Car Loans can be availed from several banks and NBFCs. You can approach your bank in which you hold a bank account for auto loan or you may contact some other bank.

 Here are few questions that often arise in case you apply for a car loan –

How to get a car loan?

You can apply for a car loan by approaching a bank. Also you may apply an auto loan online. However, it is best if you approach a car loan agent. A good car loan agent in Delhi NCR is not tough to find.


How much auto loan I can get?

Many banks offer you car loan up to 90% of the cost of the car. However, the car loan amount depends on the factors such as –

Ø  Your income.

Ø  The model of the car you are applying the vehicle loan for

Ø  Risk Factors, etc

 What would be the car loan rate of interest?

The car loan rate of interest varies with the car loan financier. Different car loan financiers offer different auto loan rates. Cheapest car loan rates are offered by some of the leading banks such as – HDFC car loan, SBI car loan, Axis Bank car loan in Delhi.

Can the interest rate be negotiated?

Yes the interest rate for car loan can be negotiated. Usually the private banks and NBFCs negotiate the car loan rates more than the PSUs.

Moreover, you have the option to choose from types of car loans –

·         Fixed Car Loan

·         Floating  Car Loan

What is going to be the tenure for Auto Loan?

The tenure for auto loan could be from 1 to 5 years. It can also go up to 7 years.

 Do the car loan applications get rejected?

 Yes the car loan applications do get rejected. An auto finance company can reject your car loan if you have a bad credit history or low CIBIL Score.

Can I get a car loan on a second hand car?

Yes banks do offer Used car loan. You may apply a used car loan in Delhi.

For New Car loan or Used Car Loan Call - 88000 90480

You have decided to purchase a car and for any reason you want to pay partly for the cost of the car. You approach a bank that finances the car to get the rest of the payment apart from the one that you can afford to pay to the car manufacturer.

Moreover you may simply call up a good car loan agent in your area and hand them the documents required for a car loan. A reliable auto loan agent makes your work easier and gets you car financed quickly.

Minimum age of the applicant should be 18 years
The auto loan applicant should be salaried or self employed.
The car loan applicant - if salaried - should furnish the following documents -
1) Pan Card
2) Address Proof ( Voter ID, Passport, Electricity bill, Water Bill, Phone Bill, Mobile Bill, etc)
3) Office ID Card
4) Form 16 - 2 Years
5) Salary Slip - 3 Nos.
6) Bank Statement of 6 months showing transfer of salary
7) Rent Agreement - In case the Car Loan seeker resides on rent and does not have mobile or telephone bill
8) Loan track record - In case any loan is running in the name of the Car Loan applicant

In case of Proprietorship firm
1) Pan Card of the car loan applicant
2) Address Proof ( Voter ID, Passport, Electricity bill, Water Bill, Phone Bill, Mobile Bill, etc)
3) Service Tax or VAT or Sales Tax, etc for the proof of Business
4) Income Tax Return
5) Bank Statement for 6 Months - Saving a/c and Current a/c - both
6) Rent Agreement - In case the Car Loan seeker resides on rent and does not have mobile or telephone bill
7) Loan track record - In case any loan is running in the name of the Car Loan applicant

In case of Partnership firm

1) Pan Card of the car loan applicant and that of the Partnership firm
2) Address Proof ( Voter ID, Passport, Electricity bill, Water Bill, Phone Bill, Mobile Bill, etc)
3) Service Tax or VAT or Sales Tax, etc for the proof of Business
4) Income Tax Return of the car loan applicant and that of the firm
5) Bank Statement for 6 Months - Saving a/c of the car loan applicant and Current a/c of the firm - both
6) Rent Agreement - In case the Car Loan seeker resides on rent and does not have mobile or telephone bill
7) Loan track record - In case any loan is running in the name of the Car Loan applicant or the firm


In case of Private Limited Companies

1) Pan Card of the car loan applicant and that of the Private Limited Company
2) Memorandum of Association of the company
3) Audited Balance Sheet, Profit and Loss Account - 2 Years, of the company
4) Income Tax Return of the car loan applicant
5) Home address proof of the auto loan applicant( Voter ID, Passport, Electricity bill, Water Bill, Phone Bill, Mobile Bill, etc)
6) Bank Statement for 6 Months - Saving a/c of the car loan applicant and Current a/c of the company - both
7) Loan track record - In case any loan is running in the name of the Car Loan applicant or the Private Ltd company

Sometimes it becomes too tedious job to gather all the documents and then visit the bank or car loan finance companies.
In such cases a good car loan agent comes handy. A good car loan agent makes your car loan easy to avail. You can be rest assured of getting an auto loan for sure.

To apply for a car loan click here

In order to get the best car finance offer prevailing in the market, you need to select a vehicle that fits your budget. Then you have to provide down payment as allowed by your budget. These two factors are responsible in getting your car loan approved and deciding the EMI and the rate of interest you would be paying.


Given here are the 4 main factors that decide how a bank or NBFC(Non Banking Finance Company) decides to give you an auto loan offer

1. Vehicle selection: cost, age and the segment of car such as A, B, C or D segment
2. Applicant's information: employment, residence, and income information
3. Credit history or CIBIL:information contained in your credit file or your CIBIL Score
4. Down payment that you decide on:cash that you can pay - this may vary as per your profile and segment of the car

To get the best car loan offer, you must select a vehicle that fits your budget. Then provide the best possible information as per your banking and finance history (Never conceal any glitches such as cheque bounces and non payment of credit card balance etc.) and then think of paying as much down payment as possible. These  factors increase likelihood of approval, also they cut on the time required for auto loan sanctioning, and reduce your monthly payment.

Factors affecting your monthly payment. Your monthly payment is determined by three major factors listed below in order of impact:

1. Amount financed
2. Term or length of contract
3. Annual Rate of Interest 

Amount financed depends on your profile and the amount of Down Payment you are willing to make. Higher the down payment lower would be the EMIs. 

Term or length of Loan depends on you, again. You may go for 3, 4 or 5 years for paying the home loan. Some of the banks in India also offer Car Loan for a period of 7 years. However, the rate of Interest keeps on rising as term for payment increases. 

Annual Rate of Interest depends on your profile - Usually the rate of interest is higher for the self employed as compared to the salaried people. Again, rate of interest may be lower for a government employee than that for a person working in a private sector company. Also, in Private sector the rate of interest is higher for the employees of a company not so well known or falling under a category of the banks that comes lower in the order than those coming higher in the rank or category.

So, you can be almost half sure as to what rate of interest you will get for Car Loan even before you apply for it.