Why Choose Our Car Loan? Key Features & Advantages

  • Quick Access to Funds: Get instant financing to purchase your dream car.
  • Flexible Repayment Options: Choose a loan tenure that best fits your financial plan.
  • Fixed Interest Rates: Enjoy stability with fixed interest rates throughout the loan term.
  • Tailored Loan Amounts: Borrow based on your specific needs and eligibility.
  • Simple Monthly EMIs: Repay conveniently with affordable monthly installments.
  • Possible Tax Deductions: Certain borrowers may qualify for tax benefits.
  • Finance Both New & Pre-Owned Cars: Loans available for both brand-new and used vehicles.
  • Immediate Ownership: Take full ownership of the vehicle right from day one.
  • No Upfront Full Payment Required: Get your car without paying the entire cost initially.

Boost Credit Score: Maintain timely payments to improve your credit rating.

Loan of up to ₹ 47 Lakh

3 Unique Variants

Tenure of up to 72

Minimal Documentation

Loan of up to ₹ 47 Lakh

3 Unique Variants

Tenure of up to 72

Minimal Documentation

Eligibility & Required Documents for Car Loan

Understand the basic requirements to apply for a car loan with ease.

What Determines Car Loan Eligibility?

Lenders assess your eligibility based on various factors, including your monthly income, credit history, and any existing debts. If you meet the necessary requirements, you’ll qualify for a car loan. Otherwise, you may need to work on your finances before applying again.

Check Your Eligibility Instantly

Use our Car Loan Eligibility Calculator to find out if you qualify before applying. Simply input your financial details to get a quick overview.

Typical Eligibility Criteria Across Leading Banks

Though requirements vary by lender, most banks consider the following:

  • Age: Between 21 and 65 years
  • Minimum Monthly Income: Generally INR 20,000 or more
  • Employment Type: Salaried or self-employed with a consistent income source
  • Credit Score: Typically 650 or above
  • Work/Business Experience: Minimum of 1–2 years, depending on your employment type
  • Liability Check: Lenders assess existing loans to ensure repayment capacity

Each bank may differ slightly, so it’s helpful to use their specific online tools or speak to a representative directly.

Eligibility for Salaried and Self-Employed Individuals

Salaried Applicants:

  • Must be 21–60 years old
  • Minimum 2 years of employment, with at least 1 year at the current job
  • Minimum annual income of ₹3,00,000 (inclusive of spouse or co-applicant income)

Self-Employed Applicants:

  • Age range: 21 to 65 years
  • At least 2 years in current business
  • Minimum annual income of ₹3,00,000

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    Essential Documents for Car Loan Application

    Ensure you have the following documents ready:

    • Valid KYC (ID and address proof)
    • PAN Card
    • Last 2 years’ Income Tax Returns
    • Latest 3 months’ salary slips (for salaried individuals)
    • Last 6 months’ bank statements from your salary account
    • Signature verification document

    Estimate Your EMI with Ease

    Car Loan EMI Calculator

    Plan your budget better with our Car Loan EMI Calculator. It gives you a clear idea of your monthly installment, interest payable, and overall repayment amount.

    Steps to Use the Calculator:

    1. Enter the desired loan amount, applicable interest rate, and tenure.
    2. Click on “Calculate” to view results.
    3. Review your EMI, total interest, and total payment.
    4. Modify tenure or amount to suit your budget.
    5. Consider any additional charges.
    6. Finalize only after confirming with your lender.

    Car Loan EMI Formula Explained

    To calculate your EMI manually, use this formula:

    EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]

    Where:

    • P = Loan amount
    • r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
    • n = Number of monthly installments (loan tenure in months)

    FAQs

    How does a car loan work?

    A car loan allows you to borrow money from a bank or lender to purchase a vehicle. You repay the borrowed amount, plus interest, in monthly installments over a fixed period, typically 1 to 7 years.

    Why is making a down payment important when buying a car?

    A down payment reduces the amount you need to borrow, which can lower your monthly EMI and total interest paid. It also improves your loan approval chances by showing lenders you're financially responsible.

    What’s the difference between fixed and floating interest rates in car loans?

    Fixed Rate: The interest remains constant throughout the loan tenure. Your EMIs won’t change.

    Floating Rate: The interest can fluctuate based on market conditions. EMIs may increase or decrease over time.

    Is it possible to repay a car loan before the term ends?

    Yes, you can prepay or foreclose your car loan. Some lenders may charge a small fee, while others offer this facility without penalties. Always check the loan agreement for specific terms.