Car Loan eligibility criteria for diverse applicants:
Lendwise offers easy Car Loans at competitive interest rates. You can take advantage of these rates to get your dream car with manageable monthly payments.
| Loan Type | Tenure (12-35 months) | Tenure (36-84 months) |
|---|---|---|
| New Car Loans | 10.20%* onwards, based on CIBIL Score and Car Segment | 9.10%* onwards, based on CIBIL Score and Car Model |
| Used Car Loans | 11.25%* onwards, based on CIBIL Score and Car Segment | - |
Lendwise simplifies Car Loan applications with a clear and comprehensive Car Loan Documents List. Summary of the documents is given below:
Additional Requirements:
This streamlined process ensures a quick and stress-free Car Loan application process.
Car Loan interest rate is of two types: Fixed interest rate and Floating interest rate.
A Fixed interest rate remains constant throughout the repayment tenure. On the other hand, a Floating interest rate will fluctuate as per the market conditions. You can choose either of them depending on your financial feasibility.
A Car Loan interest rate is expressed as Annual Percentage Rate (APR) and is based on a variety of factors. It is charged by the lender on the loan amount availed by the borrower to purchase a car. Although the type of car purchased does not directly influence the rate, its price may. Lendwise offers competitive rates, ensuring lower EMIs, minimal paperwork and quick disbursement for financing your car.
If the tenure of your Car Loan is short, the Car Loan Interest Rate will be higher as compared to a longer tenure. If we increase the tenure, the Car Loan repayment is spread over a longer time, thus decreasing the EMI to be paid each month.
The Car Loan interest will be Fixed i.e. the rate will stay constant for the entire duration of the Loan. Market changes will have no effect on the fixed interest rates.
While applying for a Lendwise Car Loan one does not require a guarantor. However, an applicant with a limited credit history or low income may be required to present a guarantor to get quick loan approval.
Lendwise offers flexible tenure ranging from 1 year to 7 years. However, the ideal tenure for availing a Car Loan depends on the individual preferences and other factors like budget, repayment capacity etc.
Besides Car Loan, Lendwise offers various types of loans such as Personal Loans that are tailored to individual requirements, Business Loans to support entrepreneurial ventures and Home Loans for purchasing or constructing residential properties. With flexible tenures and competitive interest rates, Lendwise offers a diverse range of financing solutions to meet various needs.