Looking to buy a car? Check out these hassle-free Car Loan offers with no paperwork that are sure to get your engine purring.
Getting your own car is nothing short of a liberating experience. The fact that you own a vehicle to get you from one place to another without haggling with auto drivers or depending on lousy buses is a dream come true for most people. Imagine going around town in your air-conditioned car listening to your favourite jam on the radio? Awesome, right?
Additional Reading: The Future Of Car Loans In India
A Car Loan will help you turn that dream into a reality. Although most loans require you to submit a bunch of paperwork that makes these loans seem unattractive, there are a few Car Loans that require no paperwork – they’re instant! So, you no longer have to print documents or even stand in long queues at bank counters to submit these documents.
One of the biggest advantages of demonetisation is that we are moving towards a cashless economy, ultimately paving the way for a paperless revolution. And with digital wallets and Credit Card payments on the rise, we also have a bunch of financial products that have instant approval.
So without digressing any further from the actual topic, here are a few paperless-approval Car Loan and Used Car Loan offers available on BankBazaar:
HDFC Bank Car Loan
Getting a Car Loan from HDFC bank has many benefits.
- Interest rates starting from 8.40% and can go up to 10.35%, fixed rate of interest
- No guarantor required for this loan
- Avail a top-up loan facility on it
- Part-payment is available
- Loan-to-value ratio (LTV) – 100% of ex-showroom price of the vehicle
The processing fee can go up to Rs. 4,720 (one-time fee). The minimum loan amount you can avail is Rs. 1 lakh for a tenure of up to 7 years.
TVS Credit Used Car Loan
If a used car is on your mind and your monthly income is Rs. 15,000 or above, then you can apply for the TVS Credit Used Car Loan.
- You need to be between the age of 21 and 65 to apply for this loan
- You won’t need a guarantor for this loan
- Top-up loan facility is available
- Interest rate range – 13.1% to 15%, floating rate of interest
- Pre-closure fee is applicable
The processing fee applicable on this loan is Rs. 999 (plus applicable taxes). The minimum loan amount you can avail is Rs. 20,000 and the maximum loan amount is Rs. 10 lakhs. The repayment tenure is up to 5 years.
HDFC Bank Used Car Loan
Another stunner from HDFC bank is its Used Car Loan that offers e-approval and part-payment facilities and requires no guarantor.
- Interest rate range – 12% to 15.5%, fixed rate of interest
- LTV – Up to 80% of the cost of the vehicle
- Salaried individuals within the age group of 21 to 60 years are eligible
- Self-employed individuals within the age group of 25 to 65 years can apply for this loan
- Salaried folks must have at least 2 years of work experience with a minimum of 1 year at the current organisation
- Self-employed folks must have completed at least 3 years in their current business establishment
That’s all for the instant approval Car Loan and Used Car Loan offers, folks!
Looking for something more than instant Car Loan offers? We have special offers for woman applicants.
Special Offers For Women
For women applicants, there is an irresistible loan offer from Dena Bank, with interest rates starting from 9.05% (floating). You can avail this loan for up to 85% of the vehicle cost. The best thing about this loan is that it doesn’t require a guarantor, has no pre-closure fee, and has a part-payment option as well, should you choose to prepay the loan.
Alternatively, you can also choose to take advantage of the Jammu and Kashmir Bank Car Loan. It has no prepayment penalty and offers a repayment tenure up to 7 years. Interest rates start from 9.3% (floating). However, a guarantor is required for this loan and there is a processing fee equal to 0.5% of the loan amount applicable.
And finally, there is the SBI Car Loan. This loan does not require a guarantor, has no pre-closure fee and comes with affordable floating interest rates starting from 9.05%. However, to avail this loan you need to have a net annual income of Rs. 3 lakhs if you are salaried and Rs. 4 lakhs if you’re self-employed.
Additional Reading: Your Car Loan Interest Rate Guide
With so many offers on Car Loans available, it would certainly be a pity if you still take the bus or ride in an auto every day. Don’t hesitate. Hit the road in a new set of wheels.