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Sundaram Car Finance

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.

Features and benefits of availing car loan from Sundaram Car Finance

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.

  • Easy, convenient and hassle-free process – The entire loan application process is hassle – free and simple to enable a wide audience to apply for car loan. The logistics are time bound and backed by the best in class technology.
  • High quantum of loan – The loan to value for used car is 85%, while for new cars loan to value is 95% of car value.
  • Competitive interest rates and longer tenure – Sundaram finance is able to float multiple offers from time – to – time, where the interest rates are lower than that of their competitors. Also, given that their volume of operation is considerably high, they are able to extend car loans at extremely competitive rates. Their minimum tenure is 12 months and the maximum tenure is upto 60 months. This is yet another factor which helps them extend loans at lower tenures.
  • Sundaram finance Drive Assure Insurance Plan – The car loans extended on many of the bigger brands come along with a Sundaram finance drive assure insurance plan which includes and covers gadgets and accessories. The finance company is also able to provide customized insurance options for various car loans.
  • Wide variety of cars included – While Sundaram finance extends car loans for a wide variety of cars manufactured, marketed and distributed in India, even imported cars are considered on a specific case basis. The eligibility and documentation for such cars will be different from the regular procedures applicable for domestic cars.
  • Type of applicant can also be an NRI – Very few NBFCs extend car finance to NRIs, Sundaram finance is one of them. However, the NRI applicant has to gain approval from RBI to apply for car finance.
  • Rewarding credibility – If the customer has been able to pay his EMI promptly in the past, then the financier extends other types of loans / additional car loan at attractive interest rates. If the credit score and background check of the customer has been done thoroughly, they extend pre-approved loans to the customer.

Eligibility for Sundaram Car Finance

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.

  • Age limit – Individuals between the age 21 to 55 years with Salary income are eligible to apply for car loan; Professionals and self-employed individuals should fall within the age range of 21 – 65 years
  • Tenure at work – The salaried employees need to have minimum 3 years of total work experience
  • Minimum income required – The minimum annual income required is Rs. 2.5 Lakh for both Salaried individuals and self-employed professionals
  • Credit score – The credit score is an important to establish credibility of the applicant. Higher the credit score, better is the ability to bargain for a nominal interest rate. Also, the chances of loan approval are greater incase the credit score is higher. To improve your credit score, the outstanding credit card bills and existing debt should be paid off.

Documents Required for Sundaram Car Finance

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 –

DocumentsSalaried Individuals
Identity ProofPAN Card, Aadhar, Driving License, Passport, Voter ID Card
Income ProofLatest 3 salary slip with Form 16 / ITR
Address ProofAadhar/Voter ID/ Driving license / Passport copy / Utility Bills - Max 3 months old (Telephone / Electricity /Water /Gas bill) / Ration card / House tax Slip / Registered Rent Agreement
Additional documentsSalary Bank Statement for 6 months
Signature proof

Documentation for professionals –

Identity ProofPAN Card, Aadhar, Driving License, Passport, Voter ID Card
Income ProofLatest 3 ITR with computation of Income
Address ProofAadhar/Voter ID/ Driving license / Passport copy / Utility Bills - Max 3 months old (Telephone / Electricity /Water /Gas bill) / Ration card / House tax Slip / Registered Rent Agreement
Additional documentsBusiness Bank Statement (income Credit) for 6 months; proof of business
Business Proof with Tin/Vat/Service Tax Certificate, for Agriculturist Proof of Land Tax / Pani or RTC
Signature proof

Documents for companies –

Identity ProofPAN Card of the company
Income ProofLatest 2 years ITR's along with computation of income acknowledged by Income Tax Department, Latest 2 years Audited Financials along with schedule, Annexure, etc.
Address ProofBank Statement / Utility Bills - Max 3 months old (Telephone / Electricity)
Additional documentsLatest 6 months bank statements; company registration documents; tax registration documents
Board Resolution / Partners Authorization Letter/ Members Authorization Letter
Service Tax/ Sales Tax/ VAT Certificate/ Certificate of Incorporation
KYC Documents of Proprietor/ Authorized Signatory
Signature proof

Additional documents required for used cars

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.

How to calculate EMI for Sundaram Car Finance?

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.

Fees and charges for Sundaram Car Finance

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.


  • One of the most trusted brands and oldest NBFCs in India
  • Provides car loan for all major car brands at highly competitive interest rates
  • Caters to a wide range of audience spanning across various strata of society
  • Applicant can be salaried, professional / self-employed or business
  • NRI applications will also be considered on case – to – case basis, but the applicant has to obtain RBI approval
  • Car loan will also be extended to imported cars

Frequently asked questions

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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