Muthoot Finance Car Loan

Muthoot Finance Car Loan Key Features – Jan 2021

Muthoot Finance Car Loan Interest Rate 7.50%* per annum
Min Loan Amount ₹ 100,000
Max Loan Amount Loan up to 90% of On Road Price
(Loan to Value) or 100% of Ex-showroom Price
Muthoot Finance car Loan Tenure 12 to 60 months
Lowest EMI / Lac ₹ 1,622
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 2,00,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Muthoot Finance car loan Processing Fee 0.40% of the principal amount
Foreclosure Charges 6% (7-12 months)
Basic Documentation Address Proof, Bank Statement, Car Quotation and ID Proof, Experience Proof, Latest Photograph

About Muthoot Finance Car Loan

Muthoot Finance is a non-banking financial company that offers affordable car loans to anyone who needs it. Muthoot Finance offers Car Loans at reasonable interest rates to any interested individual for buying a new or second-handed car. A car loan is easily available which can be availed by anyone with a good credit/CIBIL score.

Advantages of Muthoot Finance Car Loan

Muthoot Finance Car Loan

Muthoot Finance Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-70 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Muthoot Finance Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.50% 14.80% p.a. to 16.80% p.a.
Muthoot Finance car loan Processing fee 0.40% 0.40%
Issuance of Duplicate Repayment Schedule Charges Around Rs.500 Around Rs.500
Foreclosure Charges 6% 6%
Penal Interest 2% PM 2% PM
Muthoot Finance car loan Part Payment charges 6% of the amount 6% of the amount
Cheque/Instrument Swap Charge Around Rs.500 Around Rs.500
Documentation Charge Around Rs. 500 Around Rs. 500
Issuance of Duplicate No Dues Certificate Charges Around Rs. 500 Around Rs. 500
Registration Certification Collection Charge Around Rs. 200 Around Rs. 200
Cheque Bounce/Instrument Return Charges Around Rs. 500 Around Rs. 500
Issuance of Duplicate Statement Charges Around Rs. 500 Around Rs. 500
Loan Cancellation/Re-booking Charges Around Rs. 1000 Around Rs. 1000
Issuance of Credit Report Around Rs. 50 Around Rs. 50

Muthoot Finance Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Passport
Voter ID
Aadhar Card
Driving License
Address Proof

(Any 1)

Aadhar Card
PAN
Driving License
Electricity Bill
Date of Birth Proof

(Any 1)

Passport
Birth Certificate
High School Marksheet
Driving Licence
Signature Proof

(Any 1)

PAN
Bankers Verification
Passport
Income Proof Salary Slip and latest Form No.16
Bank Statement Last 6 month Bank statement
Employment Continuity Proof Job card by NREGA
ITR of Form no. 16
Salary Slip mentioned with joining date
Letter of Appointment

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) PAN Card
Passport
Voter ID
Aadhar Card
Address Proof (Any 1) PAN Card
Voter ID
Passport
Electricity Bill
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) PAN
Bankers Verification
Passport
Bank Statement Bank statement of last 6 months
Employment Continuity Proof Latest ITRs
Shop & Establishment Act Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Business Proof Registration Certificate
Telephone Bill/Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
PAN Card
Aadhar Card
Passport
Address Proof (Any 1) Electricity Bill/Telephone Bill
Aadhar Card
Driving License
Voter ID
Income Proof Audited Balance Sheet
P&L Account
ITR for the previous 2 years
Bank Statement Last 6 month
Business Continuity Proof Company ITR of the last 2 years
Audited Balance Sheet
TAX registration Certificate
Current Account Statement
Additional documents Letter of Authority or PAN Card

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof The latest copy of MOA and AOA
Copy of Incorporation
Address Proof (Any 1) SSI/MSME Registration Certificate
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
Sales Tax Certificate
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Previous 6 Months
Business Continuity Proof P&L account and
ITR of the Company of the past 2 years
Audited Balance Sheet
Shop & Establishment Act Certificate
Additional documents
List of Shareholding partners and Directors
Board Resolution
PAN Card
Certificate of Commencement of Business for Ltd. Co.

Muthoot Finance Car Loan EMI Calculator

Any interested individual can apply for the Muthoot Finance Car Loan by visiting the below-mentioned address.

Muthoot Finance Car Loan Types

Muthoot Finance Car Loan has many options for interested people. Some of them are:

  1. New Car Loan –  This kind of car loan provides credit to the applicant who is willing to buy a brand new car and provides a tenure of as long as seven years.
  2. Used Car Loan – With this, you can buy any used car with all necessary documents using the Muthoot Finance used car loan feature with a tenure of 5 years.
  3. Loan Against Car – You can use your car as security and get a loan against it for quickly allocating essential funds.

How to Apply for Muthoot Finance Car Loan?

