Features and Benefits

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Digital lending

Paper-less, digital, hassle-free process including features such as video KYC, digital agreement, etc.

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Multiple loan Offers

Multiple financers providing multiple offers leading to a range of options for the customer.

Approved Signature

Attractive car loan interest rates

Comparable EMIs with multiple offers

Correct Tick

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

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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
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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


Check eligibility

Fill your details on your platform


Choose your loan offer

Choose from available offers


Upload documents

Verify your identity


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

  • ICICI Bank
  • Bank of Baroda
  • Axis Bank
  • Mahindra Finance
  • Union Bank of India
  • Bank of India
  • Kotak Mahindra Prime
  • Yes Bank
  • AU Small Finance Bank

New car loan interest rate comparison

LenderInterest rateProcessing fee*

Starting from 8.75%

5000-6000 approximately


Stating from 8.80%



Starting from 8.65%


 Bank of Baroda

Starting from 8.45%


 icici Bank

Starting from 8.75%

7000-7200 approximately

Mahindra finance

Starting from 10%


Yes Bank

Starting from 8.80%

7500 -8000 approximately

AU bank

Starting from 10%



Starting from 8.80%

4500-7000 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.
Lender HDFC Bank
Interest rateStarting from 8.75%
Processing fee*5000-6000 approximately
Lender UBI
Interest rateStating from 8.80%
Processing fee*NIL
Lender BOI
Interest rateStarting from 8.65%
Processing fee*NIL
Lender  Bank of Baroda
Interest rateStarting from 8.45%
Processing fee*NIL
Lender  icici Bank
Interest rateStarting from 8.75%
Processing fee*7000-7200 approximately
Lender Mahindra finance
Interest rateStarting from 10%
Processing fee*1%
Lender Yes Bank
Interest rateStarting from 8.80%
Processing fee*7500 -8000 approximately
Lender AU bank
Interest rateStarting from 10%
Processing fee*1%
Lender AXIS Bank
Interest rateStarting from 8.80%
Processing fee*4500-7000 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.


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.

Ready to get started?

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

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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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rupyy emi 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.
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