Car Loan - Get offers on your new car purchase
Explore the world of hassle-free car loans with 91Wheels. Discover your instant car loan eligibility with up to 90% financing from leading banks, offering the best interest rates and EMI options.
Following are some things to keep in mind when applying for a car loan:Compare all available loan offers to identify the one providing the highest loan amount and the most affordable interest rate.
Provide income proof, including bank statements (last 6 months), pay slips (last 3 months), and IT returns (last 2 years). The lender aims to assess your ability to repay the loan.
Furnish proof of address and identity, such as PAN Card, Voter's ID, Aadhaar Card, Passport, etc. The lender seeks to verify your nationality, identity, and permanent address.
Submit your PAN Card for the lender to review your credit history and determine your trustworthiness in making regular repayments.
Provide sales receipts from the showroom where the vehicle was purchased. The lender needs confirmation that the transaction was executed as intended.
Submit copies of the vehicle's motor insurance and your driving license. The lender must ensure compliance with all laws and protocols related to the purchased vehicle.
| Car Loan Details | |
|---|---|
| Interest Rate | 8% Onwards |
| Interest Rate (Monthly reducing balance) | Depends on the bank |
| Processing Fees | Varies with bank |
| Loan Tenure | 1 year to 8 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
| Collateral/Security Requirement | None |
How Does This Work ?
Step 1Choose your ride
Step 2Get Quotes
Step 3Instant Decision
Step 4Quick Disbursal
Looking For Car Loan ?
- Lowest EMI
- Best interest rates
- Multiple bank options
- Fast process
EMI Calculator
| On Road Price | ₹ 10,00,000 |
| Loan Amount | ₹ 9,00,000 |
| Total Interest Payable | ₹ 2,07,893 |
| Total Payment | ₹ 11,07,893 |
Cars Question And Answers
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91Wheels Expert • 8 month agoSpecific Schemes Vary Depending On Location And Banks. Contact Your Preferred Bank Or Credit Union To Inquire About Available Loan Options And Rates.
Helpful(6) Reply - 91Wheels Expert • 8 month ago
Downpayment And Emi Depend On Loan Provider, Term, Variant Price, And Credit Score. Contact Your Chosen Bank Or Dealership For Specific Calculations.
Helpful(5) Reply - 91Wheels Expert • 8 month ago
Varies Depending On Variant, Loan Terms, Location. Expect 10-30% Down Payment. Check With Dealers For Specific Estimates.
Helpful(3) Reply - 91Wheels Expert • 8 month ago
Dealerships Offer Various Financing Options. Down Payment Depends On Your Loan Agreement. Contact Dealerships For Personalized Estimates.
Helpful(3) Reply - 91Wheels Expert • 8 month ago
Down Payment And Emi Amounts Depend On Factors Like The Chosen Variant, Your Credit Score, And Loan Terms. Contact Tata Dealerships Or Use Online Calculators For More Specific Estimates.
Helpful(1) Reply
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Car Loan FAQs
Banks do not have a designated minimum credit score for Car Loans. However, having a lower credit score may limit your loan amount. An excellent credit score, typically above 750, is advisable for securing loans. You can access higher loan amounts and enjoy more favourable Car Loan rates with a score in this range.
The necessity of a guarantor is contingent upon the specific circumstances of the application. Typically, co-applicants are preferred in Auto Loan situations, and the inclusion of a guarantor will be evaluated based on the merits of the case if deemed necessary.
There is no specified upper limit for the maximum loan amount; it is determined by the cost of the vehicle. For instance, if the on-road price of a car is Rs 15 lakh, a customer may avail a loan of up to Rs 15 lakh based on the merits of the case.
The loan tenure can differ among banks, but typically, the minimum loan duration is 1 year, while the maximum can extend up to 8 years.