Financing a car is a good idea. Let our professionals help you get your Car Loan without adding stress to your budget.

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Financing a car is a good idea. Let our professionals help you get your Car Loan without adding stress to your budget.

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What is a Car Loan?

Cars are undeniably one of the essential utilities everyone wants to own and tries to save for it. Legal251, along with its banking and non-banking partners, offers you the opportunity to get the care you have been dreaming about for a long time. Whether you are a salaried or self-employed individual, now you can avail custom-made car loans with exciting features easily. To get your car within reach, have a conversation with Legal251 car loan experts via phone, email, or chat, and apply for a Car Loan to avail yourself of the benefits of flexible Car Loans.

Loan Eligibility

Car Loan Eligibility Criteria

Nowadays, Cars are a status symbol and also a utility that serves everyday purposes. Essential for your comfort and the need of the moment, your desire to own a car is now within reach. We at Legal251, along with our banking and non-banking partners, offer you varying tailor-made car loans in terms of individual abilities and other factors. Here are the eligibility criteria for availing of car loans:

Salaried Individual
  • Resident Citizens of India
  • Minimum Age: 21 years.
  • Maximum Age: 60 years at Loan Maturity.
  • Income Requirement: Minimum Rs. 2,50,000 p.a.
  • Employment: Minimum 2 years, and 1 year with Current Employer.
  • Healthy savings history and professional stability.
Self Employed Individual
  • Resident Citizens of India.
  • Minimum Age: 21 years.
  • Maximum Age: 65 years at Loan Maturity.
  • Income Requirement: Minimum Rs. 2,50,000 p.a.
  • Business: Minimum 2 years in Current Profession.
  • Minimum 1-year Business Vintage.

Rate Of Interest

Car Loan Interest Rates

Car Loans that we, along with our reputed banking partners, offer you can be custom-made as per your needs and acumen. You can choose from an array of loan alternatives that proposes varying interest rates, including the lowest ones on the basis of your loan amount and tenure. Your lender will consider the following factors to decide interest rates such as:

  • Your income.
  • Your eligibility for a car loan.
  • Your credit history & score, and other such criteria.

  • Documents

    Documents Required for Car Loan

    To avail of a Car Loan, you have to prove your eligibility and competence by submitting the required documents as prescribed by your lender. To initiate the loans process, keep the below-mentioned documents handy:

    Photo Identity Proof

    Voter ID


    Driving License

    Aadhaar Card

    Age Proof

    Voter ID


    Driving License

    Aadhaar Card

    Birth Certificate

    Secondary School Leaving Certificate

    Pension Payment Order or Receipt

    LIC Policy

    Address Proof

    Rent Agreement

    Bank Statement

    Ration card


    Driving License

    Electricity Bill

    Property Tax Receipt

    Water Bill

    Telephone Bill

    Credit Card Bill

    Income Proof

    3 Months Salary Statement

    Aadhar Card 6 Months Bank Statements

    Income Tax

    Form 16

    Employment Proof

    Employers Letter

    Identification Card


    3 Passport Size Photograph


    3 Passport Size Photograph

    Additional Documents Required for Car Loans for Self-Employed, Non-Salaried, MSMEs, and SMEs

    Self-Employed, Non-Salaried, and SMEs are seeking funds as Car Loans will have to furnish additional documents listed below to start the loan process.

    Proof of Business


    GST Registration Certificate

    Article of Association

    Article of Association

    Import Export Code

    Registration Certificate

    Professional Practice License for Doctors, Consultants, and more

    Registration Certificate of Establishment for Shops, Factories, and Other Establishments

    Business Address Proof

    Income Proof - Financial Statement Audited by CA

    Profit and Loss Account Statement

    Balance Sheet

    6 Month Bank Statements

    3 Year Income Tax Returns

    Income Tax

    3 Year Income Tax Returns or Assessment Orders

    Advance Income Tax Paid

    Don't have all these documents?
    We will help you in preparing these documents

    Just call on

    *Other documents might be required additionally by the department

    Balance Transfer

    Car Loan Balance Transfer and Top Up

    A top-up loan on your new car loan directs to a top-up facility available on your current car loan. Therefore if you have availed of a car loan from a lender and need auxiliary funds for expenditures of different kinds, you can take a top-up loan on your existing car loan. This facility instantly processes your top-up request for fast and instant approval and disbursal of your additional funds. Some lenders may offer you up to 150% of your car loan value, which may differ from lender to lender.

    This setup means you don't have to transfer your existing car loan to a new lender who offers you a top-up and a balance transfer. It will help you save time and energy, as you don't have to make additional loan applications for new funds. This one-stop solution enables you to access funds in the form of a top-up loan on your existing car loan without searching for a new lender. Talk to Legal251 for offers related to new car loans with top-up facilities, where we can offer you a range of car loan solutions in collaboration with our widely known banks and NBFCs. To get your New Car Loan Top Up offers, you can have a chat, send an email, or call us at 77287729.


    When a borrower requests a certain amount of money from a lender to purchase a car, and the lender agrees to approve and disburse that sum of money, such an agreement is known as a Car Loan. The borrower also agrees to repay the loan amount as per the terms and conditions set by the lender at the time of loan initiation.
    Even though most lenders would not specify a minimum salary, your salary must surpass a preset threshold value as the lender requires.
    You can usually apply for a car loan when you are interested in purchasing a car. The same car acts as collateral to secure the loan. There are no additional collateral needs for your car loan.
    You don't need to provide additional security for a car loan since your car acts as collateral for borrowing.