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    Car Loan - Get instant loan approval for new car and used car

    Get instant car loan eligibility with upto 100% financing from leading banks at best Interest Rates, EMI for your new car and used car purchase. CarWale brings car finance at your fingertips with attractive bank offers for your dream car.

    Car Loan Details

    New Car Interest Rate

    9% Onwards

    New Car Loan Tenure

    1 to 7 years

    Used Car Interest Rate

    12.5% Onwards

    Used Car Loan Tenure

    1 to 4 years

    Processing Fees

    Varies with bank

    Collateral/Security Requirement

    None

    Interest rates applicable on monthly reducing balance.

    How does this work?

    Fill in your details once

    Fill in your details once

    Looking for a Car Loan?

    • NEW CAR
    • USED CAR
    • NEW CAR
    • USED CAR
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    Our Lending Partners

    Axis Bank

    Axis Bank

    HDFC Bank

    HDFC Bank

    ICICI Bank

    ICICI Bank

    IndusInd Bank

    IndusInd Bank

    Kotak Mahindra Bank

    Kotak Mahindra Bank

    Yes Bank

    Yes Bank

    Feature and Benefits

    Loan upto 100% of On-Road Price

    Loan upto 100% of On-Road Price

    EMI Calculator

    Car loan EMI calculation was never this easy. Get best finance deals at attractive interest rate and EMI starting ₹ 2,075/lakh.

    ₹ 1,00,000

    ₹ 50,00,000

    Min Loan Amount

    Max Loan Amount

    Tenure: 

    5 Years

    Interest: 

    9%

    ₹ 14,530

    EMI For 5 Years


    Interest Rates shown are indicative and will vary as per your credit score across different lenders.

    Total Interest Payable

    ₹ 1.72 Lakh

    Principal Loan Amount

    ₹ 7.00 Lakh

    Total Amount Payable

    ₹ 8.72 Lakh

    This doesn’t include bank processing fee.

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    FAQs

    • Why should you apply for car loan through CarWale?

      CarWale brings you instant custom-fit car loans from leading banks in India to help you get a loan to purchase your dream car. Just fill the form once and get custom fit loan quotes with upto 100% financing on select vehicles, flexible repayment tenure and pocket-friendly EMIs from our finance partners. In case you have not finalized on a car, we also assist you in finding a car that suits your needs perfectly.

    • What is the maximum loan amount that I can avail for new car loan?

      The maximum loan amount you get is different for different banks. Based on the car you choose, you can check your eligible loan offer. Generally most banks offer loan for 80% to 90% of the on-road price of the car. Few banks also offer up to 100% financing on new car loan based on your income and credit history.

    • What will be the interest rate for car Loan on CarWale?

      The interest rates vary on the basis of car models, tenure selected and your preferred banking partner. We provide offers starting from 9.5% per annum. Your exact rate of interest will be determined by the lender on the basis of your loan application. Lenders also generally charge you with a processing fee directly deducted from your car loan amount which can be negotiated with the lender at the time of sanction of your application.

    • What is the tenure for which I can get a new car loan?

      Generally loan providers offer new car loans for tenures ranging from 1 year to 7 years. You can choose the loan tenure as per your preference.

    • What is car loan EMI? How is this calculated?

      EMIs or Equated Monthly Installments refer to the monthly payments you make to the lender to repay your car loan. These payments include the principal amount as well as the interest. The amounts of EMI you have to pay depend on the tenure of your car loan. For a longer tenure, loan repayment is spread over greater number of years and the installments are smaller whereas for a shorter tenure, installments will be larger.

    • What is the eligibility criteria to apply for new car loan on CarWale?

      Generally, the bank or lender will need to review the following to determine your new car loan eligibility:

      • Your credit history (based on a soft review of your credit report)
      • Your income
      • Your age and citizenship status
      • Other debts and monthly financial obligations
      • Your employment status

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