Rupyy

New Car Loan

Simple . Flexible . Transparent

Get best offers from multiple lenders to buy the dream car you always wanted!

Features and Benefits

Digital lending

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

*Final eligibility is subject to profile and credit score

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

*Final list of required documents is subject to the lender you apply with and your profile

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

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.

Lending Partners

FAQs

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.

Ready to get started?

We are here to help you find the best interest rate for your
new car loan

Your one-stop shop for all finance needs. Avail 100% paperless loan in less than 24 hours.Address : Gaadi Web Private Limited, 11th Floor, Tower B, Emaar Digital Greens, Golf Course Extension Road, Sector-61, Gurugram-122 102, Haryana, India.

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is a used car loan product that is financed by Girnar Capital Pvt. Ltd. (Formerly known as Khemlani Finance Pvt. Ltd.).
Girnar Capital Pvt. Ltd. is an RBI registered NBFC.