Car Loans

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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...