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No, you don't need to give collateral. But you will have to hypothecate the car in the bank's/NBFC's name and an endorsement made in the Registration Certificate (RC) book of the vehicle.
You need to consider a combination of monthly EMI and processing fee in the case of each offer. This is because even if the EMI is a little lesser, other factors like processing fee, advance EMIs, service charges, registration, insurance and other bank charges have to be factored into the total loan cost to help you arrive at a decision on the best and cost effective car loan offer.
Most financiers consider ex-showroom price for financing. This price does not include cost of Insurance and registration.
Yes, it is possible for you to negotiate car loan interest rates in many cases, especially if your car loan amount is greater than 7.5 lacs. Car loan interest rates can be reduced by as much as 1% to 2% if you satisfy the criteria set forth by the banks for claiming such reduction.
No, a personal guarantor is not a must for your car loan. It is applicable only during instances where your credit profile does not match the lender’s requirements. Even then this can be taken care of by simply taking on a co-applicant.
The guarantor could be your father, mother, son, daughter, husband, brother, sister, son's wife etc. However for consideration of these relatives as guarantors for the loan, they should comply with the age and other such norms of the lending bank or NBFC.
Passport, Voter ID, Driving License, PAN Card, Photo attested by Banker, Adhar card
Birth Certificate, Passport, secondary school Certificate, PAN Card
One latest Passport size
Electricity Bill, Title Deed, Municipal Tax Receipt, Share Certificate (with Flat No),Adhar card
Registered Rent agreement (with utility bill), Land line bill,Post Paid Mobile Bill, Bank state., Passport, Driving License, Voter ID, company letter head(signed by HR or Admin)
Land line bills (Optional as per policy), Relationship Proof ( if bill is of relation as specified)