Get Personal Loan for Car- Piramal Finance

Q: What cars can I buy with a personal loan for a car?

With a personal loan for a car from Piramal Finance, you can buy any car with an on-road price of less than INR 10 lakh. Thus, you can easily afford to buy commercial and small-to-medium-sized cars with this loan product.

Q: Are personal loans and car loans the same?

No, both are different types of loan products. While a car loan is a type of secured loan that aids with the funding needed for vehicle acquisition, a personal loan is an unsecured loan that you can utilize freely as you see fit. Many people prefer using personal loans to buy cars over car loans because they won’t have to use the car as collateral.

Q: Can I use a personal loan to purchase a car?

If you want to buy a new car, you can use a personal loan or a car loan to finance the cost of the car. Personal loans are considered unsecured loans, whereas automotive loans are secured loans because the vehicle is mortgaged to the bank until the loan is fully repaid.

Q: Can I pre-close my car loan?

You can indeed foreclose on your debt before the intended term. You can do this by making a single, full loan payment. A prepayment fee may be applicable for personal loan foreclosures assessed by Piramal Finance.

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.

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.

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 10 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.

Documents Required for a Personal Loan for Debt Consolidation

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)

Aadhar Card
Voter ID
Valid Driving License
PAN Card
Valid Passport

Proof of Residence (anyone)

Copy of water bill/ electricity bill/ telephone bill
Aadhar card
Valid passport
Voter ID card
Driving license

Proof of Income for Salaried Individuals

Salary slips or salary certificates for the past 3 months
Bank statements revealing salary credits for the last 6 months
Income Tax Returns and Form 16

Proof of Income for Self-Employed Individuals

Profit and loss account statements and balance sheet of the applicant and the applicant’s business for the last 3 years attested by a CA.
IT Returns for the last 3 assessment years of the applicant and the business entity.
Bank account statements of the applicant and the business entity for the last 6 months.

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!