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New Car Loan

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Competitive interest rates from leading financial institutions

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Compare New Car Loans from Top Banks

Find the best car loan offers tailored for your vehicle purchase needs

Bank/NBFC Interest Rate (p.a.) Processing Fee Loan Amount Tenure Eligibility Action
HDFC Bank 7.50% - 9.80% Up to 1.50% (min ₹3,000) ₹1,00,000 - ₹1,00,00,000 12 - 84 months Annual Income: ₹3 Lakhs+
CIBIL: 680+
Age: 21-65 years 		Apply
ICICI Bank 7.75% - 10.00% Up to 1.25% (min ₹2,500) ₹1,00,000 - ₹75,00,000 12 - 72 months Annual Income: ₹3.5 Lakhs+
CIBIL: 680+
Age: 21-60 years 		Apply
SBI 7.25% - 9.50% Up to 1.00% (min ₹2,000) ₹2,00,000 - ₹1,50,00,000 12 - 84 months Annual Income: ₹4 Lakhs+
CIBIL: 750+
Age: 21-65 years 		Apply
Bajaj Finserv 8.00% - 11.00% Up to 2.00% (min ₹3,500) ₹1,00,000 - ₹50,00,000 12 - 60 months Annual Income: ₹2.5 Lakhs+
CIBIL: 680+
Age: 21-60 years 		Apply
Axis Bank 7.90% - 10.25% Up to 1.50% (min ₹3,000) ₹1,00,000 - ₹80,00,000 12 - 72 months Annual Income: ₹3 Lakhs+
CIBIL: 680+
Age: 21-60 years 		Apply

Why Compare New Car Loans with Loanfatafat?

Quick Comparison

Compare top car loan offers instantly to find the best rates and terms in minutes

Competitive Rates

Access car loan rates from 7.25% p.a. with terms tailored to your budget

Trusted Lenders

Compare car loans from top banks and NBFCs with transparent terms and no hidden fees

Wide Loan Range

Explore car loans from ₹1,00,000 to ₹1,50,00,000 to finance your dream vehicle

Flexible Repayment Options

Choose tenures from 1 to 7 years to find a repayment plan that suits your budget

Free Eligibility Check

Assess your car loan eligibility for free without affecting your credit score

New Car Loan Eligibility

Check your eligibility to compare and choose the best car loan with Loanfatafat.in

For Salaried Individuals

  • Age: 21 to 60 years
  • Annual income: ₹2.5 Lakhs or above
  • Employment: Atleast 1 year
  • CIBIL score: 680 or above

For Self-Employed Individuals

  • Age: 21 to 65 years
  • Annual income: ₹3 Lakhs or above
  • Business vintage: Minimum 2 years
  • CIBIL score: 680 or above

Calculate Your New Car Loan EMI

Monthly Loan EMI
₹ 14,347
Fourteen Thousand Three Hundred And Forty Seven
Loan Amount
₹
One Lakh
1 Lac 2 Cr
Loan Tenure
Years
1 7
Rate Of Interest
%
8 25
Payment Breakdown:
Principal Amount
₹10,00,000
Interest Payable
₹7,21,651
Total Amount Payable
₹17,21,651

EMI Payment Schedule

Year Principal paid yearly
(A)		 Interest paid yearly
(B)		 Total Payment
(A + B)		 Balance Loan Paid
To Date

Documents Required for New Car Loan

Prepare these documents to compare and choose the best car loan on Loanfatafat.in

Identity & Address Proof

  • 1.
    PAN Card

    For applicant

  • 2.
    Aadhaar Card

    Linked to mobile number

  • 3.
    Address Proof

    Utility bill or lease agreement (If both are Rented Home and Office not older than 3 months)

  • 4.
    Passport-size Photographs

    Recent photographs of the applicant

  • 5.
    Vehicle Proforma or Quotation

    Dealer should possess a dedicated storeroom and an official stamp.

