Car Loan

• Features & benefits
• Eligibility & documents
• Fees and charges

How to Get Lowest Interest Rate of Our Car Loan?

It depends on the following factors.

1. If you have the high credit score, you can get low interest rate.
2. If you make higher down payment, you can get low interest rate.
3. If you choose a shorter repayment option, you can get the low interest rate.
4. If you have a steady source of income, you can get the low interest rate.

How to Apply for Our Car Loan

Applying for a car loan only requires a few simple steps:

1. Fill out the details such as your name, mobile number, email address on "Quick Apply Section" which is in the top of the right-side.
2. If you have any specific query, you can add that in the message box.
3. Click on the “submit” button in the that section.
4. After that, a verification code will come to your mobile. Input the verification code.
5. Again click on the “submit” button.
6. Then successful message will come on your screen.
7. Our representative will get in touch with you in the shortest possible time.

FAQs about the Car Loan

What is the required credit score for a car loan?

While we don't have a minimum credit score requirement, a score below 720 can prevent you from getting approved for as much money.

What are the car loan's shortest and longest terms?

Flexible tenors, ranging from 12 months to 60 months, are available from Sova FinServ.

How much does a car loan cost in interest?

Depending on the profile of the application and the tenor the applicant chooses, the rate of interest would range from 9.25% to 28%.

Have you the EMI option?

Yes, we provide the lowest EMI car loan in India.

Is car loan interest tax deductible?

Yes, a car loan can save you money on taxes if you're a self-employed professional or business owner and you utilize the vehicle for business-related activities. If you are self-employed and take a loan to purchase a car for your business, the interest you pay may be claimed as a business expense. As a result, the total amount of interest you have paid throughout the year is exempt from your taxable income.

Is a car loan secured or unsecured?

A car loan is secured against the car you want to buy; therefore, the vehicle serves as collateral for the loan. The lender may seize the vehicle if you don't make your payments on time.

How to check a car loan balance?

There are many different ways to check the balance on your car loan. The simple way is to call us. When you do this, make sure you are prepared with your car loan account number and other information. You can quickly get the details of your car loan information, such as the balance, by logging onto our website and connecting with us. On request, we can send you text messages or regular mail updates every month on the status of your car loan.

Does a car loan come under 80c?

Car loans obtained by self-employed individuals for vehicles utilized for commercial purposes are tax deductible under section 80C of the Income Tax Act.

How much CIBIL score is required for a car loan?

The CIBIL score is a must to obtain a loan since lenders always check your CIBIL score before approving your loan application. The credit score from CIBIL is a three-digit number that runs from 300 for poor to 900 for good. As a general rule, banks will consider lending when the CIBIL score is 750 or better. However, we can offer car loans if your CIBIL score is lower, like 700 to 650.

Which bank offers the lowest interest rate on car loans?

You may get a car loan from us for the lowest interest rate in India, which ranges from 7.95% to 8.30%. Your car valuations, CIBIL score, and professional status will all impact the exact rate. When compared to someone who is self-employed, salaried employees will receive the most advantages.

Can we show the car loans in income tax?

In India, a car is considered a luxury product, hence anyone who buys a car for personal use is not entitled to any tax deductions on the car loan. There is no tax benefit on a car loan for salaried employees because they cannot deduct loan interest payments as a business expense. However, if you are self-employed or own a business, you may be able to obtain a car loan that is reasonable for business usage and claim the interest payment as a business expense. This will allow you to deduct your loan interest payments from your taxable income.

What documents are required for a car loan?

The following documents are needed.

• Your identification documents, such as your driving license, passport, voter card, and Aadhar card.
• Your valid address proof, such as an electricity bill, passport, voter card, or NREGA job card.
• Your valid age proof such as a pan, driving license, passport, or birth certificate.
• If you are a salaried individual, you must provide legitimate income proof in the form of recent salary slips, income tax return documents, Form 16, and bank statements for the previous three months. If you are a self-employed individual, you must provide income proof in the form of an audited balance sheet or profit and loss account, an ITR for the previous two years, and a bank statement for the previous three months.

Can I get a car loan for casual employment?

You can receive a car loan with a casual work, but you must first determine whether you match our requirements. You can also increase your chances of getting approved for a car loan if you have a savings account with a bank, for example. After evaluating your banking history, assume that you have worked consistently for at least six to twelve months. If you've been working for the same company for a long period, obtaining a letter from them confirming your employment will help you make your case. However, your income should exceed our minimum income requirement.

Which bank gives car loans for 7 years?

We offer car loans for the purchase of a new car at an attractive interest rate, minimal processing fee, a repayment term of up to 7 years, and a higher loan-to-value ratio (100% on-road price funding on some models).

Why Our Car Loan is the Best Car Loan in India

• Obtain a car loan and settle it with lowest EMI
• For the on-road cost of your ideal car, we will finance you 100%*.
• From 12 to 60 months, you can choose a flexible payback term.
• To be eligible for this loan, you do not need to have a certain credit score.
• If you match the eligibility criteria, we don't require a guarantor.

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