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
Earn more than the minimum
Minimum income required
Rs. 2.5L Per Annum
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)||9.50% to 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 – Salaried, Professionals and Businessmen.
Public/Private Limited Companies
Salaried employees need to have completed 3 years of cumulative service.
Age eligibility for salaried is 21 to 55 years, for professionals it is 21 to 65 years.
Individuals and Proprietorship requirements:
One passport-sized photograph
Identity Proof – Valid passport, photo credit card, PAN card, Driving license, Patta passbook with photo, Ration card or Voter’s ID.
Address Proof - Valid passport, Lease agreement in force, Driving license, House tax challan, Housing Society bill, Electricity bill, Phone bill, Water tax challan, Life insurance premium receipt, Ration card or Voter’s ID.
Asset Proof – House tax/Water tax challan, Patta copy, Housing Co-op Society bill, Sale deed of property.
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 60% of the assessed value|
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 5 years.
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 rates 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.
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 July, 2017, additional charges may be applicable on car loans offered by Sundaram Car Finance.