One can avail four wheeler car loans from any of the banks across India. The following information help you find out different eligibility criteria and various mediums of applying for four wheeler car or tractor loan.
Various banks across India providing four wheeler loan
Some of the major banks offering 4 wheeler loan are -
- Syndicate Bank ( www.syndicate.in )
- SBI Bank (www.sbi.co.in )
- ICICI Bank(www.icicibank.com )
- Corporation Bank(www.corpbank.com )
- HDFC Bank(www.hdfc.com )
- Axis Bank (www.axisbank.com)
Apply online for four wheeler loan
- log on to any of the websites mentioned above.
- Go to car/four wheeler loan link
- Now you will be directed to an online application form.
- Fill the application form with all the personal valid details.
- Bank’s customer care executive will be approaching you within 3 to 4 working days of time period.
Apply for four wheeler loan by visiting the nearby bank branch
- Approach the loan enquiry section.
- Collect the application form, and submit the duly filled form with all the relevant documents.
Eligibility Criteria for Four Wheeler Loan
- Loan borrower should be a self employed or a salaried person.
- The minimum income of Rs.1 lakh per annum for salaried people
- All the documents of car purchase should be valid and legalized.
Documents required for four wheeler/Car/Tractor Loan
- Salary slips of last 3 months payment.
- All the associated documents which declares as the owner of your new four wheeler.
- Passport size photograph
- Identity proof copy.
- A PAN card copy.
Generally any of the above bank does not take guarantor. But bank would demand for the guarantor (your vehicle legal ownership papers) in case of not meeting any of the eligibility criteria mentioned above.
A loan can be issued a maximum of 3 times his annual income for salaried people. For self employed people maximum of 6 times of the loan can be issued.
Maximum amount of four wheeler loan
You can get a maximum of 3 times the your annual income though banks do consider special cases and offer loan on case by case basis.
What is the Interest Rate on four wheeler loan in Indian Banks
The time period varies from bank to bank to complete the installment payment
ICICI BANK – Time period is 12 months to 5 years The rate of interest in upto 10% per annum
SBI BANK - Time period is 12 months to 4 years. (The rate of interest in upto 10.50% per annum)
Syndicate bank – Time period is from 20 months to 76 months(The rate of interest in upto 10% per annum)
Corporation bank – Time period is from 12 months to 4 years(The rate of interest in upto 10.50% per annum)
HDFC bank – Time period is from 1 year to 5 year(The rate of interest in upto 11% per annum)
Loan repayment tenure is totally dependent on the loan borrower. You can choose to repay it within 12 months or the tenure at the max can go up to 5 years.
Contact Information of various Indian Bank for 4 Wheeler Loan
- HDFC Customer Care or 1800 22 1006 from BSNL / MTNL Landline, anywhere in India or at (022) 2856 1818
- ICICI Customer Care
- SBI Customer Care