The Kia Seltos is a compact SUV launched in India in August 2019. It is available in petrol and diesel engine variants with manual and automatic transmission options. The petrol engine options include a 1.5-litre naturally aspirated engine and a 1.4-litre turbocharged engine. The diesel engine variant has a 1.5-litre unit. The car has features such as a 10.25-inch touchscreen infotainment system, Bose premium sound system, wireless charging, automatic climate control, an air purifier, six airbags, ABS with EBD, and much more. The Kia Seltos is an excellent choice for a feature-packed, stylish, and comfortable compact SUV.
Buying a KIA Seltos can cost you dearly, and taking out a car loan is best to make saving and owning the car easier. You can get a car loan because it will make buying a car more manageable and advantageous.
The term of the loan can vary from 12 months to 84 months.
Applying for a car loan is a hassle-free and straightforward process. Most lenders offer online application facilities, which make it convenient for borrowers to apply for a loan from the comfort of their homes.
KIA Seltos car loans require minimal documentation, making the application process faster and hassle-free.
After the loan application is approved, lenders disburse the loan amount quickly, allowing borrowers to purchase their dream car without delays.
While you may be excited to get a car loan to buy your dream car, you also have to meet specific eligibility criteria to get the loan. Though the specifics may differ from lender to lender, the general eligibility criteria are as follows
The most basic of the criteria is age. You must be 21 years or older before applying for a car loan and below 75 years at the time of the maturity of the loan.
When applying for a car loan, you must work with a regular income source with a minimum of 20,000-25,000 INR/month.
Another critical factor is the credit score. Having a good credit rating is essential for your loan to be approved. The minimum that a credit score is approved for is 650 to 750.
The ability to make a down payment is also essential when getting a loan. While this depends on the lender's policy, you'll typically have to pay 10-20% of the vehicle's on-road price upfront to qualify for a loan.
To get a car loan, you also need certain documents, such as
When applying for a car loan, government-issued identification and proof of address are to be provided, these include a PAN card, Aadhaar card, passport, or driver's license.
A steady job and income are required for a car loan, and to verify this, lenders typically look at proof of your income such as pay stubs, Form 16, computer statements or bank statements for the last 3-6 months.
To confirm vehicle ownership, you must also present vehicle documentation, such as invoices, registration certificates, insurance certificates, etc.
Note: The exact list of documents required to apply for a loan can vary from lender to lender, so we recommend checking with your lender for a detailed list of required documents.
An EMI calculator is a financial tool used to calculate the monthly instalments you'll need to repay your car loans. It will help you estimate your monthly payments, etc.
The formula used to calculate the EMI for a car loan is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P = Principal or the loan amount
R = Rate of interest per month
N = Number of months in the loan tenure
The interest rate, fees, and charges for a KIA Seltos car loan can vary depending on the lender and loan amount. However, here is some general information:
The interest rate for a car loan for KIA Seltos can range from 7.25% to 15.50% per annum. The interest rate depends on various factors such as the loan amount, loan tenure, credit score, and income.
The processing fee for a car loan for KIA Seltos can range from 0.25% to 3% of the loan amount. It can vary depending on the lender and loan amount.
If you decide to prepay your KIA Seltos car loan before the loan tenure ends, the lender may charge prepayment charges ranging from 2% to 5% of the outstanding loan amount.
If you miss an EMI payment or pay it after the due date, the lender may charge late payment fees ranging from 2% to 4% of the EMI amount.
The documentation charges for a car loan for KIA Seltos can range from Rs. 500 to Rs. 5,000.
It is advisable to check with the lender for the exact interest rate, fees, and charges for a car loan for KIA Seltos before applying for the loan.
The down payment for a car loan for Kia Seltos can vary depending on the lender, loan amount, and other factors such as credit score and income. Generally, the down payment required for a car loan is 10-20% of the car's on-road price.
A higher down payment can also lead to lower monthly EMIs and interest charges over the loan's tenure. So, it is recommended to make a higher down payment if possible to reduce the overall cost of the car loan.
If you finally decide to get a loan, here are the steps you need to follow
First of all, check your credit score, and if it is about 750, you are sure to get a loan
The next thing you want to do is to compare and research your prospective lenders. You can pick the one that offers the lowest interest rates, processing fees, etc.
After completing the first two steps, you must also check your eligibility. You may also need to provide your personal information and financial details.
If you are eligible for a car loan, you can proceed to submit the loan application along with the required documents.
After you have submitted the application and documents, the lender will verify your details and conduct a credit check.
If everything checks out, the lender will approve your loan and disburse the loan amount.
You must then repay the loan in equated monthly instalments (EMIs) over the loan tenure.
What is the maximum loan amount I can get for a KIA Seltos car loan?
The maximum loan amount for a KIA Seltos car loan is usually up to 90% of the car's on-road price, depending on the lender and your eligibility.
What are the eligibility criteria to get a KIA Seltos car loan?
The eligibility criteria for a KIA Seltos car loan vary from lender to lender. However, the general eligibility criteria include age, income, credit score, employment status, and other factors.
What is the loan repayment tenure for a KIA Seltos car loan?
The loan repayment tenure for a KIA Seltos car loan can range from 12 months to 84 months, depending on the lender and the borrower's preference.
What is the interest rate for a KIA Seltos car loan?
The interest rate for a KIA Seltos car loan can vary depending on the lender, loan amount, and borrower's eligibility. However, it usually ranges from 7.25% to 15.50% per annum.
How long does it take to get a KIA Seltos car loan approved?
The time taken to get a KIA Seltos car loan approved can vary depending on the lender and the documentation process. However, most lenders offer quick loan approval, and the loan disbursal usually takes place within a few days of approval.
Can I get a KIA Seltos car loan if I am self-employed?
Yes, self-employed individuals can also get a KIA Seltos car loan, provided they meet the eligibility criteria set by the lender. In addition to the standard documents required for a car loan, self-employed individuals may need to provide additional documents related to their business.
What is the margin money requirement for a KIA Seltos car loan?
The margin money requirement for a KIA Seltos car loan can vary depending on the lender and the loan amount. Margin money is the amount the borrower must pay upfront for the car, and the lender finances the remaining amount. Some lenders may offer up to 100% financing, while others may require a certain percentage of margin money. It is advisable to check with the lender for their margin money requirement.