FREQUENTLY
ASKED QUESTIONS



A SELF HELP PAGE FOR YOU



Purchasing an automobile includes the selection of vehicle, negotiation on the price and submission of funds to complete the purchase. For this, the most vital aspect is to source funds from a substantial resource. The auto loan is the best available tool to power the purchase of a vehicle. An applicant can apply for an auto loan or re-finance of the existing loan on the purchase of new or pre-owned vehicle.



Why Loan?





A loan refers to money lent by one entity to serve a planned or unplanned event of another entity. It constitutes three main components, namely; the principal (borrowed amount), the rate of interest and tenure. A loan is considered the primary product of a bank or NBFC (Non-Banking Financial Company). They offer a variety of loans to support all your financial requirements. You can either apply for a loan to fulfill your aspirations like the purchase of a house, vehicle and other assets to make your life more comfortable or else can get the financial support to cater a financial emergency or an unforeseen condition such as social event, medical expenses, higher education, etc.



Frequenly Ask & Questions.





DOCUMENTS NEEDED TO RESERVE A CAR?



1. The documents are needed if you want the car without a driver, that is, you want to drive the car yourself. You would have to upload your original driving license or submit the photocopy. 2. If you are an Indian, then you need to upload your voter card or Aadhar card as proof of your citizenship and your address. 3.If you are a foreign international and you want to hire a car from "TRUEDEAL AUTO WHEELS", you will also require a passport. You need to provide us with the documents upload link of the passport identification pages (both in the front and at the end) in the website contact us page, whenever you are booking the car.



OVER SPEEDING CHARGES: (EXCEEDING 80KM/HOUR)?



A penalty of Rs. 200 shall be charged on the first instance. b. An additional penalty of Rs 500/- shall be charged each time from the second instance of speed violation. c. In case of multiple over speeding occurrences, the security deposit will be forfeited.



REFUNDABLE SECURITY DEPOSIT (PAYABLE AT SITE)?



Rs.3000/- to 5000/- for Cars & Bikes. b. Rs.10,000/- to 20,000/- For Premium Range Vehicles. c. Mode of Security Deposit Payment during pickup: Cash / PAYTM / PhonePe/Google Pay / Card Payments /Online. d. Security Money will be refunded as per the Mode of Payment by the Customer. e. If Any Violation of Terms & Conditions done by Customer then the Security Money will be Refunded/Adjusted within 24 Hours from the Drop Time in respective Bank Account/ /Phone Pe/ PAYTM.



AGE REQUIREMENT?



has. Minimum 21 Years for Normal vehicles. b. Minimum 24 Years for Premium Range of vehicles.



KILOMETERS LIMITATION?



There is Unlimited Kms Offered to the Customer In the Normal range vehicles. 180 Kms/24 Hours is limited for Premium Range Vehicles. Extra per Kilometers Charges is Rs, 30/km Will be charged from the customer. Outside booking city . Customer Must Inform In Advance if planning to go Outside the booking city Before Booking. Outside State kilometers is restricted upto 500 Kms (One Side) from Pick Up Location. d. d.1: Unlimited Kilometers Only applicable On & above 24 Hours Bookings. d.2: 250 Kms is Limited for 12 Hours Booking.



PROHIBITED USE?



Customers are not allowed to carry arms, ammunition, banned drugs & Pets. In addition, use of car for commercial activity such as product sell and promotion, and carry goods is strictly prohibited. In such cases, customers will be charged a penalty of Rs. 5000. has. For any speed race or competition; b. For the purpose of towing, pushing,Marriage or propelling any trailer or any other vehicle; c. For the primary business purpose of transporting people or operating a taxi service; d. By any person who is under the influence of (i) alcohol or (ii) any drug or medication under the effects of which the operation of a vehicle is prohibited or not recommended.



FAQ'S



Feature No 1





A customer should check and compare the benefits, perks and limitation of each program before finalizing the auto loan. The providers for Auto Loan include; Banks: Banks offer a wide range of loan programs offering varied interest rate, processing fee, equated monthly installments (EMI’s), pre-closure fee and more. Both, the private and government banks provide loan for different categories of vehicles. Non-Banking Financial Companies (NBFC’s): These are privately held organizations offering financial support services for variant fragments. They generally charge higher interest rates in comparison to a bank. NBFC’s are non-government organizations that do not follow the rules and regulations defined by the Reserve Bank of India.



Do you need Down payment for an Auto Loan?





The percentage of down-payment against the auto loan will be defined by the loan provider (Bank or NBFC). Also, some organizations provide loan for almost 100% of the on-road price for a vehicle.



Can I negotiate on the auto loan interest rate?





In most of the cases, the customer can negotiate the loan interest rate based on the credit profile including the CIBIL score and history.



Can I pre-pay the entire loan amount?





Yes, you can pre-pay the entire loan amount by paying a nominal loan closure charge.



FAQ'S



Is it mandate to submit the ITR for a salaried professional?





A salaried professional is required to submit the ITR. Considering the case in which, the applicant is not able to provide the ITR, then can present a detailed bank statement that clearly reflect his salary and a letter from his Company Admin or HR.



Can I change the Auto Loan tenure?





Yes, the auto loan tenure in general cannot be changed after the disbursement of the loan, as it requires new set of credit evaluation, documentation, etc. However, some banks may allow this under exceptional circumstances.



Can I use my spouse’s income for an Auto Loan?





Yes, you can make use of the documents of your spouse, friend or relative for availing an auto loan. Also, the applicant will have to make the associated member a co-borrower and submit the required set of documents.



What is the maximum tenure for an auto loan?





The maximum tenure is of 3 and 6 years for a two-wheeler and four-wheeler respectively.



FAQ'S



Is insurance mandatory for an auto loan?





Yes, insurance is mandatory for availing an auto loan.



Can I reduce the Auto Loan EMI (Equated Monthly Installment)?





Yes, you can reduce the EMI by changing the tenure of the loan. For this, the customer will have to share the National Automated Clearing House (NACH) and income proof.



What is the minimum and maximum eligibility age for the auto loan?





The permissible age is from 18 to 58 years for getting an auto loan. However, the upper age limit can be relaxed in some special scenarios.



Does Auto Loan save tax in India?





The interest on Auto Loan can be treated as an expense, in case the borrower has business income. This reduces the taxable profit, thereby reducing the payable Income tax.





TRUEDEAL AUTO WHEELS