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A car loan is a secured loan where the purchased vehicle itself acts as collateral. The lender retains the right to repossess the car in case of default. The loan amount is repaid through EMIs (Equated Monthly Installments) over a fixed tenure.
Car loans in India are offered by public sector banks, private banks, cooperative banks, and non-banking financial companies (NBFCs).
For purchasing a brand-new car directly from the dealership.
For buying a pre-owned or second-hand car.
A loan where you pledge your existing car as collateral to raise funds.
Additional loan taken on an existing car loan for personal or vehicle-related needs.
1. Age: 21–65 years
2. Employment: Salaried employees with at least 1 year of continuous work experience, or self-employed with stable income
3. Income: Minimum monthly income of ₹20,000–₹25,000 (varies by city and lender)
4. Credit Score: 700 or above for faster approvals and better rates
5. Loan-to-Value (LTV): Generally, lenders finance up to 80–100% of the car’s on-road price
At Loanslan, we act as your trusted partner in the home loan journey. From comparing interest rates to handling paperwork and ensuring faster approvals, we make the process smooth and stress-free—so you can focus on turning your dream home into a reality.
Buy old or new car
Quick assessment based on income and credit score
Basic KYC, income, and property papers
Loan amount directly credited or paid to builder/seller
At Loanslan, we make business loans simple, fast, and transparent.
Multiple Loan Options: Compare offers from top banks and NBFCs
Expert Guidance: Choose the right loan type based on your business needs
Quick Processing: Assistance with documentation and eligibility checks for faster approval
Transparent Process: Clear information on interest rates, fees, and repayment terms
Tailored Solutions: Whether you’re a startup, MSME, or established firm, we help you find the best-fit loan
1. Processing Fee:0.5%–2% of the loan amount
2. Foreclosure Charges: 2%–6% if the loan is prepaid before tenure ends (varies by lender)
3. Late Payment Fee: Charged on missed EMIs
4. Stamp Duty/Documentation Charges: One-time charges depending on state laws
KYC Documents: Aadhaar, PAN, Passport, or Voter ID
Bank Statements: Last 6 months
Address Proof: Utility bills, rental agreement, or passport
Additional interest or penalties
Most banks and NBFCs offer car loans with repayment tenures ranging from 1 year to 7 years, depending on the loan amount and borrower profile.
Yes, many lenders finance up to 100% of the car’s on-road price for eligible borrowers, though some may require a small down payment.
Yes, most banks allow foreclosure or prepayment, but some charge a foreclosure fee (2%–6%). Always check your loan terms before deciding.
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