New/Used Car Loan
Drive Your Dream with Easy Car Loans
Get the financing you need to purchase your perfect vehicle, like a New car, Used Car loan at competitive rates, flexible repayment options, and a hassle-free application process.
Car Loan
A Car Loan is a type of loan provided by banks, non-banking financial companies (NBFCs), or other financial institutions to help individuals purchase a new or used car. The loan amount is usually a percentage of the car’s on-road price, and the borrower repays it in fixed monthly installments (EMIs) over an agreed period.
Features and Benefits of our Car Loan
You can choose from several lenders offering excellent Car loan rates paired with EMI options that are both affordable and convenient.
Makes Car Ownership Affordable
By spreading the cost of the car over monthly installments, a car loan allows individuals to buy their dream car without a large upfront payment.Lower Interest Rates
As the loan is secured by the vehicle, lenders offer competitive interest rates, making repayments more affordable compared to other unsecured loans.Flexible Tenure Options
Loan repayment periods typically range from 12 to 84 months, giving borrowers the flexibility to choose a plan that aligns with their budget and income.Quick and Easy Loan Processing
Many lenders offer fast-track approvals with minimal paperwork, allowing you to get the car and start using it without delays.
Car Loan Eligibility
Car Loan Eligibility Criteria for Leading Banks
Eligibility criteria differ across banks but generally include factors such as your age (typically between 21 and 65 years), a stable source of income (often a minimum of ₹20,000 per month), and steady employment. A good credit score, usually 650 or higher, is essential. Some lenders may require you to be either salaried or self-employed, while others may also ask for specific work experience or business tenure. Existing debts and liabilities are also considered to ensure you can manage the loan repayment. For accurate details, it’s best to check with individual banks or use their online eligibility tools.
Car Loan Eligibility for Salaried and Self-Employed Individuals
For Salaried Individuals:
Must be at least 21 years old at the time of application and not older than 60 at the loan’s completion.
Should have at least two years of work experience, including at least one year with the current employer.
Should earn a minimum of ₹3,00,000 annually, including income from a spouse or co-applicant.
For Self-Employed Individuals:
Must be at least 21 years old when applying and not older than 65 at the end of the loan tenure.
Should have been in business for a minimum of two years.
Should earn at least ₹30,00,000 annually.
Required documents for Car Loan
- Aadhar Card
- PAN Card
- Last 2 years’ ITR as proof of income
- Salary Slip, latest 3 months (for salaried)
- Account statement(latest 6 months)
- Business proof
- Electricity bill latest
- Vehicle Registration Certificate(for used car)
- Vehicle Insurance(for used car)
- Cheques
- Quotation(if new car)
- Etc.
Fees and Charges for Car Loan
The costs and fees for car loans usually differ based on the lender and specific situations. The table above offers a helpful summary of the charges you might encounter.