What are the documents required for a new car loan for salaried individuals?

Salaried individuals need to submit the following documents to apply for a new car loan:Photo ID proofIncome proofSalary slips for the past three monthsAddress proofCar’s purchase estimate

What are the documents required for a new car loan for self-employed individuals?

Self-employed individuals need to submit the following documents to apply for a new car loan:Photo ID proofProof of BusinessAddress proofIncome proofCar’s purchase estimate

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New Car Loan by Tata Capital

Overview

Overview Required Documents Rates & Charges EMI Calculators

What is a New Car Loan?

At Tata Capital, we offer car loans of up to ₹ 50 lakhs to help you fulfill your dream of buying a brand-new car without worrying about finances. You can apply for a car loan online from the convenience of your home and repay the amount in easy EMIs.

Be it a hatchback, sedan, or SUV, you can avail of up to 100% funding of your car’s invoice value at the most competitive interest rates. What’s more? Our new car loans come with minimal documentation and flexible repayment tenures of up to 7 years.

So, why wait? Apply for a new car loan with Tata Capital now!

Maximum Loan Amount

Up to ₹ 50 lakhs

Loan tenure

Up to 84 months

Interest Rates

starting from 9.49%

Car Loan EMI Calculator

Loan amount

₹

₹75,000 ₹35,00,000

Loan duration

1 Years 6 Years

Rate of interest

10% p.a 19% p.a

Monthly EMI

Total Amount Payable

0*
Total Interest Payable

0*

Total Amount Payable

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Advantages of a New Car Loan

Flexible Tenure

With Tata Capital’s car loan, you have the flexibility to choose a repayment tenure of up to 84 months. It allows you to spread your EMI payments over an extended tenure and repay them at your own convenience.

Quick Processing

At Tata Capital, we ensure that you won’t have to wait for long to buy your dream car. You can apply for our car loan online by filling out a simple application form and uploading the bare minimum documents. Upon approval, you will get the required finances in your bank account within few working days.

Flexi EMI Options

At Tata Capital, you have the option to customize your car loan EMIs according to your convenience. You can increase or decrease your car loan tenure to ensure that your EMIs remain affordable and you can pay them comfortably.

Competitive Interest Rates

With Tata Capital, you can get the required financing to pay for your dream car at highly competitive interest rates. Our car loan interest rates are among the lowest in the market. You can use our car loan EMI calculator to know your EMIs in advance and make the best decision.

Instant Approval

You can get instant approval by applying for a car loan online at the Tata Capital website. We will verify your documents and disburse the loan amount directly to your bank account, ensuring a quick and hassle-free process.

Eligibility for a New Car Loan

We offer the best car loans with simple eligibility criteria and minimal documentation. We have different eligibility criteria for different types of applicants, including salaried and self-employed individuals.

The applicant must be aged between 21 and 60 years.
The applicant must have a minimum salary of Rs. 3,00,000 pa
The applicant must have a minimum work experience of one year.

The applicant must be aged between 21 and 65 years.
The applicant must be the proprietor of the business.
The applicant’s business must be at least one year old.
The applicant must have a minimum annual income of Rs. 3 lakhs.

The applicant must have a minimum annual income of Rs. 2 lakhs.
ABB must be at least 0.5x the loan EMI.

Note :- For No income proof customers – Eligible basis banking and self/parental owned residence. Products without any documents are also avaliable.

What are the New Car Loan Interest Rates?

Several factors come into play when determining the new car loan interest rates. These include the cost of funds, customer credentials, geography, asset, tenor, and discounts offered in the market. Your personal details like your credit profile, monthly income, and repayment capacity also influence the interest rates.

Type of Fee	Application Charges
Processing Fee	>=1.35% or 3500 whichever is higher
LTV	Upto 100% on road funding

At Tata Capital, we understand that the requirement of each customer is unique. This is why our experts ensure you get a transparent and suitable deal at low-interest rates. We offer the most competitive interest rates in the industry, starting at just 9.99%.

Penal Charges

Default in payment of amounts due as per the Facility Documents

3% per month on overdue amount + applicable taxes.

Dishonour of any cheque/
payment instruments

These are those charges that are levied in case of an EMI bounce per instance. In other words, these charges are levied when you miss a loan EMI payment due to inadequate funds in your bank account. At Tata Capital, you’ll be required to pay ₹ 600 per instrument per instance.

Mandate Rejection Service Charge

Charges will be levied if a new mandate form is not registered within 30 days from the date of rejection of the previous mandate form by the borrower’s bank for any reason whatsoever. Tata Capital charges a nominal amount of ₹ 450 /-

Other Charges

Type of Fee	Applicable Charges
Prