Need a Car loan as a new self employed individual

Only the bank where you have regular money coming in could help. I mean whatever you earned must be coming thru a bank. Ask them.
Hdfc gave me pre approved car loan this way. Cheque were deposited money withdrawn for 1+ year and pre approved loan poped up in my net banking.
Ask the car dealer they have tie ups with loan guys. No worries you can easily get but they would offer you a little costly roi so better bargain.
Good luck

Hi @@@@jambui@@ thanks . As you said Hdfc loan . I checked my HDFC net banking now where my money deposited . It is giving me 5 lac of preapproved car loan for swift desire . But in the terms and condition they mention that the money disvursement happen only after 7 days yo the dealers account after required documents submitted . The documents are as usual ITR etc . So how can I get this loan without the ITR . What dociments they took in your case ????

my friend got a loan for his car (i20) , final amount after ex-show price + insurance + tax = 8.1 lakhs, he applied for hdfc loan where he transact, he got a loan in 2 weeks after some procedure (as he is self employed).

offtopic:
after he got the car, now he thinking as poor decision as he have to pay 4+ lakhs as interest (so car price is go ahead of 12+ lakhs), better get a second hand car for under 4 lakhs in cash will be nice, but he understood this later, as maruthi true value second hand cars come with warranty too, so no worry about any problems.

so my suggestion is, better get second hand car, as car value reduce day be day (depreciate) and once you finish the EMI thing they already launch new variant or upgrade, if you got loan, you dont have other option to upgrade or change, you’re doomed, so think about that too..

IMO, Taking a high interest loan on a depreciating asset such as car is not a great idea. This suggestion is not just for OP but anyone who is planning to plonk big monies on a new car.The direction automotive industry is taking these days, it won’t be long before Hybrids and battery operated cars become the norm and when the day arrives, petrol guzzlers and polluting diesels won’t have much resale. Unfortunately, the vehicles have also big very expensive in India. I remember back in 2006-2007 days, one can get hold of fully loaded Honda city for under 7 lacs. The same car costs 16+ lacs today with really poor build quality.

Coming to OP’s topic. I would suggest you to hunt for a used car instead. Ola & Uber arn’t doing great these days and many drivers have already started moving back to their old jobs which means there is a good used taxi car market out there. Please try to stick to reliable models such as Toyota etios, Swift dezire or even Hyundai Xcent. Toyota would be the cheapest when it comes to long term maintenance. Heck! a Fortuner periodic service costs less than a i20. Just get the max available extended warranty and you are good to go. Please keep in mind that insurance premiums for commercial vehicles is much higher than their private counterparts. Most used cars will at least have a few months of insurance left.

Coming to loans, interest rates on used car loans are typically on the higher side. If you have any FD, getting a loan against it would be cheaper. If you are planning to attach a car with Uber/Ola, do reach out to them as well. They would have some attractive financing options available.