HELLO MONEY INDIA PVT LTD

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CAR LOAN

Car Loan

Own your dream ride with car loans from us. Get a car loan to purchase a vehicle of your choice. With interest rates as low as 7.00% p.a. and a repayment tenure of up to 8 years, you can find the most suitable car loan for your needs at HelloMoneyIndia. You can take the loan for 90% to 100% of the on-road price of the car.

Looking for a Car Loan
  • Minimum 21 years of age & Maximum 60 years of age
  • Personal monthly income of Rs.30,000 or above (for Salaried)
  • ITR of Rs.3,60,000 or above (for Self Employed)

Frequently Asked Questions

What is the eligibility criteria for Car Loan?
  • Age of the individual must be between 18 years and 75 years
  • Minimum net monthly income of Rs. 20,000
  • At least 1 year of employment with the current employer
  • Must be salaried or self-employed, working for a government establishment or a private company.

To prove your eligibility, you’ll need to provide certain documents. Though this too is specific to different lenders.

The Equated Monthly Instalments (EMIs) that you will pay will depend on a few key factors.

  • The size of the loan
  • The interest rate that is applicable to the loan
  • The tenure of the loan
  • The processing fees

The higher the loan amount, the higher your EMI will be. Similarly, the shorter the loan tenure the higher the EMI. To find the best compromise between an affordable EMI and duration you should check out our car loan EMI calculator.

If, after taking a car loan, you need quick or additional funds for purposes such as a wedding, home renovation, medical emergency, etc., you can get a top-up loan on your existing car loan. You can avail up to 150% of the car’s value as a top-up loan. Most lenders that offer a top-up on their car loans will require you to maintain a clear payment record for at least 9 months. The process to avail a top-up loan on your existing car loan is quick and requires minimal paperwork.

When you take a new loan to pay off the outstanding balance on your existing car loan, it is known as car refinancing. You can choose to refinance your car loan if you wish to replace your current loan with better features such as low interest rates, extended repayment tenures, etc., or simply to change the terms of your current loan. The most common reason why people refinance their car loans is to save money. When refinancing a car loan, you can avail a new loan that offers lower interest rates which, in turn, will save you money. You can also lower the equated monthly instalments (EMIs) by choosing a longer repayment tenure with a new lender through car refinancing.

Car refinancing is a good idea when there has been a drop in interest rates since you took the original car loan, your financial condition has improved, you are unable to bear the burden of high EMIs, and if you feel you did not get a good deal on your car loan the first time around. However, refinancing on a car loan does not make sense when you have already made a major repayment of your original loan, your car value has depreciated, the prepayment penalties are higher, and when you have plans to apply for new loans in the future as refinancing may impact your credit score negatively.