Our Services
Used Car Loan
Affordability
Opting for a pre-owned version of your desired car model would cost you much less than the brand new version of the same car model. So you save more money and also get an option to buy a bigger car in the same budget.
Slower Depreciation
The moment your new car leaves the showroom, its value starts depreciating, usually 20% per year summing up to approximately 50% in the early years itself. Selecting a pre-owned car helps you avoid value depreciation.
Lower EMI Repayments
When you purchase a pre-owned car, you pay a lower price for the car. This means, you apply for a smaller loan amount, thereby, paying lower EMI every month. It is always beneficial to consider a pre-owned car over a new one.
New Car Loan
Things to know while availing a new car loan
Credit score
A credit score ranges between 300 to 850 and represents a person's creditworthiness. The minimum credit score that banks generally require is 750. This helps with best interest rates of car loan and easy loan approval. However it doesn’t mean that you’ll not be able to avail a loan below this.
Interest rate
There are 2 types of car loan interest rates that banks offer. Fixed and Floating. The fixed rate cannot be changed, even if the RBI announces a rate reduction. A variable interest rate, on the other hand, varies with the market and is generally less expensive than the former. A high credit score , and steady source of income help in getting a low interest rate.
EMI Repayments
The Equated Monthly Instalment (or EMI) is made up of the principal and interest portions of the loan. As a result, the EMI equals the principal plus the interest paid on the car loan. The EMI is typically fixed for the duration of your loan.
Loan Against Car
Documents required for loan against car
You need to submit the following documents for processing your application
KYC documents (Valid Photo ID Proofs)- PAN Card
- Last 2 years ITR as proof of income (for self-employed individuals)
- Salary Slip (latest 3 months)
- Salary account statement(latest 6 months)
- Signature Verification Proof
- Registration Certificate of the car
- Loan track (if there is an active loan on the car)
EMI Calculator: Gaadi Club EMI Calculator
Avail loan in 4 simple steps
Application
The first step is to submit an application for a car loan. This can be online or at branches.
Documentation
Once the application is submitted, our team will review it and request documentation such as and other necessary documents.
Verification
After receiving the documentation, our team will verify the information provided in the application and documents.
Loan approval
If the verification process is successful, we will approve the loan and provide the terms and conditions.
Tie ups with Leadind banks/nbfc’s
