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Up to 100% funding on the ex-showroom price, with tenure up to 7 years and one of the lowest retail rates.
A new car loan is among the cheapest retail loans in India, because a new car is easy to value and easy to sell if the lender ever needs to. The car is hypothecated to the lender, which means their name sits on the registration certificate until you clear the loan.
Most lenders fund 85% to 100% of the ex-showroom price. Salaried applicants with a strong credit profile are often offered on-road funding, which also covers insurance, registration and the extended warranty. On-road funding is convenient but you pay interest on those costs for the full tenure, so take it only if you genuinely need to.
Not in the rate. In the dealership. Bundled insurance, accessory packages and extended warranties get quietly added into the financed amount, and each one costs you interest for seven years. Ask for the loan amount to be broken down line by line before you sign.
Seven years is available, but a car is a depreciating asset. On a long tenure you can easily end up owing more than the car is worth, which becomes a real problem if you want to sell it early. Five years is the sensible ceiling for most buyers.
We get you a sanction before you walk into the showroom, so you negotiate the car price as a cash buyer rather than accepting whatever the dealer's in-house financier offers. That alone is usually worth more than any rate difference.
Many lenders fund the full ex-showroom price, and some fund the on-road price including insurance and registration.
New car loans sit close to home loan pricing, well below personal or business loan rates, because the car secures the debt.
Available, though five years is the sensible ceiling on a depreciating asset.
Walk into the showroom with an approved loan and you negotiate as a cash buyer, which usually gets a better price on the car.
| Age | 21 to 60 years |
|---|---|
| Monthly income | From ₹20,000 to ₹25,000 net, depending on the car and the lender |
| Work experience | At least 1 year, with 6 months in the current job |
| Credit score | 750 and above for the best rate. From 700 upwards is generally workable. |
| Existing EMIs | Total obligations after this loan should stay under about 50% of net income |
These are typical criteria. Individual lenders vary, and we will tell you which ones are flexible on your particular case.
You do not need any of these to enquire. We only ask for documents once we know which lender we are approaching.
Pre-filled with this product's own rate band and limits.
Pre-filled with the indicative rate band for New Car Loan for Salaried. Move the sliders to match your own case.
Twenty one lakh
4 yr 11 mo
Your monthly EMI
₹42,618
for 4 yr 11 mo
These numbers are indicative. Your actual offer depends on the lender. Most loans in India are floating rate, so the EMI can change when the RBI moves rates.
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