About Car Loans
Loanpao’s Car Loans help you purchase your dream vehicle in Delhi, India, whether it’s a new or used car. With competitive interest rates, fast disbursal, and flexible repayment options, we make car ownership easy and affordable.
Why Choose Our Car Loan?
- Interest Rates starting at 9.0% p.a.
- Loan Amount from ₹1 Lakh to ₹1 Crore
- Flexible Tenure up to 7 Years
- Up to 100% of on-road price for new cars
- Approval within 48 hours
- Minimal documentation
- Collateral: Vehicle being financed
- Special rates for electric vehicles
Are You Eligible?
| Criteria | Requirement |
|---|---|
| Applicant | Salaried or self-employed |
| Age | 21-60 years |
| Income | Minimum ₹20,000/month (salaried); ₹4 Lakh/year (self-employed) |
| Credit History | No major defaults; credit score 750+ preferred |
What Documents Do You Need?
- KYC: Aadhaar / PAN / Voter ID
- Income Proof: Salary slips, ITR, Form 16
- Bank Statements: Latest 3 months
- Vehicle Documents: Invoice, RC (for used cars)
- Collateral: Vehicle hypothecation documents
Attractive Interest Rates & Affordable Fees
| Bank/Lender | Interest Rate | Processing Fee |
|---|---|---|
| SBI | 9.0% p.a. | 0.5% or ₹5,000 |
| HDFC Bank | 9.25% p.a. | 0.75% or ₹7,500 |
| ICICI Bank | 9.5% p.a. | 0.75% or ₹7,500 |
| Axis Bank | 9.75% p.a. | 0.6% or ₹6,000 |
| Kotak Mahindra Bank | 10.0% p.a. | 0.75% or ₹7,500 |
| Bank of Baroda | 9.25% p.a. | 0.5% or ₹5,000 |
| Union Bank of India | 9.5% p.a. | 0.5% or ₹5,000 |
| Punjab National Bank | 9.25% p.a. | 0.5% or ₹5,000 |
| IDFC FIRST Bank | 9.75% p.a. | 0.6% or ₹6,000 |
| Yes Bank | 10.0% p.a. | 0.75% or ₹7,500 |
| NBFCs | 10.5% p.a. | 1.0% or ₹10,000 |
| Co-operative Banks | 9.5% p.a. | 0.5% or ₹5,000 |
Extra Charges:
- Late Payment Charges: 2% p.m. on overdue amount
- Prepayment Charges: 3% on outstanding amount
- GST: Applicable on processing fees
Note: Rates and fees are indicative as of April 2025 and subject to change.
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How to Apply for a Car Loan
- Complete the online application with personal details.
- Submit KYC, income, and vehicle documents.
- Undergo verification of income and credit history.
- Review and accept the loan offer.
- Complete vehicle hypothecation formalities.
- Receive funds within 48 hours.
Common Questions About Car Loan
What is a Car Loan?
A Car Loan is a secured loan to purchase a new or used vehicle, with the vehicle itself as collateral.
Who can apply for a Car Loan?
Salaried or self-employed individuals aged 21-60 with a credit score of 750+ preferred.
What is the maximum loan amount?
Up to ₹1 Crore or 100% of on-road price for new cars, based on eligibility.
How long does approval take?
Approval takes 48 hours after verification.
Can I prepay the loan?
Yes, prepayment is allowed with 3% charges on outstanding amount.
Is collateral required?
Yes, the vehicle being financed serves as collateral.
What is the repayment tenure?
Up to 7 years, with flexible repayment options.
Are there special offers?
Yes, special rates for electric vehicles and instant disbursal for select applicants.
What documents are needed?
KYC, income proof, bank statements, vehicle documents, and collateral documents.
How does it affect my credit?
Timely repayment improves your credit score, while defaults may lower it.