Question 1

Why should you apply for car loan through CarWale?

Accepted Answer

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.

Question 2

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

Accepted Answer

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.

Question 3

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

Accepted Answer

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.

Question 4

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

Accepted Answer

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.

Question 5

What is car loan EMI? How is this calculated?

Accepted Answer

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.

Question 6

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

Accepted Answer

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

Question 7

Who can avail instant new car loan on CarWale?

Accepted Answer

We offer new car loans to both salaried individuals and self-employed individuals.

Question 8

Which cars can be financed for new car loans on CarWale?

Accepted Answer

We help you get finance from top trusted banks for all passenger cars and multi-utility vehicles manufactured by India's leading automobile companies.

Question 9

What is a good credit score required to get new car loan?

Accepted Answer

Your Credit Score can be a useful guide and gives you an idea of how companies may see you, so you can make more informed choices when it comes to credit. Usually, an 'excellent' score is considered to be from 750 to 850, with 'good' score between 650 and 750, and 'low' score ranging below 650.

Question 10

Am I eligible for a new car loan if I have never borrowed before?

Accepted Answer

Yes. Even if you have never taken a loan, you can get a car loan, depending on your current take-home salary and other criteria mentioned by our finance partners. You can also apply for a car loan if you are self-employed. View eligibility criteria FAQ for detailed information on this.

Question 11

How do I get more information regarding new car loan?

Accepted Answer

Please get in touch with our team at contact@carwale.com for any doubts or clarifications.

Question 12

Which banks and NBFCs have you partnered with?

Accepted Answer

Currently, we have partnered with to serve both salaried and self-employed users. We are adding more banking partners to provide our customers with the best new car loan options.

Question 13

After uploading all the documents, why was my car loan application rejected?

Accepted Answer

As mentioned, our team and our lending partners run multiple checks to verify the information provided by you. In case of incomplete or wrong information, your application can get rejected.

Question 14

How much time would it take to get the new car loan approval once I have completed the car loan application?

Accepted Answer

Once you have uploaded all required documents and completed the loan application, our team and our lending partners verify the information provided by you through multiple checks. It takes up to 30 minutes to verify and give loan approval. You can check your loan application status with the link. You also get notified through mail and SMS regarding the status of your loan application.

Question 15

Is it safe to apply for new car loan on CarWale?

Accepted Answer

Yes, indeed! Using CarWale to get your new car loan eligibility is absolutely safe. Any sensitive and personal information is encrypted and kept safe. We do not share your information with any marketing agency of third-party associates.

Question 16

Where can I go to avail the new car loan offer?

Accepted Answer

You can visit the nearest authorised dealers of your car to avail of this offer. You can also call or contact us via email.

Question 17

What is pre-approved Auto Loan?

Accepted Answer

Pre-approved auto loan is offered to our existing customers on the basis of the existing relationship with the bank. It is offered to selected customers

Question 18

Should I take a car loan from the car dealership or bank?

Accepted Answer

Before you apply for any car loan, ensure that you explore all the options available. Once you explore, you will get an idea about the benefits offered by various lenders on their car loans. Compare the benefits offered and pick a lender that fits your requirements. Whether it is a bank or a car dealership, pick the one that offers better interest rates.

Question 19

What will lenders look for when I apply for a car loan?

Accepted Answer

One of the most important factors that lenders consider before offering you a car loan is your credit score. As stated above, a credit score of above 750 can fetch you lower interest rates and other benefits. The other factors that lenders look for when you apply for a car loan are your employment status, residence and job stability, income, debt-to-income ratio, etc.

Question 20

When applying for the car loan, do I need a guarantor/ security?

Accepted Answer

Almost all car loan products available in India are secured loans, with the procured vehicle itself acting as the customary security. Most lenders in India will not insist upon any guarantors; however, if your annual income does not match up to the expected requirement, then you may be expected to sign-up a co-applicant and/or guarantor.

Car Loan Details
Interest Rate 9.2% Onwards	Processing Fees Varies with bank
Loan Tenure 1 to 7 years	Collateral/Security Requirement None

Bank Name	Car Loan Interest Rate
HDFC Bank	9% p.a. onwards
ICICI Bank	9% p.a. onwards
Yes Bank	8.25% p.a. onwards
IndusInd Bank	9.25% p.a. onwards

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