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About Us

Features & Benefits of Home Loan

  • Interest rate starting from 8.60% per annum
  • Special rates for women borrowers
  • Fixed EMI for the whole tenure period
  • Interest subsidy available via PMAY CLSS scheme
  • Tax exemptions of up to Rs. 1.5 lakhs and Rs. 2 lakhs on principal and interest portion, respectively, throughout the loan, even if the money is used for home renovation/extension/reconstruction 
  • Option to take top-up loan for the above purposes
  • Home loan balance transfer facility
  • The maximum tenure is up to 30 years    
  • Loan amount depends on the outstanding balance of the existing home loan subject to LTV ratio
  • Processing Fee – 0.35% of the loan amount plus GST onwards    
  • Availability of substitute income documents – ITR or annual turn over
  • Importance of additional income in loan eligibility.
  • Co-borrowers of the loan can also avail tax benefit if they are co-owners of the property as well.

The different types of housing loans offered by banks/NBFCs in India are as follows:

  • Home Purchase Loan 
  • Land Purchase Loans/Plot Loan
  • Home Construction Loan
  • Home Improvement Loan
  • Home Conversion Loan
  • Home Extension Loan
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Factors affecting your Eligibility for a Car Loan

For a hassle free loan process, ensure you are up to the mark on each of these parameters

Monthly Income for Car Loan

Monthly Income

A bigger pay-cheque can mean a bigger car. Your income is the key factor in determining your car loan amount.

Age Criteria for Car Loan

Age

People with ages between 18 and 65 years are eligible for car loans across various lenders in India. However, different lenders may have different age policies.

Car Value

Car Value

The car’s value affects the eligible loan amount. Loan amounts are typically about 85 – 90% of a new car’s road price and about 80% of a used car’s valuation.

Good Credit History for Car Loan

Credit History

A good credit history can make getting a car loan a breeze. A CIBIL Score of over 750 will put your dream car loan on the fast lane of disbursal.

Employment Status for Salaried

Employment Status

As a Salaried person, you must have have worked at least for 2 years with your current employer, to become eligible for a car loan

Employment Status for Self-employed

Self-employment Status

It is preferable that self-employed professionals or businessmen have been engaged in the same line of business for a minimum of 2 to 3 years.

Relations with Lender for Car Loan

Relationship with Bank

Your relationship with the bank can go a long way in increasing your loan amount eligibility at a reduced interest rate.

Employer Quality

Employer Quality

If you work with one of the Fortune 100 companies of India, your loan eligibility will increase, as banks will regard your job stability as good.

A car is a dream that many of us wish to achieve one day, right. In the present scenario, buying a car has become easier as more and more lenders are coming up with a slew of easy and attractive financing options to appeal the customers. Unlike earlier when only a few elite class used to have the privilege of owning a car, today even an individual with a salary of say Rs. 15,000-20,000 can also buy the 4-wheeler. This has been made possible due to the repayment of the loan in the form of equated monthly installments (EMIs), which constitute a portion of interest and principal payable each month from your pocket. Not only new cars, but even a used vehicle can also be bought on a loan. However, the repayment tenure can vary in each of the cases. The maximum loan tenure for new cars is seven years, while for used cars it is 5 years. Any individual, be it salaried, self-employed businessmen or professionals with a regular source of income can avail a car loan from banks and non-banking finance companies (NBFCs) across India.

Car Loans Interest Rates

Needless to say, the most vital factor that you must look into is the interest rate on your car loan. Higher the interest rate more will your pocket pinch and vice-versa. Interest rates are determined based on the lending rates of the lender. Car loan interest rate can either be fixed or floating. With fixed rate, the rate of interest remains the same and changes when the loan is given on a floating rate. All floating rate car loans are subject to revision of MCLR by banks from time to time. The floating rate can thus be an add-up of the MCLR or the same. You can check below to find out the interest rates of different lenders.

Table Showing Interest Rates, EMI and Others of Different Car Loan Lenders

LendersLoan TenureInterest RatePer Lac EMIMax. Loan AmountProcessing FeeForeclosure Charges
State Bank of India (SBI)

7 years for new car

5 years for old car

9.20%-9.25% p.a. for new car
12.65% p.a. for old car
Rs. 1,619-1,622 for new car
Rs. 2,257 for old car
Upto 85% of the on-road price for new car
Upto 2.5 times of net annual income for old car

NIL for new car
0.50% of the loan amount plus GST for old car
Minimum- Rs. 450 + GST
Maximum-Rs. 9,100 + GST

(100% Waived Off Till 31st December,2017)

NIL
HDFC Bank7 years for new car
5 years for old car
11.50%-13.75% p.a. for new car
14.50%-17.50% p.a. for old car
Rs. 1,739-1,860 for new car Rs. 2,353-2,512 for old carUpto 90%-100% of on-road price for new car
Upto 80% of the valuation of old car, limited to 3-6 times of your net annual income
Rs. 2,825-5,150 for new car
2% of the loan amount plus Rs. 200 or Rs. 5,200 whichever is lower for old car
3%-6% of the principal outstanding on a given date.
No foreclosure allowed before 6 months from the date of loan disbursement.
ICICI Bank7 years for new car
5 years for old car
10.75%-12.75% pa. for new car
15.50% p.a. for old car
Rs. 1,699-1,806 for new car
Rs. 2,405 for old car
Upto 100% of ex-showroom price of new car
Upto 80% of the valuation of old car
Rs. 2.500-5,000 for new car
2% of the loan amount or Rs. 6,000, whichever is lower, for old car
5% of principal outstanding on a given date.
No foreclosure allowed before 6 months from the date of loan disbursement.
Axis Bank7 years for new car
5 years for old car
11.00%-12.00% p.a. for new car
14.50%-16.25% p.a. for old car
Rs.1,712-1,765 for new car
Rs. 2,353-2,445 for old car
Upto 85% of on-road price of new car
Upto 90% of valuation of old car
Rs. 3,500-5,500 for both new & old cars5%-10% of the principal outstanding after 180 days from the date of disbursement.
No foreclosure allowed before 6 months from the date of loan disbursement.
Kotak Mahindra Bank7 years for new car
5 years for old car
11.50%-13.50% p.a. for new car
15%-21% p.a. for old car
Rs. 1,739-1,846 for new car
Rs. 2,379-2,705 for old car
Upto 90% of the ex-showroom price of new car
Upto 90% of the valuation of old car
As applicable by the bank5.75% of the principal outstanding plus GST

Our Partners

Mumbai Is a Financial Capital of india we are in it 

Lodha Empire,Govind Nagar, Near Sahara Airport, Andheri East, mumbai 400105. 

 

Register Office in 

Nanded City, Pune-411041

50/6, Vastu Udhyog Society,

Vallabh nagar, Near DY Patil College, Pune-411018

Kharadi road, Manajri BK chouk Pune-411068

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