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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Overview 
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:
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
Passport
Driving License
Aadhaar Card
Age Proof
Voter ID
Passport
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
Passport
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
Photograph
3
Passport Size Photograph
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
PAN
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.
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