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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  • Sundaram Car Finance

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  • 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.


     

    You’re probably eligible for Sundaram Car Finance if you are

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    Sundaram Car Finance Minimum Age

    At least 21 years old

    Sundaram Car Finance Maximum Age

    Less than 65 years old

    Sundaram Car Finance Eligible Employment Type

    Salaried or self employed
    with regular income

    Sundaram Car Finance Minimum Income

    Earning more than the minimum
    required income.


     

    Your Sundaram Car Finance amount eligibility is based on these factors

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    Sundaram Car Finance Minimum Salary

    Minimum required income
    is Rs.2.5 lakh

    Sundaram Car Finance Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    Sundaram Car Finance EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Sundaram Car Finance amount by these steps

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    Sundaram Car Finance Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Sundaram Car Finance Maximum Tenure

    Choose longer tenure loan up to 5 years


     

    Documentation needed to apply for an Sundaram Car Finance

    • 1. Residence proof
    • 2. Photo ID and age proof
    • 3. Signed application form with photograph
    • 4. Last 6 months' bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months' salary slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years' Income Tax Returns with computation of Income
      • Last 3 years' CA Certified / Audited Balance Sheet and Profit & Loss Account

     

    Sundaram Car Finance Interest RatesUpdated on 23 Jul 2019

    Sundaram Car Finance Details
    Interest Rate (Monthly reducing balance) 8.75% - 11.00%
    Processing Fees Rs.3500
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 3% of principal outstanding
    Guarantor Requirement No guarantor required

    Sundaram Car Loan Eligibility

    Sundaram Car Loan is available to:

    • Individuals – Salaried, Professionals and Businessmen.
    • Proprietorship
    • Partnerships Concerns
    • 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.

    Sundaram Car Finance Documentation Required

    Individuals and Proprietorship requirements:

    1. One passport-sized photograph
    2. Identity Proof – Valid passport, photo credit card, PAN card, Driving license, Patta passbook with photo, Ration card or Voter’s ID.
    3. 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.
    4. Asset Proof – House tax/Water tax challan, Patta copy, Housing Co-op Society bill, Sale deed of property.
    5. 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.

    6. Last 6 months' bank statements

    7. Signature proof

    8. 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.

    Additional requirements for used cars:

    • 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.

    Loan Amount and Tenure

    Type

    Funding

    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

    Interest is calculated on a flat rate basis and variables of the customer concerned.

    Sundaram Car Finance Features and benefits

    • Minimum waiting period.

    • Hassle-free process.

    • Low EMIs.

    • 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.

    How to Calculate EMI for Sundaram Finance Car Loan

    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.

    How to Calculate Your Sundaram Finance Car Loan EMI through BankBazaar

    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:

    • Visit the homepage of BankBazaar’s official website
    • Click on ‘Finance Tools’ on the menu available on the main page
    • Select ‘Car Loan EMI Calculator’ from the options available
    • Next, enter the loan amount and tenure by moving the scales available on the EMI calculator page
    • Enter the applicable interest rate along with the processing fee
    • If you wish to avail the option for prepayment, click on the ‘Yes’ button under ‘Would you like to make Pre-payments?’ and fill out the required details in the short form that pops up below
    • If you do not wish to opt for the prepayment option then choose the ‘No’ button under ‘Would you like to make Pre-payments?’
    • Then, click on ‘Calculate’ to generate your quote for EMI based on the details that you have entered

    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.

    Why You Should Apply for a Sundaram Finance Car Loan 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.

    • Customers can get all the information collated at one place pertaining the Sundaram Car Finance so that they can check whether they are eligible for a loan under the scheme or not.
    • You can get the lowest possible rates as well as special offers & discounts that are not available anywhere else, when you apply for a car loan through the company.
    • If you are looking for a car loan while purchasing the car of your dreams, you can view and compare all the options available in the market through BankBazaar and choose the best one that suits your needs.
    • In order to help customers make the right choice regarding their financial product, BankBazaar offers objective and impartial information and transparent procedures.
    • If you want to learn how much EMI you will have to pay towards a car loan amount for a predetermined period of time, you can use the car loan EMI calculator available online and check it yourself wherever you are at any time of the day.
    • Customers have the freedom to choose a plan according to their situation, need, and capability by adjusting the loan amount, tenure, and interest rate in the EMI calculator.
    • Since the company promotes paperless transactions, applying for a vehicle, personal, or home loan through BankBazaar is a hassle-free process. You will receive the funds you need without having to do any of the legwork.
    • BankBazaar respects the privacy of its customers. Therefore, you can be assured that any personal information that you provide to the customer care team or at the website will be treated with utmost confidentiality. The company doesn’t share any information with a third-party entity at any cost, apart from the respective lender.

    Sundaram Car Finance FAQs

    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.

    • Best rates of interest in the market
    • Amount of EMI as less as Rs.3,415
    • Short waiting periods
    • Zero-hassle loan processing and approval
    • Quick disbursal of funds

    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.

    Sundaram Finance Car Loan Offer November 2018

    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.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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