Overview of Car Loan in Greater Faridabad
Car loans in Greater Faridabad for 2025 help you finance new or used cars with affordable EMIs. Loanpao partners with top lenders like SBI, HDFC Bank, and ICICI Bank, offering loans up to ₹1 crore at interest rates starting at 7.5% p.a. with tenures up to 7 years.
Eligibility Criteria for Car Loan in Greater Faridabad
| Criteria | Details |
|---|---|
| Age | 21–60 years (salaried); 25–65 years (self-employed) |
| Income | Minimum ₹20,000/month (salaried); ₹3 lakh p.a. (self-employed) |
| Employment | Minimum 1 year with current employer (salaried); 2 years in business (self-employed) |
| Credit Score | Minimum 700; higher scores improve terms |
| Residence | Resident of Greater Faridabad or nearby areas |
Documents Required for Car Loan in Greater Faridabad
- Identity Proof: Aadhaar, PAN Card, or Passport.
- Address Proof: Utility bill, Aadhaar, or rental agreement (Greater Faridabad address).
- Income Proof: Salary slips (last 3 months), ITR (last 2 years), or Form 16.
- Bank Statements: Last 6 months’ bank statements.
- Vehicle Documents: Proforma invoice, RC (for used cars), or insurance copy.
- Photograph: Recent passport-size photograph of the applicant.
Benefits of Car Loan in Greater Faridabad
- Loan amounts up to ₹1 crore for new and used cars.
- Competitive interest rates starting at 7.5% p.a. in 2025.
- Flexible repayment tenures up to 7 years.
- Up to 100% financing on the car’s on-road price.
- Quick disbursal within 2–5 days post-approval.
Factors Affecting Car Loan in Greater Faridabad
Interest Rate
Rates range from 7.5% to 12% p.a., based on credit score, income, and car type (new/used).
Loan Amount
Up to ₹1 crore or 80–100% of the car’s on-road price, depending on income.
Credit Score
A score above 700 ensures better rates; lower scores may increase rates.
Car Type
New cars often get lower rates; used cars may have slightly higher rates in Greater Faridabad.
How to Apply for a Car Loan in Greater Faridabad
Follow these steps to apply for a car loan in Greater Faridabad through Loanpao:
- Visit loanpao.in and select "Car Loan in Greater Faridabad."
- Fill out the online application form with details (name, Greater Faridabad address, income).
- Upload required documents (Aadhaar, income proof, vehicle invoice).
- Compare offers from top Greater Faridabad lenders like SBI, HDFC Bank, and ICICI Bank.
- Get approval and funds disbursed within 2–5 days in Greater Faridabad.
Loan Eligibility for Car Loan in Greater Faridabad
Check your eligibility for a car loan in Greater Faridabad with Loanpao’s tool:
- Enter income details (minimum ₹20,000/month for salaried).
- Provide credit score (preferably above 700).
- Specify employment details and Greater Faridabad residency.
- Include car details (make, model, and price).
Loanpao will assess your eligibility and suggest the best car loan offers in Greater Faridabad.
Check Eligibility NowTrack Your Car Loan Application in Greater Faridabad
Loanpao provides a seamless tracker for your car loan application:
- Submit your application ID on the Loanpao Tracker page.
- Get real-time updates on status (e.g., under review, approved, disbursed).
- Receive notifications for disbursal updates in Greater Faridabad.
- Contact Loanpao support for assistance with delays in Greater Faridabad.
Car Loan Comparison in Greater Faridabad
Compare car loan offers from top lenders in Greater Faridabad:
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | 7.50% p.a. | Up to ₹1 crore | Up to 7 years | 0.5% of loan amount |
| HDFC Bank | 8.00% p.a. | Up to ₹80 lakh | Up to 7 years | Up to ₹4,000 |
| ICICI Bank | 8.25% p.a. | Up to ₹75 lakh | Up to 6 years | Up to ₹5,000 |
Frequently Asked Questions
The minimum monthly income is ₹20,000 for salaried individuals in Greater Faridabad.
Car loans in Greater Faridabad are disbursed within 2–5 days after approval.
Yes, loans are available for used cars, typically up to 80% of the car’s value.
Yes, prepayment is allowed after 6–12 EMIs, with charges of 1–3% of the outstanding amount.
Missing an EMI may incur penalties, impact your credit score, or lead to vehicle repossession by the lender.