Overview of Car Loan in Sonipat

Car loans in Sonipat provide financing for new or used cars, with flexible repayment options, catering to salaried and self-employed individuals in a growing urban hub.

Eligibility Criteria

Criteria Details
Applicant Type Salaried or self-employed
Age 21–60 years
Income ₹20,000 p.m. minimum (salaried), ₹3 lakh p.a. (self-employed)
Credit Score 650+
Employment Minimum 1 year (salaried), 2 years (self-employed)
Loan-to-Value (LTV) Up to 85% of car value

Documents Required

  • Identity Proof: Aadhaar, PAN Card
  • Address Proof: Utility bill, Aadhaar
  • Income Proof: Salary slips (3 months), ITR (2 years)
  • Bank Statements: Last 6 months
  • Vehicle Documents: Quotation, RC (for used cars)

Benefits of Car Loan in Sonipat

  • Loans up to ₹25 lakh for new or used cars
  • Competitive rates starting at 7.5% p.a.
  • Flexible tenures up to 7 years
  • Quick disbursal within 2–5 days
  • Financing up to 85% of car value

Compare Car Loan Lenders in Sonipat

Lender Interest Rate Loan Amount Tenure Processing Fee
SBI 7.5% p.a. Up to ₹25 lakh 7 years 0.5%
HDFC Bank 8% p.a. Up to ₹20 lakh 6 years 0.75%
Axis Bank 8.5% p.a. Up to ₹15 lakh 5 years 1%

Frequently Asked Questions

What types of cars can I finance with a car loan in Sonipat?

New or used passenger cars, SUVs, or MUVs.

Is a down payment required for a car loan?

Yes, typically 15–20% of the car’s value, depending on the lender.

How long does it take to get a car loan approved?

Usually 2–5 days, depending on documentation and lender.

What is the maximum LTV for a car loan?

Up to 85% of the car’s on-road price.

Can I prepay my car loan?

Yes, with minimal or no charges after 6–12 EMIs, depending on the lender.

What happens if I default on a car loan?

The lender may repossess the car after legal notice, per RBI guidelines.

Promotional Offers for 2025

  • Interest rates starting at 7.5% p.a. for car loans in Sonipat
  • Zero processing fees for applications before 31st May 2025
  • Free car loan eligibility check via Loanpao
Apply Now

Related Pages

Sector 14 Sonipat

Sector 15 Sonipat

Model Town Sonipat

Kundli Sonipat

Ashok Vihar Sonipat

Dev Nagar Sonipat

Civil Lines Sonipat

Vikas Nagar Sonipat

Krishna Nagar Sonipat

Adarsh Nagar Sonipat

Patel Nagar Sonipat

Shanti Nagar Sonipat

Ram Nagar Sonipat

Laxmi Vihar Sonipat

Anand Vihar Sonipat

Saraswati Enclave Sonipat

Balaji Nagar Sonipat

Green Valley Sonipat

Surya Vihar Sonipat

Shivaji Park Sonipat

Friends Colony Sonipat

Bhagat Singh Nagar Sonipat

Sonipat City Center Sonipat

Jai Hind Colony Sonipat

Indira Colony Sonipat

Shiv Colony Sonipat

Subhash Nagar Sonipat

Housing Board Colony Sonipat

New Colony Sonipat

Balwant Colony Sonipat