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FAQs on New Car Loan
Get answers to the frequently asked questions about new car loan here
What are the benefits of applying for new car loan through Cardekho?
CarDekho is a one-stop solution for all your car finance needs. We have partnered with India’s leading banks and NBFCs to help you get a loan to purchase your dream car. We provide you with door-step assistance making the process hassle-free and quick. Just fill the form, check your eligible quotes from our partners and submit the application with us. We will take care of the rest.
What will be the rate of interest for my new car loan? Is PF charged on my car loan?
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 generally charge you with a processing fee directly deducted from your car loan amount. The processing fees can be negotiated with the lender at the time of sanction of your application.
What are car loan EMIs? How are they 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 tenure for which I can avail a new car loan?
Most lenders offer car loans for tenures ranging from 1 year to 5 years. You can choose the loan tenure as per your preference. Some lenders also offer a car loans with tenure upto 7 years.
What are the documents required to apply for a new car loan?
To process your new car loan application with the selected lender, you would be required to submit your KYC documents, which include your identity proof and current address proof, a copy of your PAN Card, your bank statement and your income proofs. You can get the exact requirement from your loan consultant after applying with us.
What is the maximum amount of new car loan that I can avail?
The maximum new car loan amount offered by most lenders is 80% to 90% of the on-road price of the car. This can vary with the brand and variant of your chosen car. Your income is also a determinant of the maximum loan amount you are eligible for. Most banks have a minimum income requirement you need to meet in order to get approved for the loan.