CAR FINANCE SIMPLIFIED

MYNEWCAR is India's leading online marketplace for new cars, finance,leasing, car exchange, car insurance and provides you with a concierge service. MYNEWCAR will support you throughout the car loan application process until the disbursement. We will help you buy all types of Cars - Hatchback,Sedan,SUV,MUV,Premium or Luxury Cars across all Brands with attractive car finance.If you are need finance assistance about buying your new car,our advisors are there to help you.

Our Finance Advisor will understand your requirements, review your documents and suggest you the best loan product from the several banking partners of MYNEWCAR. We provide an unbiased opinion to ensure you get the best loan provider and service throughout the loan process. We will monitor your loan application and keep you informed thus saving your time to visit multiple banks. Complete your dream of owning a car by choosing the best payment options based on your need and get the lowest interest rates for new car loans.

- Upto 100% Finance
- Attractive Interest Rate on Car Loans from Multiple Banks
- Avail Special Offers & Discounts on New Car
- Flexible Payment Options
- Quick & Easy Loan Processing and Disbursement

A typical Car Loan tenure is between 12-96 months. The shorter the tenure, the higher is the monthly installment.

Once the Bank receives a completed application form along with necessary documents like income proof, identity proof, invoice, and so on, the following steps take place:

- Verification of the Document
- Approval of Application
- Sanctioning of Loan
- Disbursement of Loan

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from the Bank. The NOC can only be obtained after a foreclosure or after you have paid off your loan.

Generally, EMI’s are paid through post-dated cheques or request bank to debit from the account every month until the loan is repaid. It is possible to repay the loan amount early within 6 months to 1 year. However, it is advisable to check the rules and regulations associated with the foreclosure.
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The maximum loan amount approved may vary from one bank to the other. Usually, most banks approve loan amounts that range from 80%–90% of the car’s ex-showroom price.

Some banks even lend 100% of the car’s ex-showroom price. The percentage of the loan offered depends on the price, type of car (standard/ premium), your income profile and CIBIL score. Generally, the banks tend to approve car loan with EMI upto 40% of your monthly income. The final decision on the maximum amount of loan will rest with the bank.

Most lenders do not specify a minimum salary requirement, there are chances of your loan application may be rejected in case your salary does not exceed a predetermined threshold level. In such cases applying with a co-borrower is a better idea to increase chances of getting your Car Loan approved.
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No. The loan is given for purchase of a car. Therefore a car loan is a secured loan where the car you buy acts as a collateral. Therefore, there is no additional collateral requirement for a car loan.

Although, the final decision on these matters is with the bank, here are some ways you can improve your chances:

- Good CIBIL Score
- Low Monthly obligation to Income ratio
- Prior relationship with the bank
- No prior defaults in Credit Card
- Other Loan Repayment record

The above mentioned also helps you get you maximum loan amount, it may even reduce Interest Rate and reduce Car Loan charges.

Eligibility criteria depends on the Loan requirement, Applicant Profile, Income profile,credit worthiness and other conditions. MYNEWCAR make this process easy and let you know easily about your car loan eligibility.

Salaried Individuals

• Minimum age of Applicant: 21 years
• Maximum age of Applicant at loan maturity: 60 years
• Minimum Income of Rs 15000 per month

Self Employed

• Minimum age of Applicant: 21 years
• Maximum age of Applicant at loan maturity: 65 years
• Maximum age of Applicant at loan maturity: 60 years
• Minimum employment: At least 1 year in business

Refer the Bank's website for additional details. Click here for HDFC Bank Click here for Axis Bank Click here for Mahindra Finance
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The main difference between Financing and Leasing a car is that, When financing a car, you make an initial Down Payment along wiith Monthly Payments (EMI) until you pay the car value (on-road price) along with the interest. Post that, you get to keep the car.

Incase of lease, you rent the vehicle from the leasing company without any Down Payment in most cases for an agreed time period and fixed montly rental. When the lease tenure is complete, You must return the vehicle back to the leasing company with an option of buying the vehicle at a depreciated value.
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Both buying a car with finance and leasing a car have their own benefits, the key is determining which of those benefits matter the most to you.

Benefits of buying Car with Finance :

• Ownership of Car after Paying the Loan
• Unlimited Mileage
• Modify your Car as per your requirements
• Lower Cost incase of owning the Car for a long term period
• Flexibility to Trade or Sell your Car at any time. You’re never locked into an agreed ownership period

Benefits of Leasing a Car :

• Zero Down payment
• Fixed Monthly Rental including Service and Repair
• Option for a new Car every 1–5 years
• No worries about Trading or Selling your Car later
• Tax deductions incase of Corporate Leasing
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Documentary requirements mainly depend on the category of the applicant. Although each bank has specific documentary requirement, they can be broadly categorised into:

• Applicant categories: Individual / Non-Individual
• Documents required: 

1.  Address Proof-Electricity Bill / Voter's ID / Aadhar Card / Passport / Telephone Bill / Lease Deed / Rent Agreement Copy / Property registration Papers in name of Customer
2.  Income Proof - Salary Slip,Form 16 /Income Tax Returns, Bank Statement,Profit & Loss A/c & Balance Sheet ( Self Employed/Company Finance)
3.  Age Proof-  IT PAN Card / Aadhar Card / Driving License / Passport
4.  Sign Verification Proof
5.  Employment Proof
6.  Office/ Business Proof

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