The PAN is valid for a lifetime. So you no longer need to worry about the PAN Card validity.

Yes, customers have the flexibility to prepay their loans at Muthoot Finance. One can prepay their auto loan whenever they have the funds available. Higher the interest rate on a car loan, the longer the loan stays outstanding. Prepayment often has a predefined penalty that must be paid - the sum is fairly manageable.

To circumvent that, you are given a reasonable and best-in-the-market vehicle loan interest rate. That being said, follow these recommendations when applying for a loan:

Purchasing an affordable Car - Vehicles with lower ex-showroom prices result in loans with lower interest rates. Make sure you choose the car keeping in mind your budget. 

If you miss your EMI payments for the first three months (90 days), you will only be charged interest and will continue to get calls from the institution to catch up on your payments.

After that, it will be considered default, and action will be taken if you don't pay your EMIs [principal amount + vehicle interest rates] for three consecutive months. A notice of default with a deadline will be given to the concerned person by which he/she must make the required payments or forfeit the car they pledged as collateral.

At Muthoot Finance, customers can pay EMIs [principal + interest rates vehicle loan amount] hassle-free with our 'Muthoot Online' web application. It is a one-stop gateway for repaying different loan amounts like home, gold, vehicle, and personal loans.

Get yourself registered on the application and log in to avail the benefits mentioned below:

The interest rate on a vehicle loan varies depending on factors such as:

●    The type of vehicle one is buying e.g. a two-wheeler or a four-wheeler, commercial vehicle or personal one, new car or a second-hand car.

●    Duration of Loan - Higher interest rates are charged on loans with longer terms, but the EMIs are lower. Shorter tenures, however, result in higher EMIs but lower vehicle loan interest rates.

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.