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Sundaram finance is a well-known NBFC with a significant market presence in Chennai. Sundaram Group is a financial conglomerate. Sundaram finance was established as a consumer /retail finance arm of Sundaram Group in the year 1954. Sundaram finance deals with multiple types of finance including vehicle finance. It extends loan to automobiles both used and new, passenger and commercial. The company deals with all major car / automobile brands in India.
Sundaram finance has over 620 branches and spans across various regions of the country. It has a strong foot hold across various strata of the society and helps many individuals realize their dream of owning a car / automobile. The customers that it serves come from all walks of life and hence, it has been able to maintain a certain standing among the clientele across the country.
Sundaram finance provides loans for all major car brands that are manufactured, marketed and distributed in India. They have a very transparent and straight forward policy with respect to extending finance. They have been able to conduct their business in the most ethical manner, gaining a reputation among their customers. Sundaram finance also provides a wide variety of customized products to women, senior citizens and physically challenged citizens.
While it is a known fact that Sundaram Car Finance operates in a very transparent manner, it also has a very simple and straight forward approach to loan processing and sanction. It caters to a wide variety of audience and hence, the entire process / criteria are kept minimalistic.
They employ the best in class technology to ensure that they can cater to huge volumes of retail finance customers. This ensures that there is no undue waiting period for the customer. The logistics and operational efficiency are optimal to provide the lowest time lapse between the loan application submission and loan sanction / disbursement.
There are some basic eligibility criteria for availing car loan from Sundaram Car Finance. The individuals can be either salaried, self-employed or businesses. There has to be an established source of income and stability of income based on which the credibility is ascertained. The ability to pay back the loan is key for loan approval.
The documents required for salaried and professional/self-employed is slightly different given the varied source of income. The documentation with Sundaram Car Finance is quite simple and uncomplicated.
The individuals can submit the documents along with completed loan application. The loan application can be downloaded via their website (Sundaram finance), they do not have the online upload facility yet, hence, the submission has to happen physically. Alternatively, the applicant can visit the nearest Sundaram finance outlet and procure the loan application in physical form.
Documents required for salaried individuals –
Documentation for professionals –
Documents for companies –
There are some additional documents required for car loan for used car. Apart from the above documents, the individual applicant has to submit post – dated cheques and electronic clearing mandates for the entire loan tenure in the case of used cars. Also, the vehicle registration copy has to be submitted with Sundaram finance prior to loan sanction / disbursement. Also, in the case of used car loan application, there is a need to submit proof of asset, this could be either property deed, house tax papers, water tax challan etc., This becomes mandatory especially if the value of the loan is of high.
EMI for loan availed from Sundaram Car Finance can be calculated on their website. The EMI calculator will capture some very minimal information including personal details, income details and credit score. Based on these factors, the EMI for the particular loan value and tenure chosen will be displayed. This may not necessarily be accurate; however, it is indicative of the monthly amount that needs to be set aside.
There are multiple charges and fees applicable on Sundaram Car Finance. All the charges and fees are transparent. The interest rate typically used by Sundaram finance is the monthly reducing balance. Currently, they are advertising car loans at 8.75% interest rate which is extremely competent. The processing fee for the loan is fixed at Rs. 3500. There is no additional collateral or guarantor required, since in the case of car loan, the asset purchased becomes the underlying collateral. There is a pre-closure penalty applicable at 3% of outstanding loan amount.
1. Does the loan-to-value consider gadgets and accessories?
No. The loan to value considers only the standard fittings of the car.
2. How long does it take for loan sanction?
After the documents are submitted, the approval happens within 24 hours.
3. Are there any service charges apart from what is communicated?
No. All the charges are transparent and stated upfront. There are no hidden charges applicable.
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