Car Loan
The larger the down payment, the lower the principal of the auto loan, which means lower costs for the borrower and reduced risk for the lender. Auto loans are typically structured as instalment loans, which means that the loan is paid off in a series of regular (usually monthly) payments. Car Loan to Fulfill all Your NeedsInstant Online Approvals
Now get an instant Car loan through our online facility. No need to go to any branch. From wherever you are, Simply fill an online form and within 90 seconds, get approval on your application. It is as simple as 123.
Up to 100% Funding on the New Car
We offer up to 100% Funding on the Ex-showroom Value of the Car.
Part Prepayment facility
You can prepay up to 6 times in a calendar year at any interval with the minimum amount per prepay transaction being not less than 3 EMIs.
Nil Foreclosure charges
Now you can choose to foreclose your loan anytime during your loan tenor without paying any foreclosure charges.
Eligibility Criteria
To avail a Car Loan, you should be :
- Individual between the age of 21-65 years of age.
- Regular employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment.
- Professionals, self-employed, businessmen, proprietary/partnership firms who is an income tax assessee.
- Person engaged in Agricultural and allied activities.
a) Salaried:
Net Annual Income of applicant and/or co-applicant if any, together should be Rs. 3,00,000/-
b) Self employed, professionals and Proprietary / Partnership Firms:
Net Profit or Gross Taxable income of Rs. 4,00,000/– p.a. ( income of co-applicant can be clubbed together)
Documents Required
| Financials | Salary slips of last 3 months Latest 2 months salary slip | |
| Bank Statements | Latest 3 months salary account bank statement | |
| Employment Proof | Employee ID card and visiting card | |
| Work experience documents | Current employment | Appointment letter / Form 16 / 1 year old salary slip |
| Previous employment | Appointment letter / Form 16 / Promotion letters/ transfer / confirmation letters / previous salary slip | |
| KYC | Identity proof | Passport / Voters ID card / Driving license / PAN card |
| Address proof | Passport / Driving license / Ration card / Latest mobile bill / Letter from employer (with HR /Admin sign) | |
| Signature proof | Passport / PAN Card / Driving license / Photo credit card (front only) / Banker verification letter ( Only online) | |
| Age proof | Passport/ PAN Card / Driving license / Birth certificate | |
Why magicloans.in
Why we are suggesting applying for the Car Loan by using magicloans.in over other sites. magicloans.in know the value of your precious time. You will get so many perks if you apply by using this site. Here are some of them are given
• If you apply for the Car Loan from magicloans.in you will get so many benefits.
• You just have to fill the Car Loan form and you will get a call from our side automatically.
• Besides that, you may get some more concessions on the interest rates.
• Therefore there is no need to go to the bank.
• Even more, documents pick up facility from your doorstep is available.
• You don’t need to go here and there to ask for interest rate or to get to know about EMI ’s. All you need is to apply on magicloans.in and you will get back a call back within a few minutes with all the information. So car Loan is only one step away from you.