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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    Car Loan for Self-Employed

    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 Paperless approval option available
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    9.10% - 13.25% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
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    Fees & Charges
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    Eligibility Criteria
    9.10% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
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    Eligibility Criteria
    9.50% - 11% Fixed
    2,500 One time fee
    1L Min
    1-5 Years Tenure
    Response Time Within 30 minutes
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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
    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
    100% financing on car value
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    9% - 11.50% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time Within 30 minutes
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    Eligibility Criteria
    11.25% - 13.99% Fixed
    Up to ₹2,300 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    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
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    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time Within 30 minutes
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    Eligibility Criteria
    12% - 14% Fixed
    2,500 One time fee
    1L Min
    1-3 Years Tenure
    Response Time Within 30 minutes
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    9.00% 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 "Excellent!" by 26231 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

    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
      "Good but need some sort of improvisation"
      0.5 4.0/5 "Great!"
      The car loan got approved and disbursed with HDFC bank. The process went very smooth I had faced a hassle because at one incident they have deducted the penalty amount along with the EMI amount, through ECS mode. The Hdfc executive need to inform the customer before they deduct the penalty amount. The rate interest is nominal with HDFC bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 23, 2017
    • Federal Bank Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      Federal bank have provided the car loan with the rate of interest as 7% , also they have provided funds up to 95% of the cost of car. Response was really good one like the loan amount got disbursed within three days of time. Documentation procedures were really nominal one with them.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Used car loan"
      0.5 4.0/5 "Great!"
      Less time taking. And easy going system. Through this we will get better results and fast results. Through this I have done first time but feeling very easy. I will recommend to others also to do this way. I hope I will get benefits through this fast and exact
      Was this review helpful? 0
      , patna
      Reviewed on May 23, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 4.0/5 "Great!"
      I can make the comparison regarding the financial products , also I can choose the best bankers for my financial requirement. I would like to say that the response is an immediate one with the Bankbazaar.com and I would certainly say it is the best one.
      Was this review helpful? 1
      , mysore
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I have not taken the car loan with the HDFC bank due to some personal reason. Rate of interest was around 12% to 14%. Customer service was fine one with the HDFC bank and the response was good. I have got the call from the HDFC bank the very next day it self.
      Was this review helpful? 1
      , mysore
      Reviewed on May 22, 2017
    • ICICI Bank Car Loan
      "Not good"
      0.5 2.0/5 "Expected more"
      I got the car loan with the ICICI bank and the interest rate was on higher end. It was processed by the dealer itself , so the process end up in a very fast way. Customer service was fine one with the ICICI bank for my car loan. I was not abel to trace the account or statement till now.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 22, 2017
    • ICICI Bank Car Loan
      "Better Service"
      0.5 5.0/5 "Blown Away!"
      ICICI got a wonderful response on my car loan application. They asked me to submit the documents to process the loan. The rate of interest charged by them is very high when compared with others. I am very much happy with the loan amount too. ICICI bank was able to disburse the loan within a week's time. Totally, I am very much happy with the car loan service offered by ICICI.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on May 22, 2017
    • SBI Car Loan
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      Two years back, I had taken a car loan from State bank of India. Interest rate is 9.85% which is very normal. And the process went smooth with SBI. They were supportive throughout the process and their service was satisfactory. I am happy with SBI for the car loan.
      Was this review helpful? 1
      , navsari
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      I basically got to know about bankbazaar through web search. I had been using this site for the past 15 days. I had applied for the car loan through this site bankbazaar. The site is very much easy to use and customer friendly. Bank bazaar is excellent when it comes to support and I would like to thank bankbazaar for its wonderful service.
      Was this review helpful? 1
      , delhi
      Reviewed on May 22, 2017
    • ICICI Bank Car Loan
      "Superb service"
      0.5 5.0/5 "Blown Away!"
      ICICI Bank is too good in responding on my car loan application. I am pretty much happy with the loan amount too. The rate of interest levied by ICICI bank is pretty much nominal. ICICI bank had taken around 3 to 4 days of time to disburse my car loan.
      Was this review helpful? 1
      , delhi
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Supportive Service"
      0.5 4.0/5 "Great!"
      I am happy with bankbazaar as I got an immediate response when I was looking out for the loan. Their website is so simple to navigate and I did not find any issues with bankbazaar. The way they respond on my loan application is really great and simple.
      Was this review helpful? 2
      , new delhi
      Reviewed on May 22, 2017
    • Capital First Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Initially I applied for a car loan with Capital First. But then I changed my mind and postponed my plan in taking the loan for time being. Otherwise I do not have any issues with Capital first for the loan process at any instance. Their customer support is good.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Smooth process"
      0.5 4.0/5 "Great!"
      The portal of Bankbazaar is very simple and easy. I had no hassles in registering my details. The team was swift in connecting me to the banks I was eligible for and the follow up process was also done well. The whole experience is nice as one can get information about so many banks at one place without going to the bank in person.
      Was this review helpful? 1
      , bhopal
      Reviewed on May 22, 2017
    • Sundaram Finance Car Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      Since I had to cancel my plans due to my personal reasons. I could not proceed ahead for the car loan. The customer services and response has been on time from Sundaram Finance. They contacted me and informed me the details and the interest rate and charges was also very much average.
      Was this review helpful? 1
      , bhopal
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      Absolutely flawless service provided by bankbazaar. The way they approached the customer is really good and they were very responsive on my loan application. I received proper followup calls and notifications from bankbazaar on time and their website is simply great.
      Was this review helpful? 1
      , chennai
      Reviewed on May 22, 2017
    • Dena Bank Car Loan
      "No Professional Approach "
      0.5 1.0/5 "Really Bad"
      Actually I am fed up with the services of Dena bank for my car loan, hence I dropped my plan and will take the car loan from another bank. When I applied for the car loan, the executive from Dena bank did not respond me properly, he used to give missed calls and sometimes he will disconnect the call while speaking. There is no professional approach from Dena bank because of these reasons I closed my application.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Prompt response"
      0.5 5.0/5 "Blown Away!"
      I received a proper response from Bankbazaar.com after I registered my details. The services was on time and the follow up calls was supportive. I got calls from time to time checking on my application. The website is interactive and accurate.
      Was this review helpful? 0
      , noida
      Reviewed on May 22, 2017
    • Oriental Bank of Commerce Car Loan
      "Good services"
      0.5 5.0/5 "Blown Away!"
      Oriental Bank of Commerce has been too good in their services as they contacted me on time after I had applied for a car loan. Unfortunately I had to take back my application due to some financial reasons which I had personally. Not sure on the interest rate and charges. It would be a recommendable bank depending upon the situation at that moment.
      Was this review helpful? 0
      , noida
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Supportive Service"
      0.5 4.0/5 "Great!"
      Bankbazaar website is good to navigate at the very moment I submitted my loan application online, I received an immediate response from them and they provided the requited information for my loan requirement and the service provided by them is really great.
      Was this review helpful? 0
      , jamnagar
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      I submitted my car loan application with HDFC bank through online source. But I did not take the loan from the bank as I postponed my plan. I had no issues with the bank when I approached them. In fact, I received very good response from the bank for the loan application.
      Was this review helpful? 0
      , jamnagar
      Reviewed on May 22, 2017
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