Car Loan
Finance a new or used car. We match you with lenders from our network of 170+ banks and NBFCs.
Step 1 of 3Loan amount
- Loan amount
- Your details
- Work and address
How much do you need?
Tell us how much you need. We will verify your mobile number with an OTP.
Car Loan
A car loan helps you buy a new or used car and pay for it in monthly EMIs.
What is a car loan?
A car loan is a secured loan from a bank or NBFC. The car is hypothecated to the lender until you repay in full. After that, the lender gives you an NOC to remove its name from the registration certificate.
How to apply
- 1Enter the loan amount and verify your mobile number with an OTP.
- 2Share your personal details, then your work and address.
- 3See lenders that match your profile and choose one. Our team calls you to take it forward.
Good to know
- Finance for new and used cars
- Fixed EMIs over a tenure you choose, within the lender's limits
- The car is the security, so no other collateral is usually needed
- A larger down payment lowers your EMI and total interest
- Your credit score and income affect the rate you are offered
Frequently asked questions
How much can I borrow for a car?
It depends on the car's price, your income and your credit score. Lenders fund part of the price and you pay the rest as a down payment.
Can I get a loan for a used car?
Yes, many lenders finance used cars. The rate and amount can differ from a new car loan, and the car's age matters.
What documents do I need?
Usually identity and address proof, income proof, bank statements and the dealer's quotation or proforma invoice.
What is the security for a car loan?
The car itself. It is hypothecated to the lender, and the lender is noted on the registration certificate until you repay in full.
What happens when I finish repaying?
The lender gives you an NOC. You use it at the RTO to remove the lender's name from the registration certificate.
Can I prepay my car loan?
Usually yes, in part or in full. Some lenders charge for early closure, so check your loan terms.
Can my spouse's income be counted?
Yes, if your spouse joins the loan as a co-applicant.
Will applying affect my credit score?
When a lender processes your application, it may check your credit report. Each check is recorded. Many applications in a short time can lower your score, so apply only where you plan to borrow.
Can I finish my application later?
Yes. Open the resume application page, enter the mobile number you applied with and verify the OTP. You continue from the step where you stopped.