Testimonials
Got best bank deal
Raju N
I got best ROI with their help from multiple banks. document submission online made it easy
Thanks to MNC
Pramila Panchal
Got finance from HDFC bank via MNC. good deal
Got finance from my car
Indu Prakash
Took finance from Axis bank..ROI and document sent to bank and email update.
Frequently Asked Questions
1. What are the benefits of taking a car loan with MyNewCar?
MYNEWCAR is India's leading online marketplace for new cars, finance, leasing, car exchange and provides you with a concierge service. You can get up-to 100% finance with attractive Interest rate from multiple banks. Compare and select the best option and avail special offers & discounts on new car with flexible payment options and quick & easy loan disbursem*nt.
2. Is bank loan a better option vs leasing to get a new car?
Both buying a car with bank loan and leasing a car have their own benefits, the key is determining which of those benefits matter the most to you. The benefits of buying a car with loan are - Ownership of car after paying the loan, unlimited mileage, lower cost incase of owning the car for a longer term period of over 5 years & flexibility to sell your car at any time. The benefits car leasing are - Zero down payment, fixed monthly rental incl. insurance & service plus tax savings.
3. What is the minimum and maximum tenure for a car loan?
A typical car loan tenure is between 24 -84 months. The shorter the tenure, the higher is the monthly installment.
4. What is the maximum amount of loan that I can get ?
The maximum loan amount approved may vary from one bank to the other. Usually, most banks approve loan amounts that range from 80%–90% of the car’s ex-showroom price. Some banks even lend 100% of the car’s ex-showroom price. The percentage of the loan offered depends on the price, type of car (standard/ premium), your income profile and CIBIL score. Generally, the banks tend to approve car loan with EMI upto 40% of your monthly income.
5. Can I sell my vehicle before I repay the entire loan early?
You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from the Bank. The NOC can only be obtained after a foreclosure or after you have paid off your loan. It is advisable to check the rules and regulations associated with the foreclosure with the respective bank.
6. What are the documents required to apply for a car loan?
Although each bank has specific documentary requirement, the basic KYC documents include - Address Proof (such as Passport / Aadhar Card / Telephone Bill / Rent Agreement / Property Registration Papers), Income Proof (Salary Slip, Form 16 /Income Tax Returns, Bank Statement or Profit & Loss A/c & Balance Sheet for Self Employed/Company Finance), ID Proof (such as PAN Card / Aadhar Card / Driving License). Specific eligibility criteria depends on the loan amount, applicant profile & CIBIL score.
7. What process does the bank follow to approve a car loan?
Once the bank receives a completed loan application along with necessary KYC documents like address proof, income proof and identity proof, the following steps take place - 1. Verification of the Document, 2. Approval of Application, 3. Sanctioning of Loan, 4. Disbursem*nt of Car Loan.
8. How much time will it take to get a car loan approved?
It can take anywhere between 48 hours to 15 days once all the documents have been received. If all the document are valid and the bank find the applicant to be capable of paying the EMIs on time or have a pre-approved loan from the bank, they will approve the car loan quickly.
9. How to compare car loans offers from different banks?
While comparing the car loan offers from various banks, it is important to consider the interest rate, one time processing fees, prepayment / foreclosure charges, loan amount based on the eligibility along with the tenure, down-payment & monthly EMI. Incase you are an existing customer of a bank, you may be also be eligible for special car loan offers with reduced interest rate or no additional charges and instant loan approval.