🔑 Key Features of a New Car Loan
| Feature | Description |
|---|---|
| Purpose | To purchase a brand-new car |
| Loan Amount | Up to 100% of ex-showroom price (sometimes includes on-road costs) |
| Tenure | Usually 1 to 7 years |
| Interest Rate | Ranges from 7% to 12.5% p.a. (fixed or floating) |
| Collateral | The car itself (hypothecated to the lender until loan repayment) |
| Processing Fee | 0.5% – 2% of loan amount (varies by lender) |
| Prepayment Charges | May apply if you close the loan early (check lender policy) |
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💰 Eligibility Criteria
| Criteria | Requirement |
|---|---|
| Age | 21 to 65 years |
| Income | ₹15,000 to ₹30,000/month (varies by lender and city) |
| Employment | Salaried, self-employed, or business owner |
| Credit Score | 650+ preferred; better score = better rate |
| Residency | Resident Indian with valid KYC documents |
Apply Loan
📄 Documents Required
ID Proof – PAN Card, Aadhaar, Passport
Address Proof – Aadhaar, Passport, Utility Bill
Income Proof – Salary slips (3–6 months) / ITR / bank statements
Proforma Invoice – From the car dealer (required for loan approval)
Photographs – Passport-size photos