New Car Loan
Simple. Flexible. Transparent.
Get best offers from multiple lenders to buy the dream car you always wanted!
Features and Benefits
Attractive car loan interest rates
Comparable EMIs with multiple offers.
Flexible Loan Tenure
Flexible Loan repayment tenure that can be negotiated.
Multiple loan Offers
Multiple financers providing multiple offers leading to a range of options for the customer.
Transparent Process
All the terms & conditions are shown upfront and the customer is informed at each step of the process.
EMI PER MONTH
₹4,396
Disclaimer: Applicable rate of interest can vary subject to credit profile. Loan approval is at the sole discretion of the finance partner.
- Principal Loan Amt.
₹50,000 - Interest Amount
₹2,752 - Payable Amount
₹52,752
| Principal Loan Amount | ₹50,000 |
| Interest Amount | ₹2,752 |
| Payable Amount | ₹52,752 |
New Car Loan Eligibility
You are eligible to avail a car loan if you meet the below criteria
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 least 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 application and no older than 65 at the conclusion of the loan term are eligible.
- Those who have been in operation for at least two years
- Individual should earn at least ₹ 3,00,000 per annum
*Final eligibility is subject to profile and credit score
Documents required for car loan
- KYC documents (Valid Photo ID Proofs)
- Last 2 years ITR as proof of income
- Salary account statement(latest 6 months)
- PAN Card
- Salary Slip (latest 3 months)
- Signature Verification Proof
*Final eligibility is subject to profile and credit score
Avail loan in 4 simple steps
1
Check eligibility
Fill your details on your platform
2
Choose your loan offer
Choose from available offers
3
Upload documents
Verify your identity
4
Leave the rest to us
Loan disbursal process initiated
Lending Partners
New car loan interest rate comparison
Starting from 9.50%
*PF-5000-6000 approximately
Starting from 8.85%
*PF-1180-2500 approximately
Starting from 8.85%
*PF-1000-5000 approximately
Starting from 8.85%
*PF-1500-2000 approximately
Starting from 9.35%
*PF-7000-7200 approximately
Starting from 12%
*PF-1% of the loan amount
Starting from 9.60%
*PF-7500-8000 approximately
Starting from 11%
*PF-1% of the loan amount
Starting from 9.50%
*PF-4500-7000 approximately
Starting from 11.51%
*PF-4000 approximately
*Processing fee is calculated on the loan amount. Additional Taxes and Stamp duty as applicable.
**Interest rate and Processing fee are indicative in nature and are subject to lender's discretion.
Things to know while availing a new car loan
Credit score
A credit score ranges between 300 to 850 and represents a person's creditworthiness. The minimum credit score that banks generally require is 750. This helps with best interest rates of car loan and easy loan approval. However it doesn’t mean that you’ll not be able to avail a loan below this.
Interest rate
There are 2 types of car loan interest rates that banks offer. Fixed and Floating. The fixed rate cannot be changed, even if the RBI announces a rate reduction. A variable interest rate, on the other hand, varies with the market and is generally less expensive than the former. A high credit score , and steady source of income help in getting a low interest rate.
EMI Repayments
The Equated Monthly Instalment (or EMI) is made up of the principal and interest portions of the loan. As a result, the EMI equals the principal plus the interest paid on the car loan. The EMI is typically fixed for the duration of your loan.
Loan repayment tenure
Period beginning with the loan disbursement and ending with the last EMI payment or loan closure is called the Loan Repayment tenure. While a longer repayment tenure means a lower EMI but it also means more amount of interest. Maximum tenure for car loan repayment that most lenders offer is that of 7-8 years.
Processing fee
A car loan processing fee is a one-time payment that borrowers must make in order for their loan to be processed. This is typically not included in the loan and must be paid individually.
Preclosure/ Foreclosure
When only a part of the car loan is prepaid by the borrower, it is known as prepayment. While, when the borrower prepays the entire car loan before the end of repayment tenure, it is called as foreclosure. Not all lenders allow foreclosure. There is a fee that they charge for the same and it differs from bank to bank.
Downpayment
The up-front cash that is paid by the customer as a part of the total price. Although 100% financing options are available but they come with conditions. Hence, it is always advisable to pay some amount upfront as it also has numerous benefits.
Debt-to-income ratio
Lenders generally assess the income and other expenses that you have and then determine if the new car loan and its EMIs are within your budget. The lender will use your debt-to-income (DTI) ratio to assess your ability to take out and repay a new loan.
Frequently Asked Questions
How to get a new car loan?
What is the highest loan amount I can get with a new car loan?
Why apply for a new car loan through Rupyy ?
How does a fixed rate car loan differ from a floating rate car loan?
Is the rate of interest negotiable?
