About Car Loan

A car loan is a great way to drive your dream car without making the complete payment upfront. You don't need to wait for some more months or years to buy your dream car as you can take a car loan to meet your fund requirement.

The finance availed of to buy either a new or a used car is known as car loan. Car loan is one of the complex loan products in India as car dealers tend to include various discounts offered by car manufacturers or lenders (banks and other financial institutions) in the interest rate offered to the buyer.e.


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Achieve all your goals and aspirations; with the right kind of help, exactly when you need it.

New Car Loan

EFBANK Online offers new car loan at fair interest rates and adjustable repayment terms.Fast sanction, personalised service and absolute transparency in new car loans.

Pre Owend Car

We have tie-ups across the widest range of authorised pre-owned car dealers. Attractive car loans for used cars. Pre-Owned car finance available at EFBANK Online.

Loan Against Car

With no income documents required, getting a loan couldn’t get any easier. EFBANK Online offers you car loan at basic interest rates and flexible EMI for repayment.

Other Loan

EFBANK Online also grant different loans like Home loan, Personal loan and Educate loan at fair rate of interest and flexible EMI. For more detail you can check our loan products.

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Features of car loan

Depending upon the lender, there are a host of benefits available to the customer when availing of a car loan. For example, preferred pricing for existing customers, minimal documentation, faster processing time. Some lenders even offer special rates of interest to existing customers.

Benefits of car loan

Owning your dream car now becomes easy, with the multiple options to avail of a car loan extended by lenders today. You can choose from a range of options to select one best suited to your needs.

Car loan: Eligibility criteria

You can avail a car loan if you are either a salaried person or a self-employed professional, and want to buy either a new or used car. Typically, the amount of a car loan extends up to 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals.

Car loan: Documents required

Identity proof (any one): Voter’s ID, PAN card, driving license, passport. Income proof: Latest salary slip, previous year’s Form 16, bank statement for the last 6 months. Residence proof (any one): Voter’s ID, PAN card, driving license, passport, electricity bill, telephone bill or ration card.

Credit score and car loan

A higher or ‘good’ credit score can translate into some tangible benefits for the buyer, as it typically means that the loan would be offered at the most competitive interest rates and other terms.

How Credit calculatorcan help you

Credit Calculator helps you analyse a range of car loan deals that are available in the market. Our Car Loan Eligibility Calculator helps you check your eligibility criteria, repayment options, types of interest rates, and type of car loans that you can afford to avail of.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Euro 15,000

Credit Rating

Applicant should have the bank specified credit score.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

There are four different ways you can get a car loan. You can go straight to a lender. You can get a finance broker to organise a car loan for you. You can get ‘dealer finance’ – which is when the car dealer organises a car loan for you. Or you can organise your own car loan through a comparison website, like RateCity. Whichever method you choose, you will need to provide proof of identification, proof of income and proof of savings. So you may be asked for any combination of passport, driver’s licence, bank statements, payslips, tax returns and utility bills. You might also be asked to provide proof of insurance..

Yes, there are some lenders who will consider your application if you are on a disability pension. As long as you have an income, usually of over 400 Euro a week, there are lenders that are willing to supply you with a loan.

There are also microfinancing charitable organisations that provide low interest loans for people on low incomes for certain necessary amenities, such as cars, if they match the specified criteria.

A secured car loan is a loan that is connected to a form of security, or collateral. Generally, the security for a car loan is the car itself. If you fail to repay the loan, the lender might seize your car, sell it and then use the proceeds to recover their debt.

Yes, there are certain lenders that provide loans for people on aged pensions. Your viability for a loan will be assessed by a lender by your credit report and your income. They will also take into account any assets you have that you may want to secure the loan with. The better your credit score, the more likely you are to be accepted for a loan, and the lower the interest you will have to pay on that loan. If you have a bad credit rating and are on an aged pension however, don’t despair, because there are specialised lenders who still may be willing to provide you with a loan.

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Now apply for a Car Loan online, All you need to do is provide your details below application form.

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