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Auto Loan

An auto loan (or car loan) is money borrowed from a bank or finance company to buy a new or used car. You repay it in monthly installments (EMI) including principal + interest.

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Key Features

- Down payment usually 10% to 30%.
- Loan coverage can be 80% to 100% of vehicle value.
- Interest range often around 7.5% to 9% (profile and lender based).
- Tenure generally 3 to 7 years.
- Longer tenure → Lower EMI but higher total interest cost.

How it's work

- Bank finances most of the vehicle cost.
- You pay down payment (usually 10% – 30%).
- Remaining amount is paid through EMI over fixed years.
- Vehicle is hypothecated (loan linked) to lender until repayment is complete.
- You repay through EMIs based on loan amount, interest rate, and tenure.
- Auto Loan Interest Rates: Typical range: ~7.5% – 9% depending on bank and profile.
- Loan Amount & Tenure: Loan can cover up to 80% – 100% of car value (depends on lender), Tenure usually 3 – 7 years (sometimes longer).

Eligibility Criteria

- Age: 21 to 65 years.
- Stable salaried or business income.
- Credit score: 700+ preferred.
- Job or business continuity.

Documents Required

- PAN and Aadhaar.
- Address proof.
- Income proof (salary slip/ITR).
- Bank statement.
- Vehicle quotation.

Advantages

- Buy vehicle without paying full amount
- Flexible EMI options
- Fast approval

Things To Check Before Applying

- ❗ Car is security → lender can repossess if EMI unpaid
- ❗ Processing fee may apply (0.5% –1% approx depending on bank)
- ❗ Interest higher for used cars vs new cars.

Example

- Car Price = ₹10 Lakh
- Down Payment = ₹2 Lakh
- Loan = ₹8 Lakh
- → EMI depends on interest rate + tenure.

Our Services

Auto Loan

An auto loan (or car loan) is money borrowed from a bank or finance company to buy a new or used car. You repay it in monthly installments (EMI) including principal + interest.

Back to Services

Key Features

- Down payment usually 10% to 30%.
- Loan coverage can be 80% to 100% of vehicle value.
- Interest range often around 7.5% to 9% (profile and lender based).
- Tenure generally 3 to 7 years.
- Longer tenure → Lower EMI but higher total interest cost.

How it's work

- Bank finances most of the vehicle cost.
- You pay down payment (usually 10% – 30%).
- Remaining amount is paid through EMI over fixed years.
- Vehicle is hypothecated (loan linked) to lender until repayment is complete.
- You repay through EMIs based on loan amount, interest rate, and tenure.
- Auto Loan Interest Rates: Typical range: ~7.5% – 9% depending on bank and profile.
- Loan Amount & Tenure: Loan can cover up to 80% – 100% of car value (depends on lender), Tenure usually 3 – 7 years (sometimes longer).

Eligibility Criteria

- Age: 21 to 65 years.
- Stable salaried or business income.
- Credit score: 700+ preferred.
- Job or business continuity.

Documents Required

- PAN and Aadhaar.
- Address proof.
- Income proof (salary slip/ITR).
- Bank statement.
- Vehicle quotation.

Advantages

- Buy vehicle without paying full amount
- Flexible EMI options
- Fast approval

Things To Check Before Applying

- ❗ Car is security → lender can repossess if EMI unpaid
- ❗ Processing fee may apply (0.5% –1% approx depending on bank)
- ❗ Interest higher for used cars vs new cars.

Example

- Car Price = ₹10 Lakh
- Down Payment = ₹2 Lakh
- Loan = ₹8 Lakh
- → EMI depends on interest rate + tenure.