With the rapidly growing economy and the increasing number of salaried individuals with passive income streams, the demand and sale of automobiles are on the surge. More and more people are now buying or planning to buy a new car.
Piramal Finance is making the most out of this situation and extending secured car loan offers at reasonable terms to people from all sectors. However, Piramal Finance finds it easy and quick to help people make their dreams come true via online mode of operations. With everything available online, anyone can easily apply for instant approval car loans and get their loan disbursed in no time.
Thanks to online personal auto loans, now getting the car of your dreams has become easier than ever. Continue reading to explore all about a personal loan for a car, its features and benefits, eligibility criteria, and more. Have all the knowledge you need and take the next step to apply for a car loan.

Features & Benefits of a Personal Loan for a Car

Instant Approval & Quick Disbursal

With Piramal Finance, getting a personal loan for a used or new car becomes easy and seamless. With our same-day approval and disbursal, you can fulfill your dream of owning your car in no time. Once the document verification is successful, we waste no time in approving and sanctioning your loan.

Get a High Personal Loan Amount for Buying a Car

At Piramal Finance, you can avail of a personal loan of up to INR 5 lakh to buy a car. Our high personal loan amount will let you buy any budget-friendly car without any hassle. With Piramal Finance’s high personal loan amount, buy the car of your dreams and plan your road trips ahead with friends and family.

Attractive Rates of Interest

We at Piramal Finance offer competitive and reasonable interest rates for our personal loans for cars, starting at 12.99%* p.a. Our affordable interest rates make your EMI shorter and enable easy loan repayment.

100% Paperless & Minimal Documentation Required

Say goodbye to the hassle of dealing with a pile of paperwork while applying for a personal loan to buy a car with Piramal Finance. Our zero-paperwork personal loan for cars eliminates the need for you to visit our physical branch to avail of the loan. Now, you can simply access our website from the comfort of your home, submit minimal documentation, and get your loan in no time.

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:

ID ProofAddress ProofIncome Proof
Passport, Voter ID card, Aadhaar card, PAN card, Driving license
Passport, Ration card, Aadhaar card, Utility bills, Driving license 
For Salaried: Last 1 month salary slip, Form 16

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.

Documents Required for a Personal Loan for Car loan.

Anyone obtaining a personal loan for used car or a new car must submit an application that has been properly filled out and signed, as well as two passport-size photos of themselves and the co-applicant. Additionally, you must submit the following paperwork:

KYC Documents (Anyone Proof of Identity)

1. Aadhar Card
2. Voter ID
3. Valid Driving License
4. PAN Card
5. Valid Passport

Proof of Residence (anyone)

1. Copy of water bill/ electricity bill/ telephone bill
2. Aadhar card
3. Valid passport
4. Voter ID card
5. Driving license

Proof of Income for Salaried Individuals

1. Salary slips or salary certificates for the past 1 month
2. Bank statements revealing salary credits for the last 3 months
3. Income Tax Returns and Form 16

Other Documents

1. Own contribution proof
2. Bank statements showing ongoing loan repayments for the last 6 months (if any)
3. Appointment letter or employment contract if the applicant hasn’t completed one year of employment under their present employer.
4. Bank account statements for all the bank accounts in the name of the applicant.

Why Choose Piramal Finance To Get a Personal Loan For Your Dream Car ?

You may want emergency cash if you want to purchase your dream car because it might be a significant expenditure. Applying for a personal loan from Piramal Finance gives you the option to use the money to pay for a car. Piramal Finance is the best option for a loan because of their minimal paperwork requirements, competitive interest rates, and flexible tenure. Apply now!

Different Types of Personal Loans

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