Car loan is a loan taken for purchase of a Car. The car in question, is hypothecated to the Financer till the Loan is paid off.
The amount of Loan depends on the Cost of the car and the repayment capacity of the borrower. Some banks may give a Loan of 75% of the Cost of car while some may give up to 90% too. It's all about finding the right Financer which suits all your needs.
The documents you need are:
The TAT (Turn Around Time) for Car Loan is usually 10 working Days. However, it may differ from bank to bank.
Currently, the maximum tenure for which you can take a Car Loan is 84 months (7 Years).
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