If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • loading

    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
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    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
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.95% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    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
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.25% - 9% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free PAPERLESS APPROVAL OPTION AVAILABLE
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    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
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    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
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    13.50% - 15% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% - 9.30% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    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
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.85% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Car Loan for Self-Employed is Rated as "Great!" by 28375 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    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.

     Loading your search... Loading your search...
  • Car Loan for Self-Employed Reviews

    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      Bank bazaar is pretty quick in their response . It would be great if bankbazaar provides the suitable partner banks. The customer service and the response with bankbazaar is above average . The website of bank bazaar is easy to use and customer friendly. The data base questions can be reduced in future.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Dena Bank Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have dropped the car loan plan because it is tough to get the loan with Dena bank as well I had personal reason too so that was the reason I haven't proceed with Dena bank loan. The customer service and the response with Dena bank is average. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I got the car loan within 3 days of time from HDFC bank. The customer service and the response part is really good with HDFC bank. The rate of interest is nominal with HDFC bank car loan. I am happy and satisfied with the loan amount, because the required loan amount has been approved by HDFC.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Satisfactory service"
      0.5 5.0/5 "Blown Away!"
      I got to know about bankbazaar through my friends referral. The customer service and the response is fantastic with bankbazaar. The website of bankbazaar is easy to use and customer friendly. It would be great if bankbazaar recommends the products with low interest rates. I am happy and satisfied using the bankbazaar service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • Axis Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I hold a salaried account with HDFC bank, so I got the car loan with HDFC bank with best interest rate, so that was the reason I haven't proceed with Axis bank car loan and moreover the Axis bank offers the loan with high rate of interest for all the products . The customer service and the response with Axis is average . The service which is provided by AXIS bank is very much average.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar gives the best response in concern to any query or any product related queries. I am with bankbazaar for past 2 years. I got to know about bankbazaar through google web search. The customer service and the response with bankbazaar is really good. The website with bankbazaar is easy to use and customer friendly. I am happy using bankbazaar website.
      Was this review helpful? 0
      , narasaraopeta
      Reviewed on Jul 25, 2017
    • Sundaram Finance Car Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      Initially the Sundaram finance executives gave a call and explained me about the product and they asked me to submit the documents and I have done it, but still no one turned up with the status of my car loan application. The customer service and the response is good with Sundaram finance. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , narasaraopeta
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Through advertisements I came to know about bankbazaar, I am with bankbazaar for more than 2 years. The customer service and the response is very good with bankbazaar. The website of bankbazaar is easy to use and user friendly. The bankbazaar gives very good comparison with the products which is very helpful to get the product with the best price.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jul 25, 2017
    • Au Small Finance Ltd Car Loan
      "Below Average service"
      0.5 1.0/5 "Really Bad"
      The Au finance service is not up to the mark in regards to my car loan application. The customer service and the response need to be improved with Au finance. The rate of interest is high when compared with others. They gave below average service in concern to my car loan application.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I know bank bazaar through google web search. I am with bankbazaar for more than a year. The customer service and the response is average with bankbazaar. The website with bankbazaar is easy to use and user friendly. I would say that bankbazaar gave average service .
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 25, 2017
    • Dena Bank Car Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      Dena bank didn't give any kind of response in concern to my car loan application, so that was the reason I haven't proceed with Dena bank. Then I have proceeded with other bank and got the car loan with the best interest rate. The customer service and the response need to be improved with Dena bank. The rate of interest is nominal with Dena .
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very Nice service"
      0.5 5.0/5 "Blown Away!"
      I got a fair idea about bank bazaar through Google advertisements. I am with bank bazaar for the past 1 year. The website of bank bazaar is easy to use and user friendly. The customer service and the response is very good with bank-bazaar. I am completely happy with the service rendered by bankbazaar.com.
      Was this review helpful? 0
      , goa
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Average Service"
      0.5 1.0/5 "Really Bad"
      The Required loan amount was not approved by Hdfc bank, that was the reason I haven't got the car loan with HDFC . I would like to say that the HDFC bank need to intimate about the eligibility criteria to the customers in prior. The customer service and the response is good with HDFC bank. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , goa
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      For past 1 year I am with bank bazaar. I came to know about bank bazaar through my friend's referral. The customer service and the response is really good with bank bazaar. The website with bank bazaar is easy to use and user friendly. Glad to be a customer of bankbazaar.
      Was this review helpful? 0
      , patna
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I didn't choose HDFC bank for my car loan due to high interest, so that was the reason I haven't got the car loan with HDFC bank. The customer service and the response was good with HDFC bank. The rate of interest is high when compared with others. But from the service point of view HDFC is doing good.
      Was this review helpful? 0
      , patna
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I get to know about bank bazaar through online web search. The customer service and the response was very good with bank bazaar. I am with bank bazaar for past 1 year. The web site with bank bazaar is easy to use and user friendly. I am satisfied using bank bazaar website.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The HDFC bank service was very good, but they told that they have seen the backlogs EMI's to be paid in my profile, so that was the reason I haven't got the car loan with HDFC bank. The customer service and the response part was good with HDFC . The rate of interest is nominal with HDFC bank. I got the required loan amount with other private finance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The overall experience at Bankbazaar was satisfactory. The process of the team contacting me was instant and I had no hassles with them. I got proper follow up calls and the website is also created well and it is very informative. The comparison options is useful.
      Was this review helpful? 0
      , guntur
      Reviewed on Jul 25, 2017
    • Sundaram Finance Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      Sundaram Finance contacted me initially and later there was no follow up from them for the car loan. It has been a average experience and there was no information given to me on the rate of interest and processing charges. I would not wish to recommend them too.
      Was this review helpful? 0
      , guntur
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Overall a good experience"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar surely deserve 5 star rating as I am very much impressed with their service. The team was prompt in contacting me and they informd me the details too. The information on the website is also clearly described, making it easier to navigate through the offers.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 25, 2017
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.