If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    We found 34 Car Loan for Self-Employed

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.1% - 15% Floating
    0
    20K - 10L
    1-5 Years
    Response Time Within 30 minutes
    Ad Rs.2,500 Amazon voucher free Paperless approval option available
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    9.10% - 15% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
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    9.00% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
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    9.50% - 11% Fixed
    2,500 One time fee
    1L Min
    1-5 Years Tenure
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
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    9.15% - 11.6% Fixed
    Up to ₹5,150 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free PAPERLESS APPROVAL OPTION AVAILABLE
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    12.5% - 14.5% Floating
    2% One time fee
    1.5L - 25L
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free 100% financing on car value
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    Eligibility Criteria
    8.75% - 11.50% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
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    12.25% - 13.99% Fixed
    Up to ₹4000 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval option available
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    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
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    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
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    12% - 14% Fixed
    2,500 One time fee
    1L Min
    1-3 Years Tenure
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
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    8.90% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    SPECIAL OFFER FOR WOMEN
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    Car Loan for Self-Employed is Rated as "Great!" by 27518 Users

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    Car Loan BYTES FROM OUR KITCHEN

    Overview:

    Being an entrepreneur or working as a freelance professional can be an overwhelming, challenging and yet a rewarding experience. In such scenarios, you do not always have the luxury to depend on a fixed paycheck at the end of the month.


    You may recompense yourself only when you hit a good deal or sign a lucrative contract. But funds flow issues are bound to crop up every now and then until you receive the whole payment for your particular sale. Hence applying for a car loan can entail factors that do not exist in regular personal circumstances for the self-employed individual. For instance, if the car is used for business purposes, getting a self-employed loan can pay off the auto insurance as well as the EMIs until you are paid from the other end.

    Self Employed Car Loan Eligibility:

    • The applicant should be of at least 18 years old.
    • The applicant can be as old as age 75 at the end of loan tenure, which is more than what is allowed for salaried people.
    • The applicant should have relevant experience in the same line of business for at least three years. Again, this can vary slightly from bank to bank.
    • The income requirement depends on the car model you are intending to purchase. But most banks insist on a minimum income of INR 1.8 Lakh per annum for the cheapest model. This can be relaxed at the sole discretion of the bank.
    • The applicant’s most recent ITR papers are also taken into consideration.

    Documentation required for a Self Employed Car Loan:

    • A duly filled application form
    • A passport sized photograph
    • Copies of national ID cards bearing signature and photo as age proof and ID proof
    • Address proof (ID card, rental/ lease agreement or utility bill)
    • Income papers like bank statements of the last 6 months, computed income for the past 2 years validated by a C.A, acknowledged IT papers, reference and contact details of clients
    • Address proof of the firm (Utility bill, copy of Shop & Establishment Act certificate, SSI Registration certificate, Sales Tax certificate)
    • Pro-forma Invoice or Rate List
    • Post Sanction / Pre Disbursement Documentation
    • Duly signed loan agreement along with RTO set
    • Receipt of margin money paid
    Apply for Car Loan Online

    Features and Benefits of Self Employed Car Loans:

    • There are two kinds of car loans for self-employed, namely, secured and unsecured.
    • The applicant can avail for one that suits his/ her requirements and the loan will be sanctioned without much of a credit check.
    • There is no frantic paperwork or endless documentation except for a few personal information if you are applying online. Car loans for independent earners are popular precisely for this reason of easy access and prompt authorization.
    • Your personal details will stay secure and private and all the related information will be sent to your mail or phone or both.
    • The quantum of loan will get credited to your account directly without any delay.

    How to calculate EMI for your Self Employed Car Loan:

    Every bank website has a handy EMI calculator using which you can calculate EMIs (Principal + Interest). By entering required information like your monthly income, this tool will give you a choice of EMIs for various tenures.

    FAQs:

    1. How can I know Self Employed Car Loan Status?

      The bank will see to it that you are updated and informed about the processing of your loan application and in case they don’t, you can call the office directly. You can also visit their website and check your application status.

    2. Where do I get the Self Employed Car Loan Application Form?

      Once the eligibility criteria is met, you can either collect the form from your nearest bank branch directly or download the form from the website.

    3. Can I get my Self Employed Car Loan Statement Online?

      You can easily request for an e-statement of your car loan online by entering your email id. They will also text you the same.

    4. Are there any Self Employed Car Loan Prepayment Charges (Pre-closure Charges)?

      This is solely at the discretion of the bank. Some banks charge a nominal fee while some don’t.

    5. Is there any Self Employed Car Loan Tax Deduction?

      There are no tax benefits stated under section 80D on any auto loan. Hence there will be tax deductions accordingly. As per the Income Tax Act 1961, if the car is bought for business purposes, then interest can be capitalized. Hence you are entitled to claim depreciation under section 32.

    Conclusion:

    There are some specific concerns for self-employed individuals when it comes to vehicle loans. At times, self-employed loans are beneficial to those who run their own business to bridge the gap between client payments and when bills are outstanding. Auto loans for entrepreneurs can help them pay off the essential bills, and then reimburse the loan once the customer has repaid. Hence, this loan option is also a welcome breather for struggling entrepreneurs.

