Overview of Car Loan in Mahendragarh
Car loans in Mahendragarh enable salaried and self-employed individuals to purchase new or used cars with ease. In 2025, these loans start at 7.5% p.a., offering up to ₹1 crore with tenures up to 7 years. Lenders like SBI, HDFC Bank, and Axis Bank cater to Mahendragarh’s growing vehicle ownership, especially in urban Narnaul. With a population of ~921,680 and a 963.70 km² rural area, Mahendragarh residents can use Loanpao’s platform for quick applications, lender comparisons, and real-time tracking.
Eligibility Criteria for Car Loan in Mahendragarh
| Criteria | Details |
|---|---|
| Applicant Type | Salaried or self-employed individuals |
| Age | 21–60 years (salaried); 25–65 years (self-employed) |
| Income | Minimum ₹20,000/month (salaried); ₹3 lakh annual income (self-employed) |
| Residence | Resident of Mahendragarh or nearby areas |
| Credit Score | 700+ preferred for better rates |
| Employment | Minimum 1 year with current employer (salaried); 2 years in business (self-employed) |
Documents Required for Car Loan in Mahendragarh
- Identity Proof: Aadhaar, PAN Card, or Voter ID.
- Address Proof: Utility bill, Aadhaar, or rental agreement for Mahendragarh address.
- Income Proof: Salary slips (3 months) and Form 16 for salaried; ITR (2 years) for self-employed.
- Bank Statement: Last 6 months with e-KYC verification.
- Photograph: Recent passport-size photo (digital upload).
- Car Documents: Proforma invoice, car quotation, or RC (for used cars).
Benefits of Car Loan in Mahendragarh
- Competitive interest rates starting at 7.5% p.a. in 2025.
- Loan amounts up to ₹1 crore for new or used cars.
- Flexible repayment tenures up to 7 years.
- Up to 100% financing on ex-showroom price for eligible applicants.
- Quick disbursal within 2–4 days via Loanpao.
Factors Affecting Car Loan in Mahendragarh
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, depending on car value, income, and repayment capacity.
Credit Score
A score of 700+ secures better rates; scores below 650 may require higher rates or co-applicant.
Loan-to-Value (LTV) Ratio
Loans cover 80%–100% of the car’s on-road price, depending on lender policies.
How to Apply for a Car Loan in Mahendragarh
Follow these steps to apply for a car loan in Mahendragarh through Loanpao:
- Visit loanpao.in and select "Car Loan in Mahendragarh."
- Complete the online application with personal and income details (name, Mahendragarh address, salary).
- Upload required documents (Aadhaar, PAN, salary slips, car quotation).
- Compare offers from lenders like SBI, HDFC Bank, and Axis Bank in Mahendragarh.
- Receive approval and funds within 2–4 days after verification.
Loan Eligibility for Car Loan in Mahendragarh
Check your eligibility for a car loan in Mahendragarh with Loanpao’s tool:
- Enter personal details (age, Mahendragarh address).
- Provide income details (salary or business income).
- Submit credit score or allow e-KYC verification.
- Specify car details (new/used, model, price).
Loanpao will evaluate your eligibility and recommend the best car loan offers in Mahendragarh.
Check Eligibility NowTrack Your Car Loan Application in Mahendragarh
Loanpao offers a seamless tracker for your car loan application:
- Enter your application ID on the Loanpao Tracker page.
- Receive real-time updates on status (e.g., under review, approved, disbursed).
- Get notifications for fund disbursal in Mahendragarh.
- Contact Loanpao support for assistance with delays in Mahendragarh.
Car Loan Comparison in Mahendragarh
Compare car loan offers from top lenders in Mahendragarh:
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | 7.5% p.a. | Up to ₹1 crore | Up to 7 years | 0.5% of loan amount |
| HDFC Bank | 7.75% p.a. | Up to ₹80 lakh | Up to 7 years | Up to 1% of loan amount |
| Axis Bank | 8% p.a. | Up to ₹75 lakh | Up to 6 years | Up to 1% of loan amount |
Frequently Asked Questions
Yes, car loans are available for used cars in Mahendragarh, typically up to 80% of the car’s value, with slightly higher interest rates.
Car loan approvals typically take 2–4 days in Mahendragarh, depending on document verification.
Loan amounts can go up to ₹1 crore, based on car value, income, and credit profile.
Yes, most lenders require a 10%–20% down payment, though some offer 100% financing for eligible applicants.
Yes, most lenders allow prepayment after 6–12 months, with minimal or no charges, depending on the lender.
Missing an EMI may incur penalties and affect your credit score. Contact your lender immediately to discuss repayment options.