What Is a Personal Loan for a Car?

With India’s rising population and transportation issues, owning a car has become more of a necessity than a luxury. However, spending all your savings just on a car in a single go can be a challenging and unwise financial decision for any average-earning person. This is where an instant car loan comes into aid.
Simply put, a personal loan for a car provides you with the requisite funds you need in addition to the minimum down payment for the car. A low-rate car loan is usually a secured loan where we will consider the car as collateral. On the other hand, a personal loan is an unsecured loan that gives you the freedom to use it in any way you want – for instance, using it to buy a car.
Furthermore, no loan provider offers 100% financing for buying a car. It implies you’ll have to pay the rest of the amount from your savings as a car down payment. So, what to do then? The best alternative is to get a personal loan to buy a car with Piramal Finance and bring your dream car home without any hassle.

Eligibility Criteria for Personal Loan for a Car

The eligibility criteria for a personal loan for buying a car include the following:

• The age of the applicant must be between 21 and 58 years.
• The applicant must have a minimum monthly income of INR 15,000.
• The applicant must be salaried, working for a private sector company or a government establishment.
• The applicant must have at least one year of work experience with their current employer.

You must provide some specific documentation to validate your eligibility for a personal loan for a car. These documents include the following:

Note: The documentation requirement is subject to change depending on the current market situation. So, check the documents required on our website while applying for a personal loan to buy a car.