  1. Visit Rapidbank.
  2. Fill out the form that is available at the top of the page.
  3. Wait for our Relationship Manager will get in touch with you.
  4. You will be helped in comparing the different rates and choose the best way to go about the Muthoot Finance Car Loan.
  5. You can get instant approval through Truthsawer.

FAQs for Muthoot Finance Car Loan

✅ What is Muthoot Finance Car Loan?

Muthoot Finance Car Loan is a financial product of Muthoot Finance that provides Loans to the customers for purchasing a Car.

✅ How can I get a Car Loan from Muthoot Finance?

You can apply for a Car Loan with Muthoot Finance by directly contacting the branch or apply with Rapidbank for exciting offers on a Car Loan.

✅ How does Muthoot Finance Car Loan work?

Muthoot Finance provides Loans to applicants willing to purchase a new car and the car is the only collateral involved in the process. Monthly EMIs are fixed with interest rates being charged on them.

✅ What are the Muthoot Finance Car Loan Rates?

7.50% Per Annum is the Minimum Rate of Interest charged by Muthoot Finance against the loan.

✅ How to Check the Muthoot Finance car loan status?

You can check your Car Loan status by directly entering your Loan details in the “Loan Status” address on Muthoot Finance’s official website. Or contact your Muthoot Finance car Loan Department.

✅ How to Calculate Car Loan Interest in Muthoot Finance?

You can easily calculate the Interest as well as the EMI of your Loan by using Rapidbank’s EMI Calculator.

✅ What is the maximum loan amount I can avail myself of on a Car Loan from Manappuram?

Maximum Loan depends upon the Profile of the applicant and the Price/variant of the car. Whereas, you can get a loan up to 100% value of the ex-showroom price.

✅ What is the loan tenure of Muthoot Finance Bank Car Loan?

The tenure of the Muthoot Finance car Loan can go up to 60 months.

✅ Can I get a 100% Car Loan from Muthoot Finance Bank?

Yes, you can avail 100% Car Loan on the ex-showroom price of the car.

✅How much Processing Fee is applicable on Muthoot Finance Car Loan?

0.40% of the principal amount is the basic Processing Fee charged by Muthoot Finance on Car Loans.

✅What are the EMI options available on the Muthoot Finance car loan?

The options available are Step-Up EMI and Balloon EMI.

✅What are the Muthoot Finance Car Loan Prepayment charges?

Up to 5% of the outstanding amount can be charged as Foreclosure Charges on Prepayment of the loan and to know the Muthoot Finance car loan foreclosure process you can contact the bank.

✅Can I get a top-up loan on my existing Muthoot Finance car loan?

Yes, Muthoot Finance provides an option of Top-up Loan on Muthoot Finance Car Loan for existing customers.

✅Do I need to provide a guarantor to avail myself of a car loan from Muthoot Finance?

No, Muthoot Finance Car Loan Doesn’t require any guarantor.

✅How to get Muthoot Finance Car Loan Statement?

Get your Muthoot Finance Car Loan statement by logging in to a car loan portal or Get it directly from the branch.

✅How to Pay Muthoot Finance Car Loan Interest Online?

Pay your Muthoot Finance car Loan online by using Net Banking on Muthoot Finance’s official website.

✅What if I can’t pay the interest on Muthoot Finance Car Loan for three months?

The Bank charges around Rs.100 + GST for each EMI not paid on time.

✅How can I apply for EMI Moratorium on Muthoot Finance Car Loan?

You can apply for EMI Moratorium by the direct link provided by the Bank through SMS or By visiting the Muthoot Finance Official Website.

✅What is the number for Muthoot Finance Car Loan agent?

Truthsawer is the most reliable Car Loan agent in Muthoot Finance so Call us at 78767 37599.

✅ How to close the Muthoot Finance car loan online?

You can initiate the Loan Closure procedure online but have to visit the branch to finish it.

✅ What is Muthoot Finance Car Loan Customer Care Number?

Ring us at 78767 37599 for any of your questions.

✅ How can I get a Muthoot Finance car loan NOC online?

Follow the following steps to get your Muthoot Finance bank car loan NOC online or to place a Muthoot Finance car loan NOC request:
> Log in to Muthoot Finance website with your credentials -> Customer Service -> Service Request -> Product -> Request for NOC.
OR
Visit the nearest Muthoot Finance Bank Branch.

✅ What is the Muthoot Finance Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the Muthoot Finance Car Loan account.
  • Pay the pre-closure charges as per Muthoot Finance Car Loan.

✅ What are the Muthoot Finance Car Loan preclosure charges?

Muthoot Finance Car Loan preclosure charges are up to 5%+ GST.

✅ What is the Muthoot Finance Car Loan maximum tenure?

The Muthoot Finance Car Loan’s maximum tenure is  60 months.

✅ What is the Muthoot Finance Car Loan minimum tenure?

The Muthoot Finance Car Loan minimum tenure is 12 months.

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