Overview of Car Loan in Panipat
Car loans in Panipat provide financing for new or used vehicle purchases, catering to salaried and self-employed individuals. In 2025, access loans up to ₹50 lakh with interest rates starting at 8.5% p.a. Loanpao partners with lenders like SBI, HDFC, and ICICI to offer flexible car loan options in Panipat’s growing urban market.
Eligibility Criteria for Car Loan in Panipat
| Criteria | Details |
|---|---|
| Applicant Type | Salaried or self-employed |
| Age | 21–65 years |
| Credit Score | 700+ preferred |
| Loan Amount | Up to ₹50 lakh, based on income and car value |
| Monthly Income | Minimum ₹25,000 (salaried), ₹3 lakh annual (self-employed) |
| Residency | Resident of Panipat or nearby areas |
Documents Required for Car Loan in Panipat
- Identity Proof: Aadhaar, PAN Card, or Passport.
- Address Proof: Aadhaar, Utility Bill, or Rent Agreement.
- Income Proof: Salary slips (3 months), ITR (2 years).
- Bank Statements: Last 6 months of primary account.
- Vehicle Documents: Proforma invoice, RC (for used cars).
Benefits of Car Loan in Panipat
- Competitive rates starting at 8.5% p.a. in 2025.
- Loans up to ₹50 lakh for new or used cars.
- Flexible tenures up to 7 years.
- Quick disbursal within 3–5 days.
- Easy application via Loanpao’s digital platform.
Factors Affecting Car Loan in Panipat
Income Level
Higher income increases loan eligibility.
Credit Score
Scores above 700 secure lower rates.
Car Value
Loan amount is capped at 80–90% of the car’s ex-showroom price.
Debt-to-Income Ratio
Lower ratios enhance loan sanction.
How to Apply for a Car Loan in Panipat
Follow these steps to apply for a car loan in Panipat through Loanpao:
- Visit Loanpao.com and select "Car Loan in Panipat."
- Enter personal, income, and vehicle details.
- Upload identity, income, and vehicle documents.
- Choose a lender (e.g., SBI, HDFC, ICICI) and submit.
- Receive funds within 3–5 days after approval.
Loan Eligibility for Car Loan in Panipat
Check your eligibility for a car loan in Panipat with Loanpao’s tool:
- Enter income, credit score, and employment details.
- Specify car model and loan tenure preferences.
- Receive instant eligibility and loan offer estimates.
- Compare deals from top lenders in Panipat.
Loanpao ensures quick and hassle-free car loans.
Check Eligibility NowTrack Your Car Loan Application in Panipat
Loanpao provides a seamless tracker for your car loan application:
- Enter your application ID on the Loanpao Tracker page.
- View real-time status (e.g., under review, approved, disbursed).
- Receive notifications for fund disbursal in Panipat.
- Contact Loanpao support for assistance with delays.
Car Loan Comparison in Panipat
Compare car loan offers from top lenders in Panipat:
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | 8.5% p.a. | Up to ₹50 lakh | Up to 7 years | 0.5% of loan amount |
| HDFC | 8.75% p.a. | Up to ₹40 lakh | Up to 7 years | Up to ₹5,000 |
| ICICI | 9% p.a. | Up to ₹35 lakh | Up to 6 years | 1% of loan amount |
Frequently Asked Questions
A car loan is a secured loan to finance the purchase of new or used vehicles, with the car as collateral.
Yes, many lenders offer loans for used cars up to 7 years old.
Approval typically takes 3–5 days after document verification.
Loans are possible with scores above 650, but rates may be higher.
Some lenders charge 1–3% for prepayment; check terms before applying.
Defaulting may lead to credit score damage, vehicle repossession, or legal action, per RBI guidelines.