What is a Car Loan?

A car Loan is a financial help taken to buy a car with minimum preliminary payment from your money. The borrowed money from the lender can be paid off in equal monthly installments with a rate of interest over a time period.

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Why get Car Loan from PowerCash?

PowerCash offers a Car Loan as per your customer profile to provide you with the most personalized experience. Our services give you comparative scrutiny of what diverse banks are giving and guide you in your final decision.

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FAQs

What is the maximum amount for my car loan accessible?
The maximum car loan amount differs from bank to bank. Generally, banks support loan amounts that vary from 80-90% of the car's on-road price. Some banks give 100% loan of the car's ex-showroom price. Additionally, the financing percentage proffered is based on the price, kind of car(premium/standard), and new/pre-owned car.
What documents should I submit when applying for a car loan?
Similar to any other loan, a car loan application necessitates self-attested documents like income(last acknowledge ITR/last 3 payslips), identity proof, and address proof documents with your PAN card. There can be a requirement for other documentation and varies from one lender to another lender.
What is the distinctive period of a car loan?
The distinctive period of a car loan varies from 1 year to 5 years. The shorter the loan period, the higher is the EMI owed, and the reverse holds for longer car loan tenures. Presently, a small number of lenders are involved in giving car loans for long durations of up to seven years.
Is there any minimum salary obligation to apply for a car loan?
Though many lenders do not declare a minimum salary obligation, your loan application will be discarded if your salary does not surpass a determined threshold level as needed by the internal obligation of the bank. In some cases, it might be good to apply with a co-borrower to enhance your possibilities of applying for a car loan.
What are the advantages of applying for a car loan with Power Cash?
When you provide the necessary details with the Power cash, we offer you all the available choices as per your information given. After you obtain the complete list of lenders who might fulfill your particular obligation, you can evaluate the several loan alternatives according to the tenure, maximum loan amount, interest rate, along with other factors. You can then select the offer that syncs with your particular needs.
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