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Capital First Car Loan

Capital First Car Loan Key Features Jul 26 2021

Capital First Car Loan Interest Rate 7.05% per annum
Min Loan Amount ₹ 10,000
Max Loan Amount
(Loan to Value)
Loan up to 100% of car value or up to Rs. 5 lakh
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,526
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 300,000
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).
Processing Fee Up to 2% of the loan amount
Foreclosure Charges 4% of the principal outstanding 
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Capital First Car Loan

Capital First is a Non-Banking Financial Corporation that provides financial services to individual customers and corporates. Capital First is set up in 2012 by V. Vaidyanathan.

Capital First offers Car Loan who wants to purchase a Car. It offers you flexible repayment options. Also, offers low-interest rates for higher loan amount for Car Loan.

Capital First provides Car Loans at a reasonable interest rate to the customer for buying a car whether new or second-hand. A car loan is easily available which can be got by anyone with a good credit/CIBIL score.

Capital First Car Loan Eligibility

Documents required for car loan and other eligibility are discussed below.

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 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

Capital First Car Loan Interest Rate, Fees, and Charges

Details on car loan interest rate and other charges are given below:

Charges New Car Loan Used Car Loan
Interest Rate Starts@7.50% Starts@13.50%
Processing fee 2% of the loan amount 2% of the loan amount
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges 4% of the principal outstanding 4% of the principal outstanding
Penal Interest 2% per month 2% per month
Part Payment charges 2% of the paid amount 2% of the paid amount
Cheque/Instrument Swap Charge Rs. 500 Rs. 500
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges NIL NIL
Registration Certification Collection Charge NIL NIL
Cheque Bounce/Instrument Return Charges Rs. 150 +GST Rs. 150+ GST
Issuance of Duplicate Statement Charges Rs.500 Rs.500
Loan Cancellation/Re-booking Charges NIL NIL
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

Capital First Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

 

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

 

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

 

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

 

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

How to Increase Your Eligibility for Capital First Car Loan

  • Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
  • Keep your credit score in check – If you wish to increase your eligibility for a Capital First car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for a Capital First car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting Capital First Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

  • Income – If your income is on the higher side, there is a good chance that your eligibility for a Capital First car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Capital First car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from Capital First will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
  • Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that every bank, including Capital First, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
  • Relationship with the bank -This indicates that your relationship with the bank is an important factor while determining your eligibility.

Capital First Bank Car Loan Customer Care – Toll-Free Number

Capital First 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune / Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 1860 500 9900

 

Capital First Car Loan EMI Calculator

An applier has the choice to check the EMI’s before getting a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

Capital First Car Loan Types

Capital First offers 3 types of car loans to its consumers. You have a choice of choosing the offer which suits your need the best. Capital First provides the following types of Car Loans:

  1. New Car Loan –  If you want to buy a new car, this is the scheme for you. You can get a Car Loan from Capital First for a minimum of Rs. 10,000 and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to purchase a used car then you can choose to offer a minimum loan of Rs. 10,000 and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this proposal if you need urgent funds where you can keep your cars as collateral with the bank.

Capital First Car Loan Pre Calculated EMI

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

How to Apply for Capital First Car Loan?        capital first car loan

  1. Visit Dialabank and fill a form.
  2. Our Relationship Manager will contact you and guide you throughout the process.
  3. You can compare various offers from banks and choose the offer according to your suitability.
  4. So, you can easily apply for a Car Loan through Dialabank and enjoy best offers.
  5. Eligibility criteria for car loan is discussed in the above contents.

Tips to Decide the Right Amount of EMI in Car Loan

  • Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
  • Calculate your Capital First car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Capital First provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility – Capital First also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating a loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – Capital First will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Capital First’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in Capital First is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Capital First gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

How to Calculate Capital First Car Loan EMI

Before you avail of a car loan from Capital First, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly installments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Capital First Car Loan for Top Selling Cars

Other Available Products from Capital First

Capital First Personal Loan Capital First Gold Loan Capital First Home Loan
Capital First Credit Card Capital First Two Wheeler Loan Capital First Education Loan

Compare Capital First Car Loan With Other Banks In India

Car loan Banks Interest Rates
EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55%
Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35%
Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50%
Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 7.05% – 11.25%
Rs. 1,512 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75%
Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85%
Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70%
Rs. 1,609 – Rs. 1,645

FAQs for Capital First Car Loan

✅ What is Capital First Car Loan?

