New and Old Car Loan EMI calculator
Car Loan EMI calculator helps you determine the exact monthly installment amount you will need to pay for your Car Loan. The Car Loan EMI based on the loan amount, interest rate, and tenure.
Formula for EMI Calculation is -
Here is the formula to calculate EMI:
E = P*r(1+r)^n/([(1+r)^n]-1)
E = EMI amount
P = Principal loan amount
N = Loan tenure
R = Interest rate
For example, 20 lakh loan for a tenure of 5 years at a 13% interest rate, according to the formula-
E = P*r(1+r)^n/([(1+r)^n]-1)
So, the EMI per month will be Rs. 45,506 for 5 years or 60 months.
Click here to Get Car Loan EMI
Car Loan: Interest Rate, Fees and Charges
| Interest Rate | 13% p.a. onwards |
| Loan Amount | Up to Rs.20 lakh |
| Loan Tenure | Up to 60 months |
| Processing Fee | Up to 1.50% of the Loan Amount |
| Foreclosure Charges | 4% of POS (Principal Outstanding) for pre-closures within 1 year from 1st EMI 2% of POS (Principal Outstanding) for pre-closures after 1 year from 1st EMI |
Note: If pay your EMI after the due date, interest will be calculated on unpaid EMI for the late number of days and will be added to your next EMI.
Example:
EMI Due Date: 5th
Payment Made On: 15th
Delay: 10 days
Impact: Interest for these 10 days will be added to your next EMI.
Car Loan - Features and Benefits
Funds for Used Vehicle and Equipment
Attractive Interest Rates
Apply online with New or Used Car Loan
No hidden charges, complete transparency
Get financing up to 95% on-road price of the car
No guarantor/ security required
No collateral required
Super Fast track approval process
Tenure of up to 60 months
Expert Team to help you at every stage of the loan process
Car Loan Eligibility Criteria
Anyone can apply for a Car Loan, you need to meet the below criteria:
- Nationality: Resident Indian
- Age: 21 to 60 years
- Employement: Salaried, Self-employed, Proprietorships, Partnership firms, Pvt. Ltd. Companies & Public Ltd. Companies are eligible to apply
- Cibil Score: 750 or above
Document required for Car Loan
KYC documents: Any one of the following documents can be submitted as identity & Address Proof:
- Passport
- Driving license
- Aadhaar Card
- Voters Id
- NREGA Job Card
- One Passport Size Photograph
PAN Card - For Company/Firm/Individual
- Latest Salary Slip of 2 months
- Bank statement of the previous 3 months
- Registration Certificate and Insurance copy of the Car
- Other relevant documents
How to apply for a Car Loan
- Fill a simple online Car Loan application form with your basic details
- Submit the required documents
- Enter the loan amount that you need for your car
- Once done, you will receive a call from our team and guide you on the next steps
- The loan amount will be disbursed in your bank account after document verification
FAQs About New and Old Car Loan
Who can Apply for Car Loan?
Anyone over 21 years of age, salaried or self-employed individual can apply for Car Loan.
What is the EMI on a Car Loan?
The Car Loan EMI depends on Loan Amount, Tenure and Interest Rate. Use our EMI calculator to get your monthly payments accurately.
What is the minimum credit score for a Car Loan?
750 or above, which is generally considered excellent.
Do I need a guarantor to avail of a Car Loan?
No, you do not need a guarantor for a car loan. However, if you don't meet the Bank's norms, then you may be require a guarantor or co-applicant as a security for your loan.
How can I get a Car Loan?
You can get a Car Loan from Web Online CA website. Fill out our online Loan application form with your basic details and submit your application. Once done, you will receive a call from our team and guide you on the next steps. The loan amount will be disbursed in your bank account after document verification.
What is the interest rate for Car Loan?
Car Loan Interest rates depend on the loan amount and the loan tenure, starting ranges from 11.25% to 26% p.a.
How long will the process for loan approval be?
Loan approval would take 4 to 5 working days after submission of the application form and required documents.
Can I foreclosure my loan?
Yes, you can foreclosure your loan post completion of 12 months and enjoys nil foreclosure charges.
What is the maximum loan tenure?
We offer Customized EMI repayment options with a 12 months to 60 months.