AUTO LOAN

Drive Home Your Dream Car with the Best Auto Loan

Get up to 90% on-road funding for new and used cars from India's top banks. Compare rates, get same-day approval, and drive away in your new car faster.

8.75%

From p.a.

90%

On-Road Funding

₹1,598

EMI per ₹1L

Auto Loan Snapshot

Car Value₹12 Lakhs

Loan Amount (90%)₹10.8 Lakhs

Interest Rate8.75% p.a.

Monthly EMI₹22,400/mo

Tenure5 Years

ApprovalSame Day

KEY FEATURES

Why Finance Your Car Through FinGarage?

New & Used Car Loans

We facilitate auto loans for brand new cars as well as certified pre-owned vehicles up to 7 years old. Used car loans are available at competitive rates with quick processing.

Up to 90% On-Road Funding

Finance up to 90% of the on-road price including registration, insurance, and accessories. Some banks offer 100% ex-showroom funding for premium salary customers.

Same-Day Approval

For pre-approved customers and complete documentation, in-principle approval is issued the same day. Disbursal to the dealer is completed within 24–48 hours.

Flexible Tenure 1–7 Years

Choose a repayment tenure between 12 and 84 months based on your monthly budget. Longer tenure reduces EMI; we help you find the tenure that fits your cash flow.

Multiple Lender Options

We compare auto loan offers from HDFC Bank, SBI, ICICI, Axis, Kotak, and NBFCs like Mahindra Finance and Shriram Finance to get you the best rate for your profile.

EV Loans at Special Rates

Electric vehicle loans are available at specially discounted rates from multiple banks and green financing institutions, making your transition to EV even more affordable.

ELIGIBILITY

Who Can Apply?

Auto loans are one of the easiest credit products to get approved — available for salaried, self-employed, and business owners with a stable income.

✓Indian resident aged 21–65 years
✓Salaried: minimum monthly income ₹15,000; self-employed: ITR of ₹1.5L+ per year
✓CIBIL score of 650 or above (700+ for best rates)
✓Minimum 1 year of employment / 2 years of business vintage
✓Residence stability — at least 1 year at current address
✓Valid driving licence (helps but not mandatory for all lenders)

Documents Required

✓Aadhaar Card & PAN Card
✓Latest 3 months' salary slips or ITR
✓Bank statements (last 3–6 months)
✓Car dealer quotation / proforma invoice
✓Residence address proof
✓Passport-size photograph

THE PROCESS

How It Works

Choose Your Car

Pick your car and get a proforma invoice from the dealer. Share this with us along with your income and personal details for an eligibility assessment.

Compare Loan Offers

We present auto loan offers from 10+ lenders ranked by interest rate, processing fee, and prepayment flexibility so you can pick the best option.

Submit Documents

Upload KYC and income documents through our secure portal. We handle bank coordination, dealer liaison, and RC hypothecation formalities.

Disbursal to Dealer

Once approved, the loan amount is disbursed directly to the dealer within 24–48 hours. You just drive away in your new car.

Frequently Asked Questions

Can I get an auto loan for a used car?

Yes, used car loans are available for vehicles up to 7 years old. The loan-to-value (LTV) for used cars is typically 70–80% of the valuation. Interest rates for used cars are slightly higher than new car loans (1–3% more) due to higher risk. We partner with lenders who have strong used car loan programs.

What is the maximum funding I can get on an auto loan?

For new cars, most banks fund up to 85–90% of the on-road price. Some lenders offer up to 100% ex-showroom price for high-CIBIL salaried applicants. For used cars, funding is typically 70–80% of the assessed market value. The exact amount depends on your income, CIBIL score, and the lender's policies.

Is there any prepayment charge on auto loans?

Most banks allow foreclosure after 6–12 EMIs with a prepayment charge of 2–5% on the outstanding principal. Some lenders offer zero foreclosure charges after 2 years. We help you select a lender with flexible prepayment terms if early repayment is part of your plan.

Can I get an auto loan with a low CIBIL score?

Auto loans are secured (the car serves as collateral), so some lenders are more flexible on CIBIL compared to personal loans. Applicants with CIBIL 650–700 can often get approved, though at higher interest rates. We identify the right lender based on your profile to maximise approval chances.

Does EMI start before I take delivery of the car?

Typically, your first EMI starts one month after disbursal to the dealer. Since disbursal and delivery usually happen simultaneously, EMIs start from the month after delivery. For pre-delivery disbursal cases, the bank may charge simple interest (pre-EMI) until the first full EMI kicks in.