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How It Works?

A car loan is a type of personal loan used for buying a motor vehicle such as a car, ute, 4WD, or other road vehicles. A car loan is helpful when you don’t have enough savings to afford the vehicle of your choice, but you can afford to repay a loan in monthly installments.

There are a few different types of car loans:

  1. New car loan: Available for buying cars that are brand new, and some lenders will let you use a new car loan for a car that is 1, 2, or even 3 years old. A new car loan will usually be secured by the car, and the interest rate may be lower the more the car is worth.
  2. Used car loan: Available for buying cars that are up to 5 or 6 years old and do not qualify for a new car loan. A used car loan is usually secured by the value of the car.
  3. Unsecured car loan: Available for buying cars older than 5 or 6 years old that do not qualify for a used car loan. Unsecured car loans typically have higher interest rates than secured car loans.
    Find out how car loans work and types of car loans, then compare car loans for your sweet ride using the comparison selector tool at the top of this page.
  • You can borrow an unlimited amount – as much as you need for the car, that is – with many lenders.
  • You have 5 to 10 years to repay that amount.
  • The amount of debt is fixed, so you can’t add to it with impulse purchases like you could if you used a credit card or a line of credit on your home loan.
  • The average car loan interest rate is lower than the average rates for credit cards and personal loans (see our star ratings report for more detail).
  • If you choose a fixed rate loan, you can know and budget for exactly how much you need to repay every month.
  • By making your monthly repayments, your debt will eventually be fully paid off.
  • You can’t increase the amount of debt, so you have to make sure beforehand that you can afford to pay all other regular running costs of the car.
  • You must make every one of your monthly repayments or you could lose the car (with a secured loan) or face court action (with an unsecured loan).
  • Purchase of new vehicles
  • Takeover of Existing Vehicle loans
  • Purchase of second hand vehicles
  • Reimbursement for newly purchased cars (Restricted to up to 3 months of purchase)
  • Resident Indian
  • Non-Resident Indian
  • Agriculturist
  • Proprietorship Concern/ Partnership Firms/ LLPs/ Private or Public Limited Companies/ Trusts/ Societies
18 Years
65 Years
Rs 1.00 lacs
Rs 100.00 lacs
12 months
84 months
New vehicles
Used vehicles
Interest rate
Attractive interest rate from MCLR (1 Year)
  • Minimum Bureau Score of 600 for applicant/ Co-applicant
  • Eligibility based on Income, Repayment track program  and surrogate available
  • Financing On Road price which includes Regn,Insurance, Extended warranty Income of co applicant can be considered for eligibility
  • No security and Guarantor is needed
Processing fees
1% of the loan amount with maximum ceiling of Rs.10,000/-
Prepayment charges
  • Up to 12 months-  2% of amount prepaid
  • Above 12 months- 1% Applies to foreclosure of the loan
Agri and allied activities
12 m statement/stmnt from where loans are repaid
12 m statement/ stmnt from where loans are repaid
12 m statement /stmnt from where loans are repaid
Passport size photo
Passport size photo
Passport size photo
Proof of identity like PAN etc
Proof of identity like PAN etc
Proof of identity like PAN etc
Address proof
Address proof.Other docs such as MOA,Partnership deed etc to be taken
Address proof
Income proof like ITr/Form 16 for last 2 years
ITR/AFS/ for last 2 year
Proof of land holding and land tax.
Salary slip/salary certificate
Invoice of the vehicle