Benefits of our Car Loan with Maximaloans
Access to Immediate Funds
Flexible Loan Tenures
Fixed Interest Rates
Customized Loan Amounts
Convenient Monthly Repayments
Potential Tax Benefits
Option for New and Used Cars
Ownership from Day One
No Need for Full Upfront Payment
Improve Credit Score through Timely Payments
Car Loan Eligibility and Documents with Maximaloans
Eligibility Criteria for Salaried Individuals / Self-Employed Individuals
For Salaried Individuals:
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Age: 21 to 60 years
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Minimum employment tenure: 2 years with at least 1 year with the current employer
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Minimum annual income: Rs. 3,00,000 including spouse/co-applicant's income
For Self-Employed Individuals:
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Age: 21 to 65 years
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Business tenure: At least 2 years
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Minimum annual income: Rs. 3,00,000
Documents Required to Apply for Car Loan
KYC documents (Valid Photo ID Proofs)
PAN Card
Last 2 years' ITR as proof of income
Salary Slip (latest 3 months)
Salary account statement (latest 6 months)
Signature Verification Proof
EMI Calculator for Car Loan with Maximaloans
Utilize Maximaloans's EMI calculator to estimate your monthly installments and plan your finances effectively.
Enter loan amount, interest rate, tenure.
Click Calculate.
View EMI, total interest, repayment.
Adjust tenure if needed.
Consider extra costs.
Check budget compatibility.
Confirm with the lender before finalizing.
Follow these steps to calculate EMI:
Fees and Charges for Car Loan with Maximaloans
Loan Processing Fees: 0.5% to 4% of loan amount
Loan Cancellation: Usually Rs.3,000
Stamp Duty Charges: As per actuals
Legal Fees: As per actuals
Penal Charges: Usually @ 2% per month; 24% p.a.
EMI/Cheque Bounce: Around Rs 400 per bounce
Refer to the table below for a fair idea of the fees and charges related to car loans:
Car Loan Reviews by Maximaloans
I was impressed with the seamless process of getting a car loan from Maximaloans. They offered competitive interest rates and helped me purchase my dream car hassle-free.
Rahul Mehta
Maximaloans made the car loan application process smooth and efficient. Their expert guidance and quick approval made it a pleasant experience. Highly recommend their services.
Nisha Kapoor
I appreciate Maximaloans's transparent and customer-friendly approach towards car loans. They provided clear guidance throughout the application process and ensured timely disbursal. Thank you, Maximaloans!
Amit Sharma
Maximaloans's checklist for document submission made the process of obtaining a used car loan hassle-free. Their assistance and prompt service exceeded my expectations. Thank you for making it easy for me.
Sneha Patel
Maximaloans made the car loan application process smooth and efficient. Their expert guidance and quick approval made it a pleasant experience. Highly recommend their services.
Nisha Kapoor
I was impressed with the seamless process of getting a car loan from Maximaloans. They offered competitive interest rates and helped me purchase my dream car hassle-free.
Rahul Mehta
Maximaloans's checklist for document submission made the process of obtaining a used car loan hassle-free. Their assistance and prompt service exceeded my expectations. Thank you for making it easy for me.
Sneha Patel
I appreciate Maximaloans'stransparent and customer-friendly approach towards car loans. They provided clear guidance throughout the application process and ensured timely disbursal. Thank you, Maximaloans!
Amit Sharma
Car Loan FAQs with Maximaloans
A car loan is a type of loan specifically used to purchase a vehicle, such as a car, truck, or motorcycle. Borrowers receive a lump sum from the lender, which is then repaid over time with interest. The vehicle being purchased serves as collateral for the loan.
A down payment is crucial in a car loan as it reduces the loan amount, resulting in lower monthly payments and less interest paid over the loan term. It can also lead to lower interest rates, improve loan approval chances, and build equity in the vehicle faster.
A fixed interest rate remains constant for the entire loan term, providing predictable monthly payments. In contrast, a variable interest rate can change based on market conditions, leading to potential fluctuations in monthly payments.
Yes, you can typically prepay or pay off your car loan early. Prepayment allows you to pay a lump sum towards the principal loan amount, reducing the outstanding balance. However, some lenders may charge a prepayment penalty or fee.
New car loans typically have longer terms, lower interest rates, and higher loan amounts compared to used car loans. Additionally, new cars depreciate more rapidly than used cars, which can affect the loan-to-value ratio.
If you can't make your car loan payments, you may face late fees, a negative impact on your credit score, and the risk of repossession by the lender. It's essential to communicate with your lender to explore possible options.
To get your car loan approved faster, check your credit score, gather necessary documents, shop around for the best loan terms, make a down payment, consider a co-signer if needed, and apply online.
The minimum credit score required for a car loan is typically around 650 to 700. A higher credit score increases your chances of approval and better loan terms.
The maximum loan amount for a new car depends on factors like your credit score, income, existing debts, and lender policies. Generally, lenders offer loans covering up to 80% to 100% of the car's on-road price.
Lenders will assess your credit score, income, employment stability, debt-to-income ratio, and down payment amount to determine your eligibility for a car loan and the terms you qualify for.