The LTV also depends on the car model. Higher LTV ratios are available under specific enhanced income eligibility criteria.  Almost all are giving a minimum loan amount of Rs. 1 lac for new car. Minimum loan amount for used car is Rs.75,000.

To enhance your loan amount,  the certified income of the co-applicant is considered, if requested by the applicant. The co-borrower can be the spouse or son/daughter living in the same city. Since the co-borrower is the joint applicant for the loan, he/she has the obligation to repay the loan along with the main applicant. Similarly, a guarantor can be any relative or director (in case of a private limited company). The guarantor provides the guarantee that the customer will repay the loan as per the terms & conditions of the loan. However, in both cases, the asset has to be registered in the name of a single owner, not joint ownership.

Interest rates also depend on Car model, Loan Tenure, Customer Location and Profile, etc. No processing fee for Loans on New Cars. Some amount is charged for old car.

• The documents include
• Photograph
• Proof of bank account continuity
• Proof of identity (PAN, driving licence,... )
• Proof of residence (ration card)
• In patnership firm, the partnership deed and partner authority letters has to be submitted.

Disbursement of loans:
The loan will be disbursed within one day of submitting all the post sanction documents as listed below. If the vehicle is readily available with the dealer, you can get your car as soon as the disbursal is made to the dealer. You can retain the original Registration Certificate, Invoice and the Insurance Policy.

Repayment of the amount:
Repayment tenure differs for specific models of cars.
You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change accordingly.
Some charges, for bounced cheque.

Thus, the stages involved in availing a loan are