Capital First Car Loan is a car loan for you that provides you funds for purchasing a new car and used car as well.

✅ How can I get a Car Loan from Capital First?

You can get a car loan from Capital First by visiting the nearest Capital First branch. You will get the benefit to apply from anywhere.

✅How does Capital First Car Loan work?

Capital First works for providing funds for a car loan at attractive interest rates. You can avail a car loan easily and quickly. Capital First offers a flexible loan tenure period.

✅What is the Car Loan Interest Rate in Capital First?

The interest rate in Capital First for a car loan starts at 7.50%.

✅How to Check Car Loan status in Capital First?

You must visit the Capital First branch to check your car loan status. Also, you can use the net-banking services of Capital First to know your car loan status.

✅How to Calculate Car Loan interest in Capital First?

To calculate your car loan interest in Capital First, the information required is:

  • Loan tenure
  • Loan amount
  • Interest rate

You can calculate your car loan interest and EMI in Capital First through the EMI calculator.

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

The maximum loan amount that you can avail of for a car loan from Capital First is up to 100% of the Car Price or up to Rs. 5 lakh.

✅What is the loan tenure of Capital First Car Loan?

The loan tenure of Capital First ranges between 1 to 7 years.

✅Can I get 100% Car Loan from Capital First?

Yes, you can get loan up to 100% Car Loan from Capital First.

✅How much processing fee is applicable to Capital First Car Loan?

2% of the loan amount is the processing fee applicable to Capital First for getting a car loan.

✅What are the EMI options available on Capital First Car Loan?

The EMI option available on Capital First car loan is Step-up EMI.

✅What are the charges for Prepayment in Capital First Car Loan?

The prepayment charges in Capital First is 4% of the principal outstanding for availing of a car loan.

✅Can I get a top-up loan on my existing Capital First Car Loan?

Yes, you can get a top-up loan on your existing Capital First car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.

✅Do I need to provide a guarantor to avail myself a car loan from Capital First?

No, there is no need for a guarantor to avail a car loan from Capital First.

✅How to get a Capital First Car Loan Statement?

For getting a car loan statement of capital First, you can utilize Capital First’s mobile banking app. Also, visit the nearest Capital First branch.

✅How to pay Capital First Car Loan interest online?

You can pay your car loan interest using the net-banking services of Capital First. If you want a low-interest car loan, you must visit Dialabank online.

✅What if I can’t pay the interest on Capital First Car Loan for 3 months?

If you can’t pay the interest on Capital First Car Loan for 3 months, then it will add up to the outstanding loan amount and repayment charges will reframe.

✅How can I apply for EMI Moratorium on Capital First Car Loan?

You can apply for EMI Moratorium on Capital First by visiting the nearby branch of Capital First or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.

✅What is the number for Capital First Car Loan agent?

The number for Capital First Car Loan agent is 9878981166.

✅Can I close the Capital First car loan online?

You can close your car loan from Capital First by using Capital First’s net-banking page. You have to log in with your details on the net -banking page and pay your car loan.

✅What is Capital First Car Loan Customer Care Number?

The customer care number of Capital First for car loan queries is 9878981166.

✅How can I get NOC from Capital First for a car loan?

You can get a car loan NOC from Capital First when you will pay your car loan amount.

✅ What is the Capital First Car Loan closure procedure?

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

✅ What is the Capital First Car Loan preclosure charges?

Capital First Car Loan preclosure charges are 2% of the outstanding principal.

✅ What is the Capital First Car Loan maximum tenure?

The Capital First Car Loan’s maximum tenure is 7 years.

✅ What is the Capital First Car Loan minimum tenure?

The Capital First Car Loan minimum tenure is 1 year.

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