Finnable Logo

4621 people have applied in the last 24 hours

4621 people have applied today
Car Loan

Car Loan

The ease of commute that having your own car provides is unmatched. Owning a car allows you to get to your destination comfortably and on time without having to depend on anyone. Having a car is no longer considered to be a luxury, it has become a necessity for many. So be it going on a solo drive near the coast or taking your family out on a road trip; your own car can give you that freedom to travel.

read more

Owning and driving a car was once considered to be a status symbol and luxury. However, in the modern, economically increasing world, having a car is not only convenient but essential, for getting from one end of the ever-expanding city to the other.

Your dream of owning a car can still become a reality, even if you don’t have enough money for a one-time payment because there are so many financial companies that are willing to work with you to get a car loan.

When compared to other kinds of loans, getting a car loan at Finnable is rather easy. A person’s credit score doesn’t have to be perfect for them to be eligible for one of these. However, this varies from bank to bank. Car loans are not limited to purchasing brand-new cars. Aside from new car loans, Finnable also provides financing for used vehicles. We streamline the process so that you may easily buy a certified pre-owned car.

Car Loan EMI Calculator

INR
%
  • Loan EMI

    Rs. pm

  • Total Interest Payable

    Rs

  • Total Amount Payable

    Rs

Instalment payments (EMIs) simplify and calm the stress of loan repayment, but car loan Instalment payments (EMI) can be a significant drain on your monthly income. Thus, it is important to determine the EMI amount in advance to ensure that you can afford to take out a loan for the appropriate amount. Finnable’s car loan EMI calculator is simple to use and gives you an immediate result based on the loan amount, length, and interest rate you enter.

Our specialised Car Loan EMI Calculator can help you estimate your monthly payment if you are considering a Car Loan for a new as well as a used one. A new Finnable Car Loan is available to anyone, regardless of income level, employment status, or whether you are a previous customer. It’s also possible that you can acquire a Pre-approved Car Loan if you’re an existing customer.

Our Car Loan EMI Calculator will determine the EMI on your Car Loan and provide a graphical analysis of the loan repayment schedule specified in the Car Loan Calculator; all you need to do is input the appropriate Car Loan amount, select the period of your Car Loan with the interest rate.

With Finnable’s Car Loan Calculator, you can save time and money while planning for your dream purchase, thanks to our attractive features like Car Loans at an attractive rate of interest and a duration of up to 5 years. The Car Loan EMI Calculator can help you determine the total interest you will owe on your loan so you can budget accordingly.

How to Determine EMI for a Car Loan

  • Your Equated Monthly Instalments (EMIs) will vary based on several variables.
  • Amount Borrowed
  • The rate of interest that will be charged on the loan
  • Duration of the Loan
    Processing charges

If you borrow more money, your monthly payment will also increase. In a similar vein, the EMI will go up if the loan term is shorter. Visit our vehicle loan EMI calculator to get the ideal balance between an inexpensive EMI and term.

How to apply for New & Used Car Loans?

The application process for a car loan for new as well as used cars is simple, and it can even be completed quickly and easily online at Finnable’s website. You may sign up for Finnable by visiting their website or downloading their personal loan app from the Google Play store. To complete your profile, you’ll need to provide some basic information. When ready, choose a loan amount, product, and terms/payment schedule.

Last but not least, upload your Know Your Customers (KYC) documents, such as proof of income (recent bank statements, last three months’ payslips, and IT returns), proof of identity (Passport, PAN, Aadhaar card, Voter’s ID, or Driving License), and proof of address (ration card/utility bills like telephone or electricity bill). Immediately following approval, the car loan amount will be transferred to your bank account.

Eligibility for Car Loan

To assess your eligibility for a car loan whether used or new, the bank or lender will likely have to check the following:

  • History of your credit (based on a soft review of your credit report)
  • Your income
  • Your citizenship status and age
  • Other financial commitments, including monthly instalments
  • Your employment situation

Documents Required for Car Loan

The documents required for a car loan are listed below.

  • Acceptable Proof of Identity (Passport, Driver’s License, Aadhar Card, or PAN Card)
  • Documentation of your current residence such as utility bills, an Aadhar card, a driver’s licence, a passport, or similar official government-issued identification is required.
  • Income Documents (last 1-month Salary Slip)
  • The most recent bank statements (Last 6 Months)

Car Loan features

Finnable team
4621 people have applied for loan in the last 24 hour
5/5
5000 people have rated this loan as the best product
Instant Personal Loan

Get Rewards

Timely EMI payments makes you eligible for a cashback of upto Rs. 200 per month. At Finnable we are the first in the industry to reward you to pay on time and improve your credit score.

Personal Loan Assistant

Get loans quickly

Apply for a personal loan in a few clicks by submitting only a few basic documents and get the loan money transferred in your account as quickly as 2 hours. The entire process is 100% digital.

High Loan Amount

High Loan Amount

Apply for personal loans with minimum documentation and get high loan amounts of upto Rs.10 Lakhs. The loan tenure can be anywhere between 6 and 60 months.

Get rewards

Personal loan Assistant

Please write to your personal loan assistant at makeiteasy@finnable.com for any support. We aim to provide you a seamless and hassle-free experience.

Get rewards

Get Rewards

Timely EMI payments makes you eligible for a cashback of upto Rs. 200 per month. At Finnable we are the first in the industry to reward you to pay on time and improve your credit score.