Financial & Vehicle Proof

For Salaried Individuals
  • 1.
    Last 3 months' Salary Slips

    To verify income

  • 2.
    Last 1 year Bank Statement

    Salary account

  • 3.
    Form 16 Part A and B or Form 26AS Part A and B

    For last 2 years

For Self-Employed Individuals
  • 1.
    Last 2 years' ITR with computation of income

    For business or professional income

  • 2.
    Last 1 year Bank Statement

    Primary business account

  • 3.
    Vehicle Quotation

    Proforma invoice from the car dealer

Uses of New Car Loans

Compare car loans on Loanfatafat.in to meet your vehicle financing needs

New Car Purchase

Finance the purchase of a new sedan, SUV, or hatchback for personal use

Commercial Vehicle Financing

Fund the purchase of taxis, delivery vans, or other commercial vehicles

Luxury Car Financing

Finance premium or luxury cars for personal or business use

Car Accessories

Fund add-ons like infotainment systems or custom modifications

Loan Refinancing

Refinance existing car loans for better rates or lower EMIs

Electric Vehicle Financing

Fund eco-friendly electric cars with tailored loan options

Frequently Asked Questions

Get answers to common questions about new car loans on Loanfatafat.in

A new car loan is a financial product offered by banks or NBFCs to help you purchase a new vehicle, such as a sedan, SUV, or electric car. It can be secured (with the car as collateral) or unsecured. You receive a lump-sum amount and repay it in fixed monthly installments (EMIs) over a tenure, typically 1-7 years. Interest rates depend on your credit score, income, and lender policies. Loanfatafat.in helps you compare options for the best rates.

General eligibility criteria for car loans include:
  • Salaried: Age 21-60 years, minimum ₹2.5 Lakhs annual income, 1 year with current employer
  • Self-Employed: Age 21-65 years, minimum ₹3 Lakhs annual income, 2 years business vintage
  • Credit Score: 680+ for salaried; 680+ for self-employed (higher scores get better rates)
  • Valid Documents: PAN, Aadhaar, address proof, income proof, and vehicle quotation
Eligibility varies by lender, and Loanfatafat.in helps you compare options to find the best fit.

Loanfatafat.in enables instant eligibility checks and loan comparisons within minutes. Once you select a lender and submit required documents, approval can take 1-7 days, with funds disbursed within 24-48 hours after verification, depending on the lender. Compare processing times on Loanfatafat.in to choose the fastest option.

Documents required for a car loan application through Loanfatafat.in include:
  • Identity & Address Proof: PAN Card, Aadhaar Card, address proof (utility bill or lease agreement If both are Rented Home and Office not older than 3 months), and passport-size photographs.
  • For Salaried: Last 3 months’ salary slips, 1 year bank statement (salary account), and Form 16 Part A and B or Form 26AS Part A and B for 2 years
  • For Self-Employed: Last 2 years’ ITR with computation of income, 1 year bank statement (business account), and vehicle quotation (proforma invoice).
Documents are verified online for quick comparison and approval across lenders.

Most lenders allow prepayment or foreclosure of car loans after a minimum period (typically 6-12 months), subject to their terms. Prepayment penalties, if applicable, range from 1-3% of the outstanding amount. Loanfatafat.in lets you compare lenders’ prepayment policies to choose the most flexible option.

Your CIBIL score reflects your creditworthiness. A score of 680+ (salaried) or 680+ (self-employed) improves approval chances and secures lower interest rates (7.25% p.a. or better). Lower scores may result in higher rates or rejection. Loanfatafat.in offers a free CIBIL score check without impacting your rating to help you compare eligible loan options.

Car loans may include processing fees (1-2% of loan amount or minimum ₹2,000-₹3,500), prepayment penalties, late payment fees, and GST on fees. Loanfatafat.in ensures transparency by comparing lenders’ fee structures upfront, so you can select a loan with minimal or no hidden charges. Always review the loan agreement for full details.
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