What are the loan tenure options?
The tenure of the loan could range from one to seven years for new cars and from one to five years for used cars.

What are the lending rates?
The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers.

How is the interest charged/calculated?
Interest is calculated on a monthly reducing balance basis.

How much time will it take for my loan to be approved?
The loans are generally approved within 24 hours of submission of complete documentation.

Who can be the co-applicants for the loan?
Your spouse or any blood relative staying in the same residence can be a co-applicant.

Is a personal guarantor a must?
No, a personal guarantor is not a must.

Can my spouse’s income be included for calculating the loan amount?
Yes, your spouse’s income can be included provided he/she guarantees the loan.

What is EMI? How is it calculated?
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Your EMI would be calculated depending on the tenor you choose, to repay your loan. The EMI would be higher if you choose to repay within a shorter period as against a longer-term loan.

You can use our EMI calculator to determine how much you would be required to pay, based on the tenor and the amount of the loan.

What Security do I have to furnish for availing the Car Loan?
A charge on the vehicle financed is noted with local Transport Authorities . Your spouse's guarantee, if his/her income has been considered for fixing the loan amount, would also be required. Some other security may also be required in certain cases.

What are the stages involved in availing a loan?
The stages involved are:

Application
Processing
Documentation
Sanctioning of the loan
Disbursement