Car Loan

• Enquiry with Eazeeloans.com
• Submission of documents and booking amount.
• Verification agency representative visit.
• Loan approval.
• Car registration, Insurance cover and delivery.

Various factors are taken into account when assessing the repayment capacity. Income,
age, stability/ continuity of employment / business and subject to maximum provided by the bank, to name some factors.

How can eligibility be increased?

Your spouse can be a co-applicant if he/she is earning. The incomes can be clubbed
to enhance your loan amount.
You can also include Parents/Children as Co-Applicants for higher eligibility.

Salaried Individuals
Self employed Professionals/Business men
Companies/Firms

Min Age should be 21 years when the loan is sanctioned.
The loan tenor is from 5 years - 25 years subject to a maximum till 58/60 years or
retirement, whichever is earlier in case of salaried and for self-employed before 65 years.

CO-Applicant can be taken for overcoming the age barrier as well.

Companies/Firms to be in existence for at last 3 years. Proof of income/existence needed.

* Attractive interest rates.
* Covers all models.
* Flexible repayment.
* speed y processing.
* Easy Documentation
* 80/85% of the cost of the vehicle available as loan.

• Floating Rate
• Fixed Rate

* Floating Rate Home Loan

Loan under Floating/Adjustable Rate is linked to Retail Prime Lending Rate rates of banks.
The Rate of interest will be revised every time there is a change in Retail prime lending rate .
Generally the EMI is retained and the tenor of the loan is increased /decreased as applicable.

* Fixed Rate

Currently some banks are offering fixed rates only for 3-5 years.

Repayment is normally done through Equated Monthly Installments (EMIs) comprising both
principal and interest. Either through post dated cheques (PDC) or ECS
(Electronic clearing system).

The following documents needs to be submitted:

* Application form with photograph.
* Identity and Residence Proof.
* Latest 3 months Salary-slips-for salaried.
* 2 years I T Returns-for self employed.
* Proof of business existence- min 3 years..
* Last 6 months bank statements.

How do I get an Auto Loan?

• Apply on Eazeeloans.com. Get rates quoted by various banks under one roof what is the age limit? Minimum Age is 21 years and maximum 65 years.

How much loan can I get?

• The amount of the loan depends upon:
  The cost of the vehicle.
• The type (standard/premium).
• The percentage financing offered.
• If you are buying a new car, you can get up to 80% to 90% financing. The percentage of finance the banks give on cars is also determined on the basis of second-hand market value of that particular car in case of second hand car.

What documents do I need to give?

• Photograph
• ID Proof(Pan card, Driving License, Passport,)
• Prof of signature
• Proof of Age.
• Residence and office address proof.
• Income proof(salary Slips or IT Returns)
• Bank Statements.

What is the rate of interest?

• Rate of interest would vary from 12% to 18% for a new car and 16% to 18% for a second hand car. How long does it take to get a loan sanctioned? It would take between 3/4 days after submission of all documents for a loan to be sanctioned.

Can I get a loan to purchase a second hand car?

• Yes Finance is available on a second hand car whish is less then 7 years old. The loan amount would depend on the valuation of the car done by the financer.

Is collateral required to get a loan?

• No, there is no need for collateral, the car is hypothecated in the banks name and an endorsement is made in the Registration certificate (RC) book of the vehicle.

How do I create a better profile to avail a loan?

• If the credit profile does not match the banks requirement it can be reinforced by bringing in a co-applicant who would be able to match the requirement. Are auto loan available without income proof? Yes you can, under the No Income Proof scheme offered by some banks. Can the loan amount be enhanced? The Loan amount can be increased by clubbing Co-applicant's income.

Is a guarantor required?

• Generally no, but a guarantor like father, mother, son, daughter, husband, brother, sister, son's Wife etc is required in case income profile is not met.

How is the interest calculated?

• The interest is usually calculated on a flat rate or on a reducing balance which can be either daily, monthly, quarterly or annually.

What is the loan tenure?

• Usually auto loan tenure is available from 1 to 7 years. The tenure would depend on various factors like the financer car segment, income, customer profile etc Is Part payment and

Prepayment option available?

• Yes prepayment is possible by paying prepayment fees on the outstanding principal. There is no part payment facility available.

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