Instant Personal Loan

Get loans quickly

Apply for a personal loan in a few clicks by submitting only a few basic documents and get the loan money transferred in your account as quickly as 2 hours. The entire process is 100% digital.

High Loan Amount

High Loan Amount

Apply for personal loans with minimum documentation and get high loan amounts of up to Rs.10 Lakhs. The loan tenure can be anywhere between 6 and 60 months.

Personal Loan Assistant

Personal loan Assistant

Please write to your personal loan assistant at makeiteasy@finnable.com for any support. We aim to provide you a seamless and hassle-free experience.
Finnable team
4621 people have applied for loan in the last 24 hour
5/5
Over 5000 customers have rated us 5 stars in Play store

Personal loans can be used for multiple purposes- to fulfil your desires or meet urgent financial needs. This is why we bring you a range of products to suit your needs and desires.

Learn with Finnable

Car Loan FAQs

Finnable provides car loans at affordable interest rates. The car loan interest rate can range between 16% to 26%.

Your car loan tenure from Finnable can be from 6 to 60 months.

You can avail a new car loan of up to Rs 10 Lakhs from Finnable.

You will need to furnish the following documents to receive a personal car loan

 

  • PAN card and Aadhar card as proof and identity and residence.
  • Salary slips for the last 3 months.
  • Bank statement of the bank account where salary is credited, which can be physical or can be accessed through net banking

To avail a car loan, you need to fulfill the following eligibility criteria: 

  • Employed in a private or a public limited company
  • Should be employed in the current organization for more than 3 months and have more than 6 months of work experience
  • The monthly salary should be more than Rs 25,000

You can apply for a personal car loan either on Finnable’s website or the personal loan appCreate your account and profile with Finnable. Fill in the required information, submit your KYC details, and upload the required documents. 

After your documents are verified and the loan is approved, the car loan amount will be credited to your bank account within 6 hours.

While availing a personal car loan from Finnable, you do not need to provide any collateral or security against the loan amount.

You will need to input the car loan amount you wish to avail, with the tenure of the loan and the expected car loan interest rate. The car loan EMI calculator will give you an estimate as to how much EMI you will be repaying every month.

At Finnable, you can get a car loan interest rate that is affordable.

Any Indian citizen who is currently employed at a public or private firm and has a net salary of Rs 25,000 can avail a car loan.

If you are in the process of choosing a car and are short on funds, availing a car loan can be a good idea as it helps to meet the shortfall in the interim period.

Finnable provides easy and quick car loans at affordable car loan interest rates with a tenure of up to 60 months without any collateral or security.

At Finnable, we provide car loans for used and new cars.

Finnable’s “My Wheelz” car loans are personal loans that do not require collateral or a specified down payment. You can avail this loan without making a down payment.

Pros

  • The interest rate on car loans are typically lower than that on other types of loans.
  • A car loan is simpler to get.
    This loan is secured, so even if your credit isn't perfect, you could still be able to get one.
  • The car itself is collateral for the loan.

Cons

  • Putting down some cash as a down payment is necessary.
  • All payments must be made before you can claim full ownership of the car (which will be hypothecated to the bank).

To support you in obtaining a loan to acquire the vehicle of your dreams, Finnable offers you instant car loans that are tailored to your specific needs. Simply fill out the form once, and you will receive tailored loan quotes along with adaptable repayment terms and affordable monthly instalments.

Your credit score is a number with three digits that are used by financial institutions to evaluate your ability to repay loans on time.

  • 300-579 Very Poor
  • 580-669 Fair
  • 70-739 Good
  • 740-799 Very Good
  • 800-850 Exceptional

 

Yes. Your current take-home income and the other criteria listed on our website will determine whether or not you are eligible to apply for a used car loan or even a new one, even if you have never taken out a loan before. If you are self-employed, you can still apply for a car loan.

After you have finished filling out the loan application and uploaded all of the necessary documents, our staff will do numerous checks to validate the information that you have supplied to them. The car loan application process along with verification and approval can take up a half hour to a few hours. We will send you a link that will allow you to monitor the status of your application for a loan. You will also be alerted of the status of your loan application through the mail as well as by SMS.

Yes, indeed! It is completely risk-free to apply for a car loan at Finnable. All private car loan documentation and sensitive information are encrypted and stored in a secure location. We do not provide any marketing agencies or other third-party collaborators with access to your personal information.

Nearly all of the different types of car loans that can be obtained in India are secured loans, with the actual car that is being bought serving as the traditional security. However, if your annual income does not meet the expected criteria, you could be requested to sign up as a co-applicant and/or guarantor. This is because most lenders in India will not insist upon any guarantors.

If you have a credit score that is higher than 700, you could be eligible for a car loan with a more attractive interest rate. Because a high credit score is a sign of a strong repayment capacity, many lenders will provide this for you if you have a high credit score.

You can pay off the entire car loan early and save money on important interest payments in the years to come. However, once you have paid off half of your loan, the majority of financial institutions will let you use the prepayment option on your loan. In addition, you will be forced to pay a modest fee as a pre-payment penalty, the amount of which will be determined by the amount of the loan that is still outstanding.

Unless otherwise indicated, the majority of cars ranging from compact to mid-sized, as well as commercial vehicle loans, sports utility vehicles (SUV), and multi-purpose utility vehicles (MUV), fall under the scope of car loans that are available in India.

So why delay any longer? Apply for a car loan online at Finnable and get the car of your dreams!