Car Loan

Car Loan at 8.50%*

FTM arranges car finance for new vehicles, pre-owned vehicles and refinance on a car you already own. Because we work with a panel of banks and NBFCs rather than a single dealer tie-up, we can compare the on-road funding percentage, the rate and the processing fee across lenders before the file is logged.

For a used car the lender funds against an independent valuation of the vehicle, so the age of the car and its service record matter as much as your income. Cash against car — a loan raised on a vehicle that is already fully paid for — is sanctioned on the same basis.

At a glance

What the facility gives you

• New car funding up to 90% of the on-road price
• Pre-owned car funding against independent valuation
• Cash against car for vehicles you already own outright
• Tenure up to 84 months to keep the EMI comfortable
• Balance transfer of an existing car loan at a lower rate
• Insurance and extended warranty can be built into the loan

Who is eligible

• Salaried applicants aged 21 to 60; self-employed up to 65 at loan maturity
• Minimum net monthly income of ₹25,000 for salaried applicants
• Two years in business with filed returns for self-employed applicants
• Satisfactory repayment track record on existing loans and cards
• For used cars, vehicle age normally under eight years at loan maturity

Documents required

• PAN card, Aadhaar card and passport-size photographs
• Address proof — Aadhaar, passport, voter ID or utility bill
• Salaried: last 3 months salary slips and Form 16
• Self-employed: last 2 years ITR with computation and financials
• Last 6 months bank statement of the salary or business account
• Proforma invoice (new car) or RC, insurance and valuation report (used car)

Frequently asked questions