Sundaram Finance Car Loans

Sundaram Finance Group, among the leading car loan providers of India, provides loan for all types of cars through its network of 150 branches spread all across the country. With minimal documentation, Sundaram Finance offers loans enabling one to purchase a car. Incorporated in 1954, Sundaram Finance Group has been providing auto loans for decades. The firm offers several innovative schemes for purchasing new cars.

Car Loan Schemes

Margin Money Scheme
One is required to pay a minimum of 25% of the cost of the car in advance. The company finances the balance amount. One has to repay the principle amount along with interest charges in equated monthly installments (EMI).

Advance EMI Scheme
Apart from margin money, one can pay 2-3 installments in advance depending on the cash flow. The benefit being that the interest charges are less than the margin money scheme.

Security Deposit Scheme
One has to place a refundable security deposit (10% to 25% of the cost of the car). The deposit carries an interest at an agreed rate. The finance charge is payable on the total cost of the vehicle.

100% Finance Scheme
This facility is provided under the lease option for medium and large corporates. It is not available for individuals. Under this scheme 100% finance is provided on the cost of the car for varying tenures.

Purchasing Used Cars
The maximum tenure is for 36 months. It depends on the model and the age of the car being financed. The maximum amount of loan would be 60% of the assessed value. The vehicle should be in the name of the person availing the finance. Proper insurance cover is mandatory for a value acceptable to the company to get loan sanctioned.

Prepayment
One can prepay a loan. This can be accommodated only after six months from the date of agreement.