If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Car Loan BYTES FROM OUR KITCHEN

    Car Loan for Self-Employed

    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.

    Car Loan for Self-Employed Reviews

    • ICICI Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan with the ICICI BANK and i have been using it since from last more than 4 years. The rate of interest was nominal with this loan when compare to the other loans. It is a good loan to use also they provided the loan amount which was good.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • SBI Car Loan
      "Very good customer service"
      0.5 5.0/5 "Blown Away!"
      I taken my New car in Maruti Swift Desire with the help of SBI . Maruti showroom has tie up with the SBI , so immediately approved my loan . It is very fast response from SBI executive . They given me the correct interest rate . Now another 12 months EMI is pending .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with HDFC bank previously,they gave me loan amount based on the vehicle price,and the rate of interest they have charged me was nominal,and even they have charged me processing fee which was okay,now i have closed this loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 23, 2019
    • Kotak Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a Car loan from the KOTAK MAHINDRA BANK . Their rates are much cheaper that other companies. The application process was easy and hassle free. I never had any issues with their services. I use to pay my EMI on time . Customer support is good here .
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Mar 23, 2019
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I took car loan with State bank of India,The loan amount was sufficient,like based on my requirement they gave loan,and i have purchased Renault car , the rate of interest they have charged me was nominal,it is floating in nature,like based on the market value it use to change,they have not charged any processing fee, still this loan is running.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 23, 2019
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The rate of interest was high with KOTAK MAHINDRA BANK , and there was processing fee for my car loan and it is nominal .The documentation procedure went smooth.I have chosen car loan through KOTAK MAHINDRA BANK . The customer service and response was better.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 23, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The loan amount was satisfactory, I pay an EMI on time. The tenure period is for good . Overall it was a very good loan experience e with the HDFC .It was a super fast loan experience. I took a car Loan from the HDFC BANK . The whole loan process was easy and super fast.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 23, 2019
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding car loan with ICICI bank ,Their service was prompt,and the loan amount which they have given me was sufficient based on the vehicle they have given me loan, and the rate of interest they have charged me was nominal,and even they have charged me processing fee that too was nominal,and still this loan is running,so far i have not faced any issue.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 23, 2019
    • review Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My experience was good I have taken four wheeler loan from TVS credit my loan amount is 3Lack and 3 years tenure and rate of interested is 8.65% only 3 rest emi I have then finished this loan and their response is good I am satisfied with TVS credit limit.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 23, 2019
    • SBI Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      I just submitted my papers for the SBI card loan through the consultancy, they do have one point of contact. But interest is really reasonable, the loan process was very hassle fee and the amazing part was zero processing fee on my loan disbursement.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2019
    • Kotak Car Loan
      "Process should be simple"
      0.5 3.0/5 "Satisfactory"
      I had car loan from Kotak Mahindra very long back, the process was lengthy and it has hassle documentation process. I was surprised regarding the way of loan, the interest and charges are good, however on road price of the card was approved on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      It was pretty good experience i had in getting my Car loan from them where the process had been quite good and the loan amount was sufficient as well. The interest rate with them has been nominal and the interest rate with them has been pretty good as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 22, 2019
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have taken Car Loan through ICICI Bank since got the information directly through Maruti showroom they have recommended ICCI Bank Car Loan . The car model is Maruti eeco .I have got the loan amount on time.The agent clearly explained the process .The rate if interest was high and also processing is high too.Not yet faced any issues on submitting the documents as well .The Overall Service is good as well.
      Was this review helpful? 1
      , new delhi
      Reviewed on Mar 22, 2019
    • SBI Car Loan
      "Need more customer support for good relationship"
      0.5 2.0/5 "Expected more"
      I am not at all happy with the SBi customer service . SBI never respect the customers . From the beginning itself , I am not okay with the process and Bank . My showroom has delivered the car very instantly after the sanction of loan . I am happy with the interest rate .
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 22, 2019
    • review Car Loan
      "Need to improvre services"
      0.5 1.0/5 "Really Bad"
      My car loan has been taken with SRIRAM FINANCE , i am giving 1 rating to this financial institution because o their services which is not so good . The tenure period is 4 year . They charge very high rate of interest with this bank . For everything thing i have to visit the office .
      Was this review helpful? 1
      , mumbai
      Reviewed on Mar 20, 2019
    • IndusInd Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan almost seven years back and the process in getting this loan was pretty much easy. The loan amount has been good and the interest rate with them has been nominal as well. There has not been any additional charges made by them and there was a help from their customer support team as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2019
    • SBI Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I had a car loan it was closed now with State Bank of India, I got the loan with the lower interest. The service was really nice, infact the rate of interest is lesser. From the bank I got the NOC letter after closing my car loan, overall it was good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2019
    • Oriental Bank of Commerce Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a while back and the process in getting this loan was quite easy. They had offered me with a lesser interest rate and the charges which they had made has been pretty less as well. Overall their customer support has also been helpful at times.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Mar 20, 2019
    • Capital First Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from Capital First and its been 3 months. I have purchased i20 new car and they have provided me 85% funding. The interest rate is okay and the charges has been informed, after getting confirmation from me then loan amount was credited to account. The tenure is 36months.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 19, 2019
    • Reliance Commercial Finance Car Loan
      "Average "
      0.5 2.5/5 "Just OK"
      I have taken a car loan in Reliance Finance and it was suggested by the dealer. I have purchased a seconded car and the loan amount is 4.5L which was sufficient. The interest rate is high compared to others also processing fee is applicable. The customer service is not good and they need to improve on.
      Was this review helpful? 1
      , pune
      Reviewed on Mar 19, 2019
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