Drive Your Dream Car with Easy Car Loans Today!

Get Closer to Your Goals by lowest car loan Interest rate

Get Money Quickly: You get funds right away to buy your car.
Flexible Time to Repay: Choose how long you want to repay—short or long term.
Fixed Interest Rate: Your monthly payment stays the same—no surprises!
Choose Your Loan Amount: You can borrow just the amount you need.
Easy Monthly Payments: Pay in small parts every month.
Tax Benefits: : In some cases, you may get tax benefits.
Buy New or Used Cars: You can get a loan for both new and second-hand cars.
Own the Car Right Away: The car is yours from day one.
No Need to Pay Full Price Upfront: Just make a small down payment.
Improve Credit Score: Paying your EMIs on time helps build a good credit history.

What is Car Loan Eligibility?

Car loan eligibility means whether you can get a loan to buy a car. Banks check things like:

Your monthly income
Your credit score (how well you’ve paid past loans or bills)
If you already have other loans

If the bank thinks you can repay the car loan, they will approve it.

Who Can Get a Car Loan?

Eligibility Rules (May differ by bank):

Age You should be between 21 and 65 years old
Income: You need to earn at least ₹20,000 per month
Credit Score: A score of 650 or higher is usually needed

Job or Business

If you’re salaried, you should have worked for at least 2 years

If you're self-employed, your business should be at least 2 years old

Details for Salaried and Self-Employed People

✅ For Salaried People:

Age: 21 to 60 years
Job: At least 2 years total work experience, with 1 year in your current job
Income: At least ₹3,00,000 per year (can include spouse’s income too)

✅ For Self-Employed People:

Age: 21 to 65 years
Business: Running for at least 2 years
Income: At least ₹3,00,000 per year

Documents You Need to Apply for a Car Loan

Photo ID Proof (like Aadhaar, PAN, Passport)
PAN Card
Income Proof (ITR for last 2 years)
Salary Slips (last 3 months, if salaried)
Bank Statements (last 6 months)
Signature Proof

Car Loan EMI Calculator – Plan Before You Borrow

An EMI Calculator helps you know how much you’ll have to pay every month for your car loan.

Using it is easy:

Enter your loan amount, interest rate, and loan duration
Click on Calculate
See your monthly EMI, total interest, and total repayment amount
Adjust the loan term if needed to match your budget
Talk to the bank before finalizing anything

How is Car Loan EMI Calculated?

Here's the formula to calculate EMI:,
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]

Where:

P = Loan Amount
r = Monthly Interest Rate (Annual Rate ÷ 12)
n = Loan Duration in Months

Don't worry—you can use an online EMI calculator to do this automatically!

Fees and Charges for Car Loan

Different banks may charge different fees. Some common ones include:

Processing Fee
Documentation Charges
Late Payment Penalties
Foreclosure or Prepayment Charges

Always check with your bank for exact fees before you apply.

Particulars	Charges
Loan Processing Fees	1.5% to 4% of loan amount
Loan Cancellation	Usually around Rs 5,000
Stamp Duty Charges	As per actuals
Legal Fees	As per actuals
Penal Charges	Usually @ 2% per month; 24% p.a.
EMI / Cheque Bounce Charges	Around Rs 400 per bounce

Particulars

Charges

Loan Processing Fees

1.5% to 4% of loan amount

Loan Cancellation

Usually around Rs 5,000

Stamp Duty Charges

As per actuals

Legal Fees

As per actuals

Penal Charges

Usually @ 2% per month; 24% p.a.

EMI / Cheque Bounce Charges

Around Rs 400 per bounce

Q: Why is a Down Payment Important?

A:A down payment is the money you pay from your pocket when buying the car.
It is important because:

It reduces your loan amount, so your monthly payments are smaller
You pay less interest over time
It can help you get better loan terms or a lower interest rate
You build ownership (equity) in the car faster
It improves your chance of getting the loan approved

Q: What’s the Difference Between Fixed and Variable Interest Rates?

A: A fixed interest rate stays the same for the whole loan. Your monthly payments will not change.
A variable interest rate can go up or down depending on market changes. This means your monthly payment may change too.
Fixed rates give you stability, while variable rates may be cheaper at first but can become expensive later.

Q: Can I Pay Off My Car Loan Early?

A: Yes, Yes, you can! This is called prepayment.
You can pay off:

The full loan early
Or just a part of the loan before the due date

This helps you save on interest and finish your loan faster. But some banks may charge a small fee for early payment. Always check with your bank first.

Q: What Happens if I Can’t Pay My Car Loan?

A: If you miss your payments:

You may have to pay late fees
Your credit score will go down

The bank can take back your car

If you're having money problems, talk to your lender right away. They may help you by:

Changing your loan terms
Reducing your EMI
Giving you more time to pay

Don’t ignore the problem—ask for help early.

Q: How to Get an NOC for a Car Loan?

A: An NOC (No Objection Certificate) means the bank agrees that your loan is fully paid.
To get it:

Pay off the full car loan
Contact the bank and ask for an NOC
Submit any documents they ask for
After checking, the bank will give you the NOC
Take the NOC to the RTO (Regional Transport Office) to update your vehicle details and finish the loan process

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