Features and Benefits
Paper-less, digital, hassle-free process including features such as video KYC, digital agreement, etc.
Multiple loan Offers
Multiple financers providing multiple offers leading to a range of options for the customer.
Attractive car loan interest rates
Comparable EMIs with multiple offers
Flexible Loan Tenure
Flexible Loan repayment tenure that can be negotiated
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
Documents Required for 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
Avail loan in 4 simple steps
Fill your details on your platform
Choose your loan offer
Choose from available offers
Verify your identity
Leave the rest to us
Loan disbursal process initiated
Things to know while availing a new car loan
Frequently Asked Questions
How to get a new car loan?
There are multiple ways through which you can get a new car loan. The most hassle free method is to apply online. You can click on apply loan below to start applying and fill basic information to check your loan offers.
What is the highest loan amount I can get with a new car loan?
From one bank to the next, the maximum loan amount that can be approved differs. Banks may provide loan amounts ranging from 80% to 90% of the car's on-road cost. A few banks lend the entire sum of the car's ex-showroom price.
Why apply for a new car loan through Rupyy ?
The process that Rupyy follows is transparent and digital. You can check multiple offers (if applicable). We also provide you the option to negotiate certain factors like loan repayment tenure.
How does a fixed rate car loan differ from a floating rate car loan?
In the case of a fixed rate car loan, the interest rate stays the same throughout the term of the loan. It is not influenced by market conditions. The relevant interest rate on a variable rate car loan changes on a regular basis, based on the lender's decision.
Is the rate of interest negotiable?
Yes, in case of most lenders, the rate of interest is negotiable if one has a good credit score, have been regular with your previous payments or a loyal customer of the vendor.
Can one pre-pay a car loan ?
Yes, for most lenders, the car loan can be prepaid after 6 months to a year. Some lenders do not allow prepayment and some charge a penalty on the leftover amount of repayment.
Do I need a loan guarantor or a co-borrower for availing a new car loan ?
You can avail a car loan on your own. However, you might need a guarantor or a co-borrower if case you do not meet the eligibility criteria like credit score, age, income among a few others.
What if I don't pay my EMIs on time?
You must make EMI payments on a regular basis. Most lenders will let you skip one or two payments. However, you may be considered a defaulter if you go beyond that allowing the lender to seize your vehicle. In addition, if you miss a payment, your credit score will suffer, lowering your chances of getting a loan in the future.
Do I need a collateral for a new car loan ?
In a new car loan, the car acts as a collateral. Hence, a car loan does not require any additional collateral. You must, however, have the car's registration certificate endorsed with the bank. This hypothecation is revoked once the loan has been fully repaid.
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new car loan