Call on : +919602973202 For Personal Loan
Overview?
Get the car you want, the way you want it with our Car Loan
Why not own your dream car today – the one you’ve always been waiting for? Our Car Loan is quick and comes with exclusive features like 100% financing on select vehicles, flexible repayment tenure and pocket-friendly EMI so that you get the dream car you want, in a matter of minutes!
We offer easy car loans to both salaried and self-employed. What’s more, we not only help you raise funds but also assist you in finding your dream car and the right dealer. So, what are you waiting for? Apply for a Car Loan today!
Car Loan Eligibility Criteria
The following people are eligible to apply for a New Car Loan:
Salaried Individuals:
- This includes employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
- Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
- Those who earn a minimum of Rs. 3,00,000 per year, including the income of the spouse/co-applicant
- Individuals who have a telephone/post-paid mobile
Self Employed Individuals and Professionals (Sole Proprietorship):
- This includes self-employed sole proprietors in the business of manufacturing, trading or services
- Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure
- Those who have been in business for a minimum of 2 years
- Should earn at least Rs. Rs. 3,00,000 per annum
Self Employed Individuals and Professionals (Partnership Firms):
- This includes self-employed partners in the business of manufacturing, trading or services
- Those who have a minimum turnover of Rs. Rs. 3,00,000 per annum
Self Employed Individuals and Professionals (Private Limited Companies):
- This includes individuals who own a private company in the business of manufacturing, trading or services
- Should earn at least Rs. Rs. 3,00,000 per annum
Self Employed Individuals (Public Limited Companies):
- This includes directors in public limited companies that are in the business of manufacturing, trading or services
- Should earn at least Rs. Rs. 3,00,000 per annum
Apply for a Car Loan in just a few minutes
Follow our step-by-step guide to apply for a personal loan. You can start your online application and resume it at a later instance
- Click on Apply Online to open our online application form
- Fill in a few details and verify the OTP sent to your phone
- Enter your KYC and income data
- Choose the loan amount you want to borrow
- Submit your application
Car Loan Calculator
Arena Fincorp Car Loan EMI Calculator
*These calculators are provided only as general self-help Planning Tools. Results depend on other factors.
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*These calculators are provided only as general self-help Planning Tools. Results depend on other factors.
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Car Loan FAQs
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What is a car loan?
A car loan is a borrowing instrument that a lender such as a bank or NBFC (non-banking financial company) provides an individual allowing him/her to purchase a car. Car loans have gained popularity in recent times as instead of being a luxury item or a symbol of status, cars have grown to become an essential commodity for the continuously growing middle class of India. With the increased popularity of car loans, most banks and NBFCs currently offer this type of loan to individuals who have a good credit history. One point to keep in mind regarding a car loan is the fact that this loan invests in a depreciating asset i.e. the asset (car) bought using this loan is in fact going to cost less over time.
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Can I get a loan to purchase a used car?
Yes, car loan is offered for pre-used cars. But, the interest rate for such a loan would differ from that of a new car. However, the loan would only cover the price of the car itself, other costs as transfer of registration, etc. will have to borne by you.
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Do I need collateral for a car loan?
Just as the name suggests, a car loan is a loan granted to an individual interested in buying a car. Therefore a car loan is a secured loan where the car you buy acts as a collateral. Therefore, there is no additional collateral requirement for a car loan. However, you do have to get the RC (registration certificate) of the car endorsed with the bank. This endorsement is cancelled after repayment of the loan is completed.
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What is the typical tenure of a car loan?
The tenure of a car loan ranges from 1 year to 5 years. The shorter the loan tenure, the higher is the EMI payable and the reverse is true for longer car loan tenures. Currently, a small number of lenders are engaged in providing car loans for longer durations of up to 7 years.
