Loan Against Car

Loan Against Car

2% Cheaper Than a Personal Loan


CL Interest Rates

Loan Against Car

Loan Against Car is the best way to get finance, according to the value of your car. If you are not getting a personal loan or any loan and you need the amount urgently, you can take the help of your car. Avail the Best Loan Against Car on Lowest Interest Rates and Affordable EMIs. Enjoy quick, instant and doorstep services with the help of MagicBanks.  You car can bring the money to satisfy your needs. Loan Against Car can help you to use your car for availing money.

Features

  • Loan up to 100% of ex-showroom price
  • Loan tenure up to 7 years
  • Pre-Qualified Car Loans for existing customers
  • Attractive rate of interest
  • Easy documentation.

Benefits

  • Flexible repayment options
  • Tailor made schemes
  • Fast, Reliable and Personalised Service
  • Attractive deals from associated car dealers
  • Insurance cover for Loan Liability available, repayable along with EMI
  • Zero Pre-payment charges.

Loan Against Car Eligibility

Loan Amount

The minimum loan amount for taking a car loan is Rs. 1,00,000. The maximum loan amount will depend upon the price of the car, model variant, profile of the customer, etc.

New Car

  • Loan up to 100% of ex-showroom price of the car.

Pre-owned Car

  • Loan up to 80% of the valuation of car with maximum tenure of 60 months* (can go further depending on profile)
  • Hassle-free processing.

For salaried

  • The applicant should be above 25 years old at the time of application, and upto 58 years of age at the time of maturity of the loan.
  • Gross annual income of at least Rs. 2.50 lakh.
  • The total employment stability should be more than 2 years and current employment stability of minimum 1 year.

For Self Employed Individuals

  • Any proprietor, partner, professional or director above 28 years but below 65 years at the time of the loan maturity.
  • Gross annual income of at least Rs. 2.00 lac.

Current business stability should be 2 years or total more than 3 years.

Partnership Firm

  • Firm should have a minimum PAT (profit after tax) of Rs. 2.00 lakh Business income as per ITR or Profit as per P/L.
  • Current business stability should be 2 years or total more than 3 years.

Private public ltd co

  • Limited companies should have been in existence for at least 3 years
  • Minimum PAT (profit after tax) of Rs. 2.00 lakh Bussiness income as per ITR.

LAC Documents

Income Proof

  • Self-Employed individuals: Income Tax Returns of 2 previous financial years.
  • Partnership Firms, Societies & Companies: Income Tax returns of 2 previous financial years along with complete financial/audit report.
  • Documents supporting customer information: Identity Proof, Signature Proof,Recent passport size colour photograph and Address Proof as per Bank norms (Magicbank representative will help you choose suitable documents).
  • Business / employment stability proof.
  • Ownership proof required if self-employed individuals.
  • Bank statements.

Other Documents

  • Partnership Firms: Partnership deed and Letter signed by all partners authorising one partner to execute the required Car Loans documentation.
  • Societies and Companies: Resolution by Board of Directors (or such managing body) & Memorandum & Articles of Association (or Society/Trust deed).