Benefits of Having Car Loans for Self-Employed

Having Car Loans for self-employed
Car Loan

Car Loans are the loans that will help you purchase car of your choice by making available to you the required principle amount at a certain rate of interest which depends on the bank or the financier you choose to take the car loan from.

Owning a car has its own benefits, which includes:

(i) Plan a long drive with your spouse

(ii) Get away from the harmful sun rays and radiation in this hot summer season

(iii) Plan a long drive and vacation with your family

(iv) Travel at your convenience at your own comfort; plan your route to cut down distance, etc.

Here are some facts about Car Loans which will help all Self-Employed individuals to come to a better understanding about car loan and all the benefits associated with it:

Loan Amount:

Car loans can be availed to fulfill your dream of buying a new car or a pre-owned car. You can avail loan amount upto Rs.20,00,000/- as per your financial requirement. You can purchase a new car by availing car loan and enjoy the luxury of using a car such as planning your own route to save time, traveling directly from your door to the destination, and so on.

Mode of Repayment:

Car loans can be paid through calculated monthly EMI’s via ECS (Electronic Clearing Service) or cheques as per your own choice.

Rate of Interest:

Interest rate for purchase of car loans is around 11.50% - 13.75% p.a. which varies from bank to bank.

Car Loan Tenure:

Loan tenure for car loan can be planning as per your affordability which can be anything ranging from 38 months, 46 months up to 7 years. Loan tenure depends on the bank you choose and your capacity to pay back.

Nil-Fore Closure Charges:

You can choose from car loan product which not pose any penalty towards Fore-closure charges.

No guarantors / collaterals:

You do not require any guarantors or need to deposit anything as a security but have to submit the annual salary slip for availing car loan.

Eligibility for availing Car loan:

Car loan can be availed by anyone who is self-employed earning a minimum of Rs. 10,000/- per month. You must at least 18 years of age to avail car loan. You also should have a total 3 years of experience and 2 years of in the current firm or the company.Any self-employed individual can apply for the car loan from anywhere across the country.


You can apply for a car loan along with other co-applicants to increase your car loan eligibility and amount. The co-applicant should be your blood relation.


Documents that are required to apply for a car loan are application form, passport sized photographs, income tax return certificate, work experience, Form 16 A of last two years as well as your KYC documents.

How to apply for a Car Loan?

• Car loans can be easily applied online, at letzbank.

• Before you start your application process you should check various car loan offers available.

• letzbank serves as a single window to apply for all kinds of loan products with just a click online.

• Advantage of choosing Letzbank is that you get to compare from an assortment of car loan offers available on our website being offered by leading banks across the country.

• You can quickly apply for a car loan once you’ve compared the various car loans.

• Submit your application and we will assist you further.

• You may track your application online.

• For more information on Car loan offers dial+91-9347474444

• We offer 100% free services for applications submitted online.

Check Your Eligibility

Main Category: Loans