Muthoot Finance Car Loan Overview

Do you want best offers on new car loans? Are you in search of low interest rates? Muthoot Finance is the best financing company to get used car loans at attractive interest rates. Muthoot Finance offering loans for new and pre owned cars.

Muthoot Finance Interest Rate for Car Loan

Compare car loan rates from top banks in India. Below are the interest rates and charges of Muthoot Finance.

Particular Charges
Interest Rate 8.25% - 22%
Penal Charges @3% per month
Repayment Period 12 - 84 months depends on the loan type
Pre-closer Charges 4% on the principal outstanding

Documents Required for Muthoot Finance Car Loan

Following are the documents required for Muthoot Finance car loan Hyderabad:

  • Identity proof: Passport / voters ID card/ Adhaar card / driving license/ PAN card

  • Address proof: Passport / voters ID card/ Aadhaar card / telephone bill/ driving license / gas connection bills/ ration card/ electricity bill / LIC policy.

  • Income proof: Pay slip/ form 16 / ITR/ salary credit in bank statement

  • Property proof: Building/ Latest land / house tax reciept

  • Latest passport size photo

Muthoot Finance Car Loan EMI Calculator

Want to calculate the EMI for car loans before applying for it, use our EMI car loan calculator. It is a tool which helps you to calculate monthly installments based on 3 factors that are loan amount, rate of interest, loan tenure. Knowing the EMI will help you to know the monthly budget and the loan default is also decreased. To calculate the monthly EMIs, you have to provide the following details:

1. The car loan amount you have to take from the bank.

2. The interest rate on which the lender offers to your loans.

3. The tenure that you need to pay off the loan amount.

4. The calculations are getting started when you have entered these values. The EMI calculator is easy to use and is accessed in any time.

Calculate your monthly EMIs by using our muthoot finance loan EMI Calculator.

Eligibility Criteria of Muthoot Finance Car Loan

  • Salaried employees, self employed, companies, proprietorship units, partnership firms, associations etc are eligible to apply for a car loan.

  • Age should be 18 to 60 years

  • Net income atleast double the EMI

What Makes Muthoot Finance a Famous

1. Muthoot Finance is one of the leading provider of car loans in India. It offers car loans at low interest rates to its customers.

2. It provides flexible financial services like minimal documentation and normal interest rates.

3. Muthoot Finance has established it's branches in rural and semi urban areas.

4. More than 4500 branches are spread across the country.

A Guide to Finding a Right Car

Buying a car is a major mile stone. Today, many options are available to buy a car. So, choosing the right car loan is a bit confusing factor. Consider these following factors to get a car loan:

Choosing a right car: Buy a car that meets your requirements. Many people need cars for different reasons. If you need a car for travelling to the office everyday, you will need a car that is easy to Maneuver in traffic, less fuel consumption, and low maintenance. A luxury car will not be a good option here. If you want a car for vacation trips, weekend trips, consider the functional capability of a car.

Can I Afford IT: Before you take a loan, you have think am I repay the EMIs monthly. A short term EMIs will be a sign of high interest rate and long loan tenure. Choose a EMI that fit to you. It is better to pay off other existing EMIs when you going to take a new car loan.

Down Payment: Many financial companies are offering 0% down-payment on loans. You will pay more interest when you choose low down-payment option. Make sure that you are affordable to pay these charges before taking a loan.

Features of Muthoot Finance Car Loan

Some of the features of and benefits of Muthoot Finance are as follows:

Offers High Amount for Loan: Muthoot finance offers high loan amount to their loan applicants who are eligible to get a pre owned car loan. You can get the minimum loan amount Rs. 50,000.

Quick Loan Application Process: You no need to wait long time to get a car loan. The verification process will be started while you submit all the required documents. It approves the loan quickly.

Requires Less Documentation: One of the main reason for fast loan processing of Muthoot Finance is that it requires less documents. To get a loan the applicants didn't get trouble to submit more documents. They need to submit identity proof, address proof, income proof etc.

Flexible Repayment Options: Muthoot Finance understand that repayment comes with many challenges for the customers. To overcome this problem, Muthoot Finance offers flexible repayment options. It helps the customers to choose the option which suits their requirement. This will not reduce the monthly installments.

Attractive Interest Rate: Muthoot Finance offers car loans at attractive interest rates. The interest rate on your car loan amount depends up on your credit score and your personal information. If you have a good credit score or your income is steady, then you will get an affordable interest rate. Muthoot Finance is popular among its customers due to it's benefits and low interest rates.

Muthoot Finance Customer Care Number

Muthoot finance is an Indian Financial Corporation founded in 1939, Kerala.

Muthoot finance customer care number hyderabad: 99469 01212

The customer care numbers of Muthoot Finance is 1800 313 1212, +91 484 238126, 0484 66196600

For any queries, mail us to [email protected]

FAQs On Muthoot Finance New Car Loan

1. What is the maximum tenure of car loans?

The maximum tenure of a car loan is 7 years.

2. Who can be the co applicant for car loan?

Spouse or any blood relations staying in the same locality.

3. How can I foreclose my loan?

You can visit any branch along with the following documents:

  • Pre payment statement

  • Request letter with applicant's signature

  • PAN card

  • Previous bank account statement

  • copy of vehicle insurance

  • RC book

  • cheque, demand draft, cash

4. Is it mandatory to open an account in the same bank?

No, this is not mandatory to open an account.

5. How much money does it charges when I pay the EMI lately?

They charges 3% per month. It is good to pay off the EMI within the time frame.

6. Is there any pre payment option available for pay off the entire loan amount?

Yes, you can pre pay the entire amount at any time with additional nominal charges.

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