9. What is the procedure to pay my EMIs?: There are two options through which you can pay your EMIs—either through post-dated cheques, or to request the bank to debit your account every month through Electronic Clearing System option. There are certain rules in car loans one among them is that, though you are not allowed to make part payments, you can pre-pay the entire loan after 6 months to 1 year. However, ensure that you check with your bank upon this rule because if you pre-pay before this period, there will be a penalty of 2-4 percent on the outstanding amount.

10. What documents in need to provide?: Of course, like any other loan, you required to submit your identity, address and income proofs, proof of residence and current insurance along with the loan application when applying for a car loan. Your loan officer will inform you if other documentation is necessary or required. The lender can also ask for your income statements, a list of employers, account numbers and current balances on other loans, and current banking statements. However, call the bank and ensure about what else is needed so that you can have everything ready and can get your loan quicker.

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