient EMIs.

Eligibility conditions for auto loans

Lending institutions have different eligibility conditions for salaried and self-employed individuals. The best auto loans come with simple eligibility conditions. For instance, in the case of salaried individuals, anyone between the age of 21 and 58 years (60 years for central government employees), with a minimum of 3 years employment and a net monthly income of Rs 20,000 can avail the loan. For self-employed individuals, the minimum annual income should be Rs 2 Lakhs. Besides, the business should be at least 3-years-old.

Documentation for auto loans

The best auto loans come with the feature of minimal documentation. For example, a salaried individual has to complete the KYC process along with showing recent bank statements and 3 months’ salary slip. For self-employed individuals, additional documentation to support the continuation of business such as trade license, SSI registration, sales tax certificate etc. has to be provided.

Conclusion:Thus, it is easy to secure a vehicle by availing an auto loan once you fulfill the eligibility criteria. You must always remember to avail an auto loan from a trusted and reliable institution. The auto loans from HDB Financial Services (HDBFS) comes with a range of benefits, like affordable interest rates, convenient EMIs, top-up on existing vehicle loans, hassle-free documentation and convenient online application process. Why look elsewhere when you can get the best auto loan from HDBFS? - a leading NBFC catering to the diverse requirements of an aspirational India.