Best car finance company in Karnataka


Post pandemic, the car market in Karnataka is red-hot right now. Every famous car brand is putting its best products forward in a bid to garner the most of the buyer's financial pie. The prevailing positive spirit in the market compels lenders to ensure that they make the financing process as easy & seamless as possible, and you've got a situation where getting your dream car is easily within reach. Let's have a detailed insight into the car financing sectors in Karnataka and find out how the best car finance companies are going about it. But before that, let us have a few basics clear about the business.

A car loan is a sum/amount of money a consumer borrows with 10 to 15% margin money to purchase a car. The borrower agrees to pay back the entire loan amount and the interest by a specific date, typically by making monthly payments. The loan facilities are available to the below-listed individuals or companies. The age group for availing loan facility is in between 18-65 years. T maximum age of 65 should be at the time of maturity of the loan.

  • Salaried individuals

  • Self-employed individuals have their own business set up and running trusts or registered societies.


The new car loans are offered anywhere between 24 and 60 months, although few finance companies offer 84- or 96-months tenure. Car loans with a repayment period of more than five years are provided with a higher interest rate. Used Car Loans are offered to a maximum of 5 years or the car's remaining useful life, which is earlier. The maximum age considered is ten years, inclusive of the loan tenure.

The repayment of the loan must be made as per the repayment schedule agreed upon. Repayment of EMI can be made through the NACH, ECS or SI. The lender set the repayment to ensure automatic compensation on a specified date. If payment is not cleared through the defined process, it is then categorized as default in payment. The lender bank /NBFC's generally collects PDCs for security purpose and may present whenever EMI get bounced. It helps them to take legal steps to recover the outstanding loan.

Eligibility Criteria for Loan Applicant

  • The income of the applicant should be a minimum of Rs 25,000 salary for a salaried person and annual revenue of Rs 3 Lakh in case of a self-employed loan applicant

  • The credit score of the loan applicants

  • Car model and estimated value

  • Income and creditworthiness of the guarantor

  • For car value above Rs 15 Lakh, the previous owner of the car or car loan history is required.

  • Other relevant non-financial information


aagey.com - The First Digital Lending Aggregator Platform to provide the best Car Loan Solutions

Aagey.com provides borrowers with single-window loan solutions where lenders are Private Banks, PSBs, Co-operative Banks, and NBFCs. The company makes the entire financial assistance process hassle-free and straightforward through an Automated Assessment Engine with personalized CV financial advice. The company works with 75+lenders and have attractive loan offers catering for the commercial vehicle market.

Besides the new car, used Vehicles also can be financed, and the rate of interest is higher. Here, the Interest rate is also affected by the vehicle's valuation and the usable life of the used car.

If you are looking forward to a loan to buy your dream car, please log on to http://aagey.com/car-loan/ to avail the best interest rates.