Car Loan

Your car loan tenure from Finnable can be from 6 to 60 months.

You can avail a new car loan of up to Rs 10 Lakhs from Finnable.

You will need to furnish the following documents to receive a personal car loan

• PAN card and Aadhar card as proof and identity and residence.
• Salary slips for the last 3 months.
• Bank statement of the bank account where salary is credited, which can be physical or can be accessed through net banking

To avail a car loan, you need to fulfill the following eligibility criteria: 

• Employed in a private or a public limited company
• Should be employed in the current organization for more than 3 months and have more than 6 months of work experience
• The monthly salary should be more than Rs 25,000

You can apply for a personal car loan either on Finnable’s website or the personal loan app. Create your account and profile with Finnable. Fill in the required information, submit your KYC details, and upload the required documents. 

After your documents are verified and the loan is approved, the car loan amount will be credited to your bank account within 6 hours.

While availing a personal car loan from Finnable, you do not need to provide any collateral or security against the loan amount.

You will need to input the car loan amount you wish to avail, with the tenure of the loan and the expected car loan interest rate. The car loan EMI calculator will give you an estimate as to how much EMI you will be repaying every month.

At Finnable, you can get a car loan interest rate that is affordable.

Any Indian citizen who is currently employed at a public or private firm and has a net salary of Rs 25,000 can avail a car loan.

If you are in the process of choosing a car and are short on funds, availing a car loan can be a good idea as it helps to meet the shortfall in the interim period.

Finnable provides easy and quick car loans at affordable car loan interest rates with a tenure of up to 60 months without any collateral or security.

At Finnable, we provide car loans for used and new cars.

Finnable’s “My Wheelz” car loans are personal loans that do not require collateral or a specified down payment. You can avail this loan without making a down payment.

Pros

• The interest rate on car loans are typically lower than that on other types of loans.
• A car loan is simpler to get.
  This loan is secured, so even if your credit isn't perfect, you could still be able to get one.
• The car itself is collateral for the loan.

Cons

• Putting down some cash as a down payment is necessary.
• All payments must be made before you can claim full ownership of the car (which will be hypothecated to the bank).

To support you in obtaining a loan to acquire the vehicle of your dreams, Finnable offers you instant car loans that are tailored to your specific needs. Simply fill out the form once, and you will receive tailored loan quotes along with adaptable repayment terms and affordable monthly instalments.

Your credit score is a number with three digits that are used by financial institutions to evaluate your ability to repay loans on time.

• 300-579 Very Poor
• 580-669 Fair
• 70-739 Good
• 740-799 Very Good
• 800-850 Exceptional

Yes. Your current take-home income and the other criteria listed on our website will determine whether or not you are eligible to apply for a used car loan or even a new one, even if you have never taken out a loan before. If you are self-employed, you can still apply for a car loan.

After you have finished filling out the loan application and uploaded all of the necessary documents, our staff will do numerous checks to validate the information that you have supplied to them. The car loan application process along with verification and approval can take up a half hour to a few hours. We will send you a link that will allow you to monitor the status of your application for a loan. You will also be alerted of the status of your loan application through the mail as well as by SMS.

Yes, indeed! It is completely risk-free to apply for a car loan at Finnable. All private car loan documentation and sensitive information are encrypted and stored in a secure location. We do not provide any marketing agencies or other third-party collaborators with access to your personal information.

Nearly all of the different types of car loans that can be obtained in India are secured loans, with the actual car that is being bought serving as the traditional security. However, if your annual income does not meet the expected criteria, you could be requested to sign up as a co-applicant and/or guarantor. This is because most lenders in India will not insist upon any guarantors.

If you have a credit score that is higher than 700, you could be eligible for a car loan with a more attractive interest rate. Because a high credit score is a sign of a strong repayment capacity, many lenders will provide this for you if you have a high credit score.

You can pay off the entire car loan early and save money on important interest payments in the years to come. However, once you have paid off half of your loan, the majority of financial institutions will let you use the prepayment option on your loan. In addition, you will be forced to pay a modest fee as a pre-payment penalty, the amount of which will be determined by the amount of the loan that is still outstanding.

Unless otherwise indicated, the majority of cars ranging from compact to mid-sized, as well as commercial vehicle loans, sports utility vehicles (SUV), and multi-purpose utility vehicles (MUV), fall under the scope of car loans that are available in India.