You cannot sell the vehicle until the remaining loan balance is paid in full. That’s because a No Objection Certificate (NOC) is required from the bank. After the car finance is paid in full, the applicant will receive the NOC and two copies of Form 35. Thereafter, you can simply move on with the procedure of selling the vehicle by removing the hypothecation from the registration certificate (RC) with the help of this NOC.

Yes, the option to prepay your car finance loan is available at Muthoot Finance. Prepayment or foreclosure simply refers to paying off debt before the conclusion of the period. It's a good idea to pay off the debt when things improve financially or if money comes in suddenly.

Prepayment often entails a pre-defined penalty that must be paid in lieu of the unpaid interest; however, the penalty is typically not very high and is easily manageable.

If you are a self-employed person or business owner and utilise the vehicle for work-related activities, then yes, a car loan can assist you in saving on taxes. The interest you pay can be deducted from your taxes as a business cost if you are self-employed and borrowed money to buy a car for your company.

However, unlike with a home loan, a salaried person cannot claim tax deductions on car loan interest repayments. The reason behind it is that a car is considered a luxury good.

Muthoot Finance has made it simple and fast to get an instant vehicle loan using the ‘Muthoot Online’ application. Use the EMI calculator and avail loan account monitoring with features like individualised services, quick pay, minimal paperwork requirement, rapid processing, an extensive network of branches, competitive auto loan interest rates, and much more for your convenience. Create an account by registering yourself on the website or app, whichever you prefer.

There are quite a few reasons that can lead to the rejection of your vehicle/car loan. Read the details below to know more.

Bad Credit/CIBIL score - One of the leading causes of rejection is keeping a poor credit or CIBIL score. Lenders operate on the fundamental tenet that a borrower has a lesser risk of defaulting on their EMIs when they have a higher CIBIL score. In other words, they learn about your creditworthiness via your CIBIL score.

You only need a co-borrower or a loan guarantor if you can't fulfil the lender's requirements to qualify for a car loan. The main aspects considered are credit score, age, and monthly income. If all the requirements are duly satisfied by your side, then you can go ahead and apply for a car loan. 

However, you can also bring a co-borrower with whom you can divide the EMIs according to your understanding and pay off the debt quickly and easily. 

Depending on the borrower's profile, different lenders have different eligibility, qualification and minimum salary requirements to apply for a vehicle/car loan online. Muthoot Money Limited (MML), a 100% wholly-owned subsidiary of The Muthoot Group, offers fast processing and minimum paperwork on vehicle loans.

The essential documents for a vehicle/car loan that you need to keep handy while applying are: -

●    Proof of Income - Form 16, salary slips, Income Tax Return documents
●    Proof of Identity - Aadhar card, Driving Licence, Passport or PAN card
●    Bank Statement of three to six months
●    Proof of Age - Matriculation Certificate or Aadhar Card or Birth Certificate
●    Proof of Address - Aadhar card or Driving Licence or Ration Card(Family Card) or Passport or Voter ID

The maximum tenure of a vehicle/car loan is seven years five years for the car loan and 2 years for two wheeler loan. According to your budget and requirements, you can opt for lower EMIs for loan repayment so that it doesn't become a reason for your stress or a burden on your shoulders. Muthoot Finance has made everything really simple, right from applying for a vehicle loan and following the application to keeping track of the repayment status.

The finance of a vehicle depends on various factors like a person’s annual income, previous credit score history and overall eligibility. We offer up to 95% loan cover on a used car and up to 100% for a commercial-use vehicle. Moreover, Muthoot Finance offers the most affordable auto loan interest rates based on your needs.