Loan Against Car

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.

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).