Overview of Car Loan in Sohna
Car loans in Sohna for 2025 provide financing for both new and used cars, with interest rates starting at 7.5% p.a. Lenders like Axis Bank, HDFC Bank, and Mahindra Finance offer loans up to ₹50 lakh, covering up to 90% of the car’s on-road price, with tenures up to 7 years. Loanpao simplifies the process for Sohna residents with online applications, quick approvals, and comparisons of top lenders.
Eligibility Criteria for Car Loan in Sohna
| Criteria | Details |
|---|---|
| Age | 21 to 65 years |
| Income | Minimum ₹20,000/month (salaried); ₹2.5 lakh p.a. (self-employed) |
| Employment | Salaried (1 year experience) or self-employed (2 years business continuity) |
| Credit Score | Minimum 650; higher scores improve terms |
| Residence | Valid Sohna address proof |
Documents Required for Car Loan in Sohna
- Identity Proof: Aadhaar, PAN Card, Driving License, Passport, or Voter ID.
- Address Proof: Utility bill, Aadhaar, or rental agreement (Sohna address).
- Income Proof: Salary slips (last 3 months), bank statements (last 6 months), ITR (last 2 years for self-employed).
- Vehicle Documents: Proforma invoice, RC (for used cars).
- Photograph: Recent passport-size photograph.
Benefits of Car Loan in Sohna
- Loan amounts up to ₹50 lakh, covering 90% of the car’s on-road price.
- Competitive interest rates starting at 7.5% p.a. in 2025.
- Flexible repayment tenures up to 7 years.
- Financing for both new and used cars in Sohna.
- Quick disbursal within 2–5 days post-approval.
Factors Affecting Car Loan in Sohna
Interest Rate
Rates range from 7.5% to 14% p.a., based on credit score, income, and car type.
Loan Amount
Up to ₹50 lakh, depending on income, car value, and repayment capacity.
Credit Score
A score above 650 ensures better rates; lower scores may increase costs.
Car Type
New cars often get lower rates; used cars may have higher rates in Sohna.
How to Apply for a Car Loan in Sohna
Follow these steps to apply for a car loan in Sohna through Loanpao:
- Visit loanpao.in and select "Car Loan in Sohna."
- Fill out the online application form with details (name, Sohna address, income).
- Upload required documents (Aadhaar, salary slips, proforma invoice).
- Compare offers from top Sohna lenders like Axis Bank, HDFC Bank, and Mahindra Finance.
- Get approval and funds disbursed within 2–5 days in Sohna.
Loan Eligibility for Car Loan in Sohna
Check your eligibility for a car loan in Sohna with Loanpao’s tool:
- Enter your monthly income (minimum ₹20,000).
- Provide your credit score (preferably above 650).
- Specify your employment type (salaried or self-employed).
- Include your Sohna address and car details for localized offers.
Loanpao will assess your eligibility and suggest the best car loan offers in Sohna.
Check Eligibility NowTrack Your Car Loan Application in Sohna
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 Sohna.
- Contact Loanpao support for assistance with delays in Sohna.
Car Loan Comparison in Sohna
Compare car loan offers from top lenders in Sohna:
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| Axis Bank | 7.50% p.a. | Up to ₹50 lakh | Up to 7 years | ₹3,500–₹5,500 |
| HDFC Bank | 8.00% p.a. | Up to ₹40 lakh | Up to 7 years | Up to 1% of loan amount |
| Mahindra Finance | 9.00% p.a. | Up to ₹25 lakh | Up to 5 years | Up to 1.5% of loan amount |
Frequently Asked Questions
A minimum monthly income of ₹20,000 is required for a car loan in Sohna.
Car loans in Sohna are disbursed within 2–5 days after document verification.
The maximum loan amount is up to ₹50 lakh, covering 90% of the car’s on-road price.
Yes, car loans in Sohna are available for both new and used cars, with slightly higher rates for used cars.
Yes, a down payment of 10–20% of the car’s on-road price is typically required in Sohna.