Overview of Car Loan in Faridabad
Car loans in Faridabad make owning a new or used car affordable with flexible financing options. In 2025, banks and NBFCs in Faridabad offer car loans with competitive interest rates and quick disbursal. Loanpao helps you compare lenders, check eligibility, and apply seamlessly for a car loan in Faridabad.
Eligibility Criteria for Car Loan in Faridabad
| Criteria | Details |
|---|---|
| Age | 21 to 65 years |
| Residency | Must be a resident of Faridabad with valid address proof |
| Income | Minimum monthly income of ₹20,000 (salaried) or ₹2.5 lakh p.a. (self-employed) |
| Credit Score | 700 or above |
| Employment | Minimum 1 year of employment (salaried) or 2 years of business (self-employed) |
Documents Required for Car Loan in Faridabad
- Identity Proof: Aadhaar Card, PAN Card, Voter ID, or Passport.
- Address Proof: Utility bill, Aadhaar, or Rental Agreement (Faridabad address).
- Income Proof: Salary slips (last 3 months), ITR (last 2 years), or business financials.
- Bank Statement: Last 6 months' bank statements.
- Vehicle Documents: Proforma invoice, RC (for used cars).
- Photographs: 2 passport-sized photographs.
Benefits of Car Loan in Faridabad
- Interest rates starting at 7.5% per annum in 2025.
- Loan amounts up to 90% of the car’s on-road price.
- Flexible repayment tenures up to 7 years for Faridabad applicants.
- Financing for both new and used cars.
- Quick approval and disbursal within 24-48 hours with Loanpao’s support in Faridabad.
Factors Affecting Car Loan in Faridabad
Credit Score
A higher credit score secures lower interest rates and better loan terms.
Income Stability
Stable income increases eligibility for higher loan amounts.
Debt-to-Income Ratio
Lower existing debts improve loan approval chances.
Car Model and Age
Newer cars and popular models may attract better loan terms.
How to Apply for a Car Loan in Faridabad
Follow these steps to apply for a car loan in Faridabad through Loanpao:
- Visit loanpao.in and select "Car Loan in Faridabad."
- Complete the online application form with personal and income details.
- Upload required documents (Aadhaar, salary slips, vehicle invoice).
- Schedule a doorstep document verification in Faridabad.
- Get approval within 24-48 hours.
Loan Eligibility for Car Loan in Faridabad
Check your eligibility for a car loan in Faridabad with Loanpao’s eligibility tool:
- Enter your income details (salaried or self-employed).
- Provide your credit score and Faridabad residency proof.
- Include employment or business tenure and car details.
Loanpao will assess your eligibility instantly and guide you through the application process in Faridabad.
Check Eligibility NowTrack Your Car Loan Application in Faridabad
Loanpao offers a seamless tracker for your car loan application:
- Submit your application ID on the Loanpao Tracker page.
- Monitor real-time updates (e.g., under review, document verified, approved).
- Receive notifications for document verification in Faridabad.
- Contact Loanpao support for assistance with delays in Faridabad.
Car Loan Comparison in Faridabad
Compare popular car loan options available in Faridabad:
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI Car Loan | 7.5% p.a. | Up to ₹48 lakh | Up to 7 years | 0.5% of loan amount |
| HDFC Car Loan | 7.8% p.a. | Up to ₹50 lakh | Up to 7 years | Up to ₹5,000 |
| ICICI Car Loan | 7.9% p.a. | Up to ₹40 lakh | Up to 7 years | Up to 1% of loan amount |
Frequently Asked Questions
Salaried individuals and self-employed professionals with stable income and good credit scores in Faridabad can apply.
Interest rates start at 7.5% per annum, varying by lender and applicant profile.
Approval typically takes 24-48 hours, depending on document verification.
Yes, many lenders offer loans for used cars, subject to the car’s age and condition.
The maximum tenure can extend up to 7 years, depending on the lender.
Yes, Loanpao offers an online application process with doorstep document verification in Faridabad.
Missing a repayment may lead to penalties, affect your credit score, and risk vehicle repossession by the lender.
The maximum loan amount can go up to 90% of the car’s on-road price, typically up to ₹50 lakh.
A guarantor is usually not required, but it may be needed for low credit scores or high loan amounts.
Yes, most lenders allow prepayment with minimal or no charges, subject to loan terms.