Established in 1954, Sundaram Car Finance is a leading non-banking financing company that was founded to help customers receive financial support while purchasing a passenger car or commercial vehicle. The company went public in 1972, and got enlisted in the Madras Stock Exchange during the same year. In January 1998, Sundaram Car Finance was enlisted under the National Stock Exchange. With approximately 623 branches across the length and breadth of the country along with numerous awards under its belt, the company currently serves a wide client base and helps them realise their dream of purchasing a car.
Sundaram Finance Ltd. is a trusted finance company under the Sundaram Finance Group that offers finance on all makes and models of cars ensuring attractive rates of interest, no hidden costs, and a quick and hassle-free process. Sundaram Finance assures its customers of transparency in their transactions. They also provide customized products for women and senior citizens.
At least 21 years old
Less than 65 years old
Salaried or self employed
with regular income
Earning more than the minimum
Minimum required income
is Rs.2.5 lakh
Loan capped @
85% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 years
|Interest Rate (Monthly reducing balance)||8.75% - 11.00%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||3% of principal outstanding|
|Guarantor Requirement||No guarantor required|
Sundaram Car Loan is available to:
Individuals and Proprietorship requirements:
Any of the following proof of income must be produced.
a. Last two months salary slip, Form 16 and latest IT returns.
b. Last 2 years IT returns
c. Audited P&L and balance sheet.
d. Previous year’s IT returns along with current year’s provisional.
Last 6 months' bank statements
Post-dated cheques or Electronic clearing service is required for the full period.
For partnerships, the partnership deed, asset and income proof needs to be submitted.
For companies, the Memorandum of Association and Articles of Association is required, along with the signature proof.
The car should be in the name of the company/individual availing the loan.
The hire purchase endorsement in Sundaram’s name should be in the RC book.
The car along with the original invoice or attested copy of the invoice must be available.
Comprehensive Insurance cover is necessary for a value acceptable to the company.
|New cars||Up to 95%|
|Used Car||Up to 85% of the purchased price or assessed value under the report of SF Panel surveyor - whichever is lower|
For used cars, the maximum finance period is 36 months, which depends on the model and age of the car. The age of the car including the finance period is a maximum of 10 years for Hyundai, Honda, Toyota, and Maruti cars, and 8 years for cars from other manufacturers.
Interest is calculated on a flat rate basis and variables of the customer concerned.
Minimum waiting period.
Attractive rates of interest.
Customized insurance options.
Imported cars are considered on a case-to-case basis.
NRIs can avail finance subject to approval from the RBI.
Money on wheels: A pre-approved loan on your existing car loan at attractive interest rates. If timely repayment is maintained on the existing car loan, Sundaram Finance Ltd. extends a loan at a rate of interest much lower than other personal loans.
The Sundaram Finance Car Loan Calculator lets you calculate your EMIs in easy steps. With just basic inputs such as the loan amount, desired tenure, interest rate and processing fee(percentage), you can ascertain your EMI amount plus elaborate breakup in the form of the amortisation chart - a highly recommended tool which helps you extensively in preparing for a car loan from Sundaram Finance.
BankBazaar offers a Car Loan EMI Calculator in its website wherein you can check the amount of monthly installments you will have to pay. By checking your EMIs beforehand, you will be able to manage your finances better, thereby, reducing your chances of defaulting. To calculate your car loan EMI, all you will have to do is enter a few details such as loan amount, fixed interest rate, and repayment tenure. Using these details, the Car Loan EMI Calculator available at BankBazaar.com can calculate your EMI quickly and accurately.
See the steps mentioned below to learn how you can calculate the EMI amount of your car loan using the Car Loan EMI Calculator available at BankBazaar.com:
In addition to the EMI calculation, the Car Loan EMI Calculator also provides a detailed breakup of the total amount that should be paid by the customer along with an amortization table to understand how the loan will progress throughout the tenure. Using this tool, you can also adjust the loan amount and tenure to change the EMI amount according to your repayment capability. Once you choose the right plan, you apply for the car loan directly through BankBazaar.
BankBazaar is a financial services portal where you can check and compare all the financing options available in the market and choose the one that fits your requirements and situation. While providing reliable information through a user-friendly interface, the company aids customers learn about the numerous financial products available in the market and find the best rates along with any ongoing offers.
Can I get a personal loan from Sundaram Car Finance using my car?
Yes, Sundaram Car Finance offers an additional personal loan to customers who have been extremely punctual with the repayment of their car loan. This scheme is known as Money on Wheels wherein customers can get a pre-approved loan on the purchased car in order to meet their temporary personal financial crisis. This loan has a number of advantages and can be availed for a maximum tenure of 36 months.
I have already applied for a can loan, can I switch dealers?
Yes, you can switch provided the payment has not been made yet.
Does the finance cover car accessories?
No. It covers only standard fittings.
What is the procedure for prepayment and are there any charges?
Sundaram Car Loan prepayment is usually not considered, but under special request, the loan can be foreclosed with the payment of penalty as per the agreement.
Is there any procedure following the normal closure of the loan?
After the last EMI and any other fees are paid, termination papers will be issued which comprise of the hire purchase termination letter, no objection letter addressed to the RTO, and insurance endorsement cancellation letter.
How can I check the status of my loan?
Statements of the Sundaram Car Loan Status will be issued to you upon request. You could also call the Sundaram customer care or send in your queries on the company website.
Can I apply for a Sundaram Car Loan online?
The Sundaram website does not have the option of applying online for a car loan yet. You could visit a Sundaram branch, or submit your queries or request a call from them on the Sundaram website, or apply on our website!
How long does it take for a loan to be sanctioned?
After the submission of all required documents, the approval is normally given within one working day.
Can the contract be altered?
Yes, you can request for the contract to be altered in terms of amount of finance and tenure. A supplemental agreement will have to be executed.
Are there any service charges?
No, but there are stamp fees depending on the place of execution of the contract. However, following the implementation of GST on 1st August, 2017, additional charges may be applicable on car loans offered by Sundaram Car Finance.
With a hike in car prices last month across the top carmakers in the Indian market, more consumers are opting for auto finance from banks this year. If you are looking for a new car or a pre-owned car, apply for a low-interest rate car loan to purchase a car of your choice. Sundaram Finance offers new and used car loans at competitive interest rates for most makes and models of cars. Women and senior citizens can get special discounts on car loans at Sundaram Finance. What’s more, the car loan application, verification and disbursal processes are not only simple but also hassle-free.
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