That’s where a car loan could help. Personal loans from Halifax are available to existing customer and offer a range of borrowing amounts and repayment terms to suit your budget.

• For loans from £7,000 to £15,000 benefit from a great 8.8% APR representative rate
• Repay motor loans over 1 to 7 years
• Fixed repayments to suit your budget
• Online car loan decisions
• Halifax also offer loans for other amounts too

Eligibility

• For Private use
• Individuals as well as Business Concerns (Corporate or non-corporate).

Amount of Loan

1. For Individuals / Proprietorship Concerns: 25 times of the monthly net salary OR Rs.25 lacs (for one or more vehicles), whichever is lower. Income of parent(s) / spouse can be taken into account for determining loan amount. In such cases, the parent(s)/ spouse shall stand as additional guarantor.
2. For Business Concerns (Corporate or non-corporate): No ceiling on loan amount (for one or more vehicles).

Margin

• For New Vehicles: 20%
• For Old Vehicles: 30%

Security

The vehicle purchased with the amount of loan is to be hypothecated to the Bank. It will be registered in the name of the borrower jointly with the Bank.

Guarantee / Collateral Security

1. Guarantee of spouse, if employed/ earning or third party guarantee, OR
2. Collateral Security in the shape of either Immovable Property or Liquid Security equivalent to 100% of loan amount.
3. Additional guarantee of parent(s)/ spouse to be taken incase their income has been taken account for determining loan amount.

Repayment

• For New Vehicle: The loan amount together with interest is to be repaid maximum in 84 Equated Monthly Installments (EMIs).
• For Old Vehicle: The loan amount together with interest is to be repaid maximum in 60 Equated Monthly Instalments (EMIs)

Disbursement: The intending borrower will be required to settle the transaction for purchase of vehicle needed by him/her with the seller and will be required to deposit the difference of the cost of the vehicle to amount of loan, and thereafter, the advance will be allowed to him/her from the bank by paying the entire price of the vehicle to the seller directly on behalf of the borrower.

1) Mortgage Loans: New construction, upgrading, enlarging, or improving your home should be done with the MCB Bank’s mortgage loan.

2) Car Loans: MCB Bank have financing for up to five years for the purchase of a new car and three years for a used car. Ask your automobile dealer to complete your application for financing right on his premises. MCB Bank will get you a reply quickly.

3) Personal Loans: MCB Bank can provide financing for just about all your personal needs, such as appliances, computers, medical expenses, special family events, vacations, etc., as well as assist you in consolidating your existing loans.

• Salaried
• Self employee (proprietor)
• Professional
• Business women

FWBL offers Financing up to Rs. 1.0 Million for new car and Rs. 0.5 Million for secondhand / used cars (not over 3 years old model) for a maximum period of 5 years

Special Features of the Car Scheme

• Competitive financing rates
• Low down payment
• Flexible repayment option
• Quick processing
• Insurance coverage from reputable companies
• Low processing fee

Eligibility Criteria

• CNIC holder
• Not restricted to FWBL customers, any woman meeting criteria can apply for Loan singly or jointly with spouse
• Resident in cities like Karachi, Lahore, Islamabad and Peshawar are eligible to apply
• Ages between 21 and 60 years, at the time of maturity of finance

Security:

• Car Financed will be marked under lien of the Bank at the Registrar’s records
• Vehicle will be secured by way of hypothecation
• Payment will be directly made to the Seller / Authorized dealer
• Loan will be further secured by way of Comprehensive Insurance of the vehicle covering all possible Risk
• Salaried Women:
• Permanently employed with corporate organization for at least two years
• Minimum take home salary Rs. 15,000 per month with a service contract valid for 18 to 60 months at the time of applying limit

Self Employed / Professionals:

• A business woman or self-employed professional with a minimum experience of 3 years or more in same business or profession

Documentation:

• Copy of CNIC
• 2 recent photograph
• Salary Certificate with details regarding date of joining, designation, experience and salary particulars / proof of profession
• Maintaining a bank account with any bank for at least 6 months
• Declaration of Proprietorship / Registered partnership deed
• Tax returns for past two years
• Business Proof along with financial statement for last two years
• Utility Bills / Bills of Mobile Phone / Credit Cards

The Nations Trust Bank offers car loan for all their customers in Sri Lanka at very low rates of interest with less processing fee and simple documentation in a speedy and hassle free process.

