mybankmantra.com

About New Car Loan

Turning your dream into reality is now easy. Make your dream of owning a car come true with the preferred payment options and the best car loan interest rates provided for loans. Whether you want to buy a compact hatchback or a luxury sedan, you can get upto 100% finance for a new car and make your dream come true.

Many of us have definitely thought of owning a car at some point of our lives. We may have also pondered over the thought of whether to buy a new car or a pre-owned one. Well, the choice could by any, but the common thread that runs through is finance.

A Car Loan can help you get a step closer to your dream car. You can opt for a car loan or a pre-owned car loan, depending upon what car you are looking to own.


Our online New Car loan loan application process is one of the fastest, simplest ways for you to get the funds you need to get on track towards financial freedom.

Apply for loan

Get financing for whatever you need now

Check EMI

Features of Car Loan

Features and Benefits:

  • Transparent interest rates:

    We offer attractive and transparent new car loan interest rates adhering to the best market practices. We assure you the best services and a good deal at the time of availing the loan. The lending rates are dependent on various factors including cost of funds, customer credentials, asset, tenure and discounts offered in the market.
  • Instant approval:

    Loans are generally approved within 24-36 hours of submission of complete documentation. In addition, no collateral needs to be provided, apart from the car against which the loan is granted.
  • Flexibility:

    We have flexible loan tenure. The tenure of our car loans is from one year to five years. The tenure can be extended to seven years for select models.
  • Repayment:

    Repayment period upto 84 months

New Car Loan - Eligibility

Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a new car loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Rs 15,000

Credit Rating

Applicant should have the bank specified credit score.

Frequently Ask Questions

We have published some of the FAQ's for general guidance, information and assistance of users.In case your unable to get your answers please write to us at info@mybankmantra.com.

A lot of financial institutions offer up to 90 per cent of the car value as auto loan. However, the final value might vary with lender. They check factors such as vehicle cost, type and value in second hand market while deciding the amount of loan to offer. Some banks might even lend 100 per cent of the car value.

Typical tenures for car loans range from 1-5 years. You can opt for a lower tenure loan if you can service a higher EMI (equated monthly instalment) or a higher tenure loan if you cannot afford high EMI. Some lenders also offer loan tenure up to 7 years.

If all the required documents are in order, your process moves fast. You need to submit requisite documents like salary slip, tax returns, proof of residence, bank statements etc. The processing will take between 2 to 7 days.

The required documents for New Car Loan loans vary from one financial institution to another, some of the key documents that you would need to provide with your New Car Loan application include:
KYC Documents : Proof of Identity; Address proof; DOB proof.
Proof of Residence
Income proof.
Latest 6 months Bank statement.

Below is our Registered Office Address:

A-8, 1st Floor Priyadarshni Vihar,
Above AU small finance Bank,
Delhi - 110092
Email - info@mybankmantra.com

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