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  • Car Loan for Self-Employed Reviews

    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      My experience of availing car loan from HDFC Bank was really good. I got the loan on time and the since I bank with them already I did not have go through much of documentation work. The interest rate and charges was normal and reasonable and it was a hassle free service in all.
      Was this review helpful? 2
      , nagpur
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      Bankbazaar.com services are very good one and anyone can easily get the information from them. Website of the Bankbazaar.com is very easy to access, also its comfortable too. Response is also very good with the Bankbazaar.com and this is my first experience as well.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 23, 2017
    • Axis Bank Car Loan
      "Satisfactory"
      0.5 3.5/5 "Pretty good"
      Due to personal reasons I postponed the car loan plan with Axis bank. I am treated very well by Axis Bank executive as I have got the best service and response from them pertaining to the car loan application which is being submitted.The rates applied was 9% and the loan amount I tried to opt is 4 lakhs.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got a very good response from Bank Bazaar, when I reached them for the car loan, the response provided by them was very prompt, I had been using their service, it is really excellent. I am using Bank Bazaar mobile app and application it is very easy to check all the financial information on this site.
      Was this review helpful? 0
      , agra
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The response is very good from hdfc bank and the executive called me on regular basic to know the application status of the car loan, but my plan got postponed. Interest for the car loan was around 9% with the HDFC bank and the loan amount was about 8 lakhs,
      Was this review helpful? 0
      , agra
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The response is very good from hdfc bank and the executive called me on regular basic to know the application status of the car loan, but my plan was postponed. Interest for the car loan was around 9% with the HDFC bank. And the loan mount was eight lakhs.
      Was this review helpful? 0
      , agra
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      The bank bazaar web site helps me to compare and choose the products in the market. The bank bazaar web site is easy to use and user friendly. The bank bazaar customer service really helped me in concern to my car loan application. Overall I can say, bank bazaar gave a satisfied service
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Axis Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      Due to my personal reason, I have not taken the car loan with the Axis bank. Interest rate with the Axis bank haven't discussed about this. Customer service with the Axis bank and they have done the follow on timely basis, also they have done the things in good manner.I have applied for three to five lakh loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      The services Bankbazaar has been very much satisfactory and the response has been really good too. This was very first experience in bank bazaar. and I came to know about bank bazaar via goggle. The website is good and overall I can say it I had no difficulties to get details of the banks and their deals.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 23, 2017
    • Axis Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Due to personal reasons I could not proceed with Axis bank for the car loan. I got a proper response and follow up from the bank checking about my requirement. The loan amount I have applied for 4.5 lakh In all it was a smooth experience.No hassle faced.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 23, 2017
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was a tremendous approach by state bank of India with respect to my car loan application. It is an very fast and quick response from SBI end. State bank of India has good transparency with their service, and everything was clear and keen in their service. They just took twelve hours to disburse my car loan. The rate of interest is very competitive with SBI as it was around 8.75%
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 4.5/5 "Excellent!"
      My loan application was addressed in a proper way. I submitted the loan on their website immediately when I received calls from their end and they inquired the information from me and forwarded my application to the bank. I received proper service from bankbazaar.com and this was not first experience I have already availed credit card from bank bazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Oriental Bank of Commerce Car Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I had applied for a car loan with Oriental Bank of Commerce. The team contacted me once and collected all my details the reason I did not go with Oriental bank of Commerce for the car loan because the rate of interest was high 10% and I have asked they to reduce it they straight away they cannot do that.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Kotak Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Six years back, I had taken car loan from Kotak Mahindra, it got completed. I purchased Hyundai I 10 car worth Rs.3.5 lakhs, Kotak Mahindra approved the requested amount with an interest rate of 11.5% but it was higher side at the time. Now it got closed successfully.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Smooth process"
      0.5 5.0/5 "Blown Away!"
      I had taken a commercial car loan from HDFC Bank earlier and at that moment I received a good deal on the interest rate and charges. It was a smooth process and I got the loan on time as well. The customer services and response was good and all the paper works were collected on time.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is good in providing proper information in regards to the loan. I did not face any challenges with bankbazaar at any point of time. The website is so simple to access and it is very informative. It is easy to choose the bank for the loan service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      Once I submitted my application, they have responded.Once when the application was submitted It was not a good experience they had offered 10.25% as rate of interest which was bit high.compare to other banks. I had idea of applying five lakh rupees. I was over all not satisfied with the rate of interest so dropped the plan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2017
    • SBI Car Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      To start off, I had taken my car loan from State Bank of India , I had to go over to the bank to submit my paper work. I also had to visit the branch often for any queries. The charges and interest rate is normal. There is no much of difference when compared to the other private banks too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Proper Service"
      0.5 4.0/5 "Great!"
      My loan application was addressed in a proper way. I submitted the loan on their website immediately I received calls from their end and they inquired the information from me and forwarded my application to the bank. I received proper service from bankbazaar.com.
      Was this review helpful? 1
      , agra
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Delayed Response"
      0.5 4.0/5 "Great!"
      I did not receive that much good response from HDFC bank for the car loan service. Actually I got delayed response from the bank. Also initially I was planning for the second hand car later I afford new car so I did not continue the loan process with HDFC bank.
      Was this review helpful? 1
      , agra
      Reviewed on Jun 22, 2017
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