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Check Eligibility to Apply for Instant Loans, Credit Cards | Doloans
New Car Loan
Apply For New Car Loan
EMI Calculator :
New Car Loan Features
- Loan of up to ₹ 47 Lakh
- 3 Unique Variants
- Tenure of up to 72 months
- Minimal Documentation
Features and Benefits of our New Car Loan
New Car Loan Eligibility and Documents
Read on to know the criteria required to apply for our New Car Loan.
Car Loan Eligibility
For Salaried Individuals :
- Individuals who are at least 21 years old at the time of loan application and no older than 60 at the end of the loan tenure
- Individuals who have worked for at least two years, with at least one year with the current employer
- Individuals with a minimum earning of Rs. 2,50,000 per year, including the income of the spouse/co-applicant.
For Self Employed Individuals :
- Individuals who are at least 25 years old at the time of application and no older than 65 at the end of the loan tenure.
- Those who have been in business for at least three years.
- Should earn at least Rs. 2,50,000 per year
Used Car Loan Eligibility Criteria for Top Banks :
Used Car Loan Eligibility for Salaried Individuals/Self-Employed Individuals :
Factors Affecting Used Car Loan Eligibility:
- Credit Score
- Income Level
- Employment Stability
- Debt-to-Income Ratio
- Age of Car
- Loan Amount Requested
- Down Payment Amount
- Loan Tenure
- Credit History
- Existing Financial Obligations
Documents Required to Apply for New Car Loan
EMI Calculator for New Car Loan
An EMI calculator is a useful tool that can help you estimate the monthly installments you will have to pay towards your New Car Loan within a specific period. By using the DoLoans EMI calculator, you can calculate your EMI beforehand, which can help you plan your finances better. Additionally, you can check your eligibility and compare different Loan options using DoLoans New Car Loan calculator.
Fees and Charges for New Car Loan
The fees and charges of new car loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to new car loans:
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Particulars
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Charges
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Loan Processing Fees
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0.5% to 4% of Loan Amount
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Loan Cancellation
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Usually around Rs 3,000
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Stamp Duty Charges
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As per actuals
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Legal Fees
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As per actuals
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Penal Charges
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Usually @ 2% per month; 24% p.a.
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EMI / Cheque Bonus
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Around Rs 400 per bounce
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Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
New Car Loan Reviews
I wanted to buy a car to travel daily from office to work but was not having enough money to make the down payment due to less savings but thanks to DOLOANS they got me a car loan for 90% of the car value with the best interest rate going on in the market.
Shivansh Bhagde
I had taken a personal loan with the help of DOLOANS by which I was very impressed. Now I was planning to buy a car from sometime so as it was finalised, I very much knew whom to contact for applying my loan as they are the experts in the loan industry and be it any loan they get the work done for you.
Shreyansh Bakliwal
During my business loan I was not aware of DOLOANS and hence a normal part time agent handled all my loan procedure. He made that procedure so much complicated that I got fedup dealing with him and also he charged me a hefty amount for getting the loan disbursed, but at the time of my car loan I read about DOLOANS and approached them. The loan not only got disbursed in a 4 days but also I wasn’t charged a penny from them.
Ronit Rane
Getting a used car loan can be daunting task because of the never-ending documents required by the lender but thanks to the checklist provided by DOLOANS on their website I was able to arrange all the documents so quickly and submit it to the lender.
Disha Shinde
FAQs on New Car Loans
What is a new car loan?
A new car loan is money you borrow to buy a brand-new car, which you repay in installments.
How do new car loans work?
You get money from a lender to buy a new car, and then you pay back the lender in smaller amounts over time.
What's a down payment?
A down payment is a part of the car’s price you pay upfront, and the rest is covered by the loan.
What's an interest rate?
The interest rate is the extra money you pay on top of the loan amount, like a borrowing fee.
How long is a new car loan?
New car loans can last a few years, usually 3 to 7 years.
Can I choose my monthly payment?
Yes, you can often choose a monthly payment that fits your budget.
Can I customize the car with a loan?
Yes, owning the car lets you customize it as you like.
What's a loan term?
A loan term is how long you have to repay the loan, and it affects your monthly payments.
Can I pay off the loan early?
Yes, you can often pay off the loan sooner, but some lenders might charge extra.
How do I get a new car loan?
You apply with a lender, they check your finances, and if approved, you can get the money to buy the new car.