A Car Loan is a type of loan provided by banks or financial institutions to individuals for purchasing a new or used car. It allows borrowers to finance the cost of the vehicle, which is repaid over a specified period with interest.

Eligibility criteria typically include factors such as age (usually between 21 and 65 years), income stability, employment status, credit score, and the borrower's ability to repay the loan.

The funding amount for a Car Loan depends on factors such as the car's value, your income, creditworthiness, and the lender's policies. Typically, lenders offer loans covering a significant portion (e.g., 80-90%) of the car's on-road price.

Commonly required documents include proof of identity (passport, Aadhar card, PAN card), proof of address, income proof (salary slips, bank statements), employment proof, and documents related to the vehicle (such as quotation, registration, and insurance details).

Interest rates for Car Loans can be fixed or variable and vary based on factors such as the loan amount, tenure, and the borrower's credit profile. Repayment terms typically range from 1 to 7 years, depending on the lender and loan agreement.

Yes, you can prepay or foreclose your Car Loan before the end of the tenure. Lenders may charge prepayment penalties or fees, which vary based on the terms and conditions of your loan agreement. It's advisable to check with your lender about these charges before making any early payments.