Nations Trust Bank Car Loan Features and Benefits:

• Facilities upto 100% of the asset value
• No guarantors required
• Repayment upto 5 years

Eligibility:

• Salaried employees of companies accepted by the Bank
• Professionals
• Accountants – CIMA, ICASL, ACCA Members
• Marketing Professionals – SLIM, CIM Members
• Architects – SLIA Members
• Engineers – IESL Members
• Doctors – Registered with SLMC, SLDA, SLVA
• Lawyers – Registered with Sri Lanka Bar Association
• Pilots – Holder of a commercial pilot license and employed by a national carrier or a reputed international airline
• Between 18 – 60 years of age

Documents required: In order to avail car loan from Nations Trust Baank you needs to submit the following documents

• Copy of NIC or Driving Licence
• Letter from employer confirming salary details and employment
• Last salary slip certified by the employer
• Copy of membership card from professional institute (as required)
• Valuation of vehicle addressed to the bank by the panel approved by the bank
• Copy of Certificate of Registration (CR) Book
• Billing Proof
• Invoice from Seller

Eligibility: Individual/Partnership Firm/Limited Company/Trust: Individual with a minimum gross income of Rs.1,20,000.00 per annum (Including the income of spouse). For others the average debt service coverage ratio should be 1.50:1 or more.

Purpose:

• To buy New Car / Four Wheeler for personal or professional use.
• To buy Pre Owned (Used / Second Hand) Cars in good working condition and not more than 4 years old.

Loan Quantum:

• Up to Rs. 50 Lakhs for New Vehicle.
• For Purchasing Second Hand Cars: Restricted up to Rs.15.00 Lac

Margin: 15% of “On Road Price” for New Vehicle / 30% of the Purchase Value or Market value of Pre Owned Cars whichever is lower.

Guarantee: Third Party Guarantee. May be waived for appropriate cases.

Repayment: 5 Years. Equated Monthly Installment. For salaried persons -EMI should not exceed 40% of Take Home Salary/Net Income

Security: Hypothecation of Vehicle to be Financed.

Processing Charges: 1.00% of Limit sanctioned without any maximum cap.

Prepayment Charges: At the rate of 0.25% of amount prepaid. In case, where the loan is closed by way of Take Over by 0ther Bank alone will attract prepayment Charges. However, no prepayments charges will be levied in cases where the loan is closed by the borrower from own sources of funds.

Documentation: Usual documents as per Tamilnad Mercantile Bank Norms.

Other Stipulation

• Hypothecated Vehicle should be adequately insured.
• Tamilnad Mercantile Bank’s hypothecation charge should be duly registered with the Regional Transport Authority and it should be recorded in the RC Book.
• Duplicate key and RC Book copy should be obtained and kept along with the loan documents.

Loan application has to be accompanied by:

• Proof of Income (IT Return / Balance Sheet / Salary Certificate / Others).
• Quotation from registered vendor.
• Letter from Third Part Guarantor, if applicable.

Eligibility Criteria: 

For persons having assets and income enough for regular repayment of the advance. Documentary evidence of income should be submitted.

Quantum of Loan: 

80% of Invoice Value and road tax. Invoice Value includes Excise duty, Sales tax etc. but excludes insurance, registration and other incidental charges.

Security: 

• Hypothecation of the Vehicle.

Guarantee: 

Two person with good means, if collateral security is not offered. Guarantee of spouse should be given preference.

Eligibility:

• Age 21 to 65 years
• Permanent employees of State/Central Govt., Public Sector undertakings, Corporations, Private Sectopr Copmpanies and reputed establishments.
• Professionals, Self employed and others who are income tax assessees and persons engaged in agriculture and allied activities.

Salaried:

(i) Net annual income Rs. 1,50,000/ and above
(ii) Net monthly income should be atleast two times of EMI.

Self-Employed and Professionals: Net annual income Rs. 1,50,000/ and above for the last year as per Income Tax Return.

Loan Amount:

• No ceiling of loan amount
• Maximum loan amount will be 30 times the net monthly income/2.5 times the net annual income
• For agriculturists the net annual income shouldbe arrived at by the branched based on the nature of their activity (i.e. farming, dairy, poultry, orchards)
• Land holding, cropping pattern, yield etc. and average level of income derived therefrom in the area.
• income of spouse, father, mother, brother and sister may be included for arriving at the loan eligibility (any one). The person whose income is included will guarantee the loan.

Margin: 15% on road price of the vehicle.

Processing Fee: 0.50%

Repayment: The State Bank of Patiala car loan should be repaid in suitable monthly/quarterly installments within a period of 7 years.

Papers to be submitted with loan application:

• Statement of bank account for the last 6 months of the borrower
• Two passport sized photographs of vorrower/guarantator(s).
• Signature Identification from Banker of borrower.guarantator.
• A copy of passport/voter ID Card/PAN ID Card.
• Proof of Residence
• Latest salary slip showing all deductions and TDS Certificate Form-16 in case of salaried persons.
• Copy of Income Tax Return for the last two financial years duly acknowledged by ITO for professionals and self-employed and others.
• Proof of official adress for non-salaried individuals

Key Features of Meezan Bank Car Loans:

• Low monthly rental
• Rental paid after delivery, not in advanced
• Fastest processing and delivery
• Tracker option available
• Minimum security deposit as low as 10%*
• All new, used, local, imported and luxury vehicles can be financed

In pakistan all the employed and self-employed persons who earning a stable income every month are eligible to apply for car loans from Meezan Bank.

To apply for Meezan Bank’s Car Loan, fill out a customer application form (available at any Meezan Bank Ltd. Branch), attach the required documents and get your financing approved in a 1-2 working days.

If you ask for a loan the first thing the banker looks is whether you have enough cash flow and capacity to repay the it. Then comes your credit history, how good are your earlier repayment tracks, what are the other commitments you have, what is the purpose of loan and your profile.

If your income does not support the EMI there is a very little chance that the banker will approve your loan. The EMI must be in your means. If your income is not eligible you have to go for a smaller loan or go for a longer tenure, where the EMI will be less. If you have any other loan obligations the best way is to clear them if the outstanding loan amount is less. Few bankers also take over the existing loans, so allow the bank to take over the other loans where the outstanding is less, this way you may be eligible for higher loan amount.

But the worst scenario for any loan rejection is CIBIL problem, if there are any cibil problems then the loan application will be rejected. The main CIBIL problems are related to your earlier loans, credit cards. If you have defaulted the payments in any of the earlier loans or settled the earlier loans or credit cards then they will have a negative impact on your credit rating. Even late payments of loans and cheque bounces will have a negative rating. So one has to take enough care when taking any loan, so that he can repay the entire loan, in case he defaults in repaying that loan, then getting any loans in the future will be very difficult.

The purpose of the loan is also important for the banker. Say if an individual is asking for a mortgage loan, the banker should be satisfied the purpose for which the loan is taken, then the profile is also important. Most bankers in india maintain list of negative profiles for which they will not lend. Some banks also have negative area lists. Banks need to be convinced for lending to negative profiles and for people residing in negative areas. Most indian banks are also not lending to bachelors not staying with their parents and staying in bachelor rooms or hostels.

The best thing is if you are planning to take a loan in india then you need to plan for it for any where between 6 months to 3 years. If you think it is too long a period then you should always be prepared as you don’t know when you need a loan. Why 6 months to 3 years? Bankers will look at your average balances in the bank for the last six months and in some cases for one year, they check the bank statement for any cheque bounces during that period, loan commitments for the last six months and any nes loans taken in recent period.

For loans like home loans they also look at the last 3 years incomes. Residence stability is also very important. The banks see since how long the customer is residing in the current residence, the longer the more beneficial, similar is the job stability. Current job experience should be more than 1 year at least more than six months. Maintain average bank balance of 1.5 times the planned EMI, see to that there are no cheque bounces, no late payment charges for the credit cards. For all these reasons, depending on the type of the loan you take, I recommend you to plan for 6 months to 3 years or best way is to always be prepared.

Documents are also important. Pan card is must for any loan above Rs. 50000. Residence proof preferably in the name of the borrower is important. The best is a land line telephone bill. Previous employment letters, form 16, previous loan tracks. Any settlement letters (must be preserved) for previous loans and credit cards.

In case of bad credit you can start fresh by taking a secured loan, most people give loans for secured loans like mortgage loans, car loans and home loans in india but unsecured loans are very difficult to come in india if you have a bad credit rating .