New Car Loan
A new car loan is a financial solution that helps you purchase a brand-new vehicle without paying the full amount upfront. Lenders provide funds to cover the car’s cost, which you repay in easy monthly installments with interest.
New car loans offer competitive interest rates, flexible repayment terms, and quick approvals, making car ownership more affordable.
Features and Benefits of New Car Loan
Attractive interest rates
Competitive & convenient interest rates within your budget limit.
Repayment tenure
Choose the loan tenure from our wide, easy and flexible repayment tenure up-to 60 months.
Loan processing and documentation
Simple, quick and easy documentation with doorstep assistance.
Loan Offering
Get up-to 100%* finance on new car loans in a hassle-free manner with pocket friendly EMI options.
New Car Loan Eligibility
For Salaried Individuals
- Individuals who are at least 21 years old at the time of loan application and no older than 60 at the conclusion of the loan term.
- Individuals who have worked for at least two years, including at lease one year with their present employer
- Those with an annual income of at least ₹ 3,00,000, including the income of their spouse or co-applicant
For Self-employed Individuals
- Individuals who are at least 21 years old at the time of loan application and no older than 65 at the conclusion of the loan term and eligible.
- Those who have been in operation for at least two years
- Individual should earn at least ₹ 3,00,000 per annum
Documents Required for New Car Loan
- KYC documents (Valid Photo ID Proofs)
- PAN Card
- Last 2 years ITR as proof of income
- Salary Slip (latest 3 months)
- Salary account statement(latest 6 months)
- Signature Verification Proof
Apply for Car Loan in 4 steps
- Enter Necessary information
- Customise Your Loan
- Provide additional information
- Download Application Form
New Car Loan Interest Rate Comparison
| Bank | Interest Rate | Processing Fee* |
|---|---|---|
 |
9.10% onwards | - |
 |
9.40% onwards | ₹3,500 - ₹9,000 |
 |
9.10% onwards | ₹7,000 - ₹7,200 |
 |
Fixed: 9.05% p.a. onwards
Floating: 9.40% p.a. onwards
|
Up to Rs. 750 plus GST |
 |
8.70% onwards | 0.25% of loan amtt |
 |
8.70% onwards | - |
 |
8.85% onwards | - |
 |
Floating: 8.90% p.a. onwards
Fixed: 9.20% p.a. onwards
|
- |
 |
9.45% onwards | ₹3,500 - ₹12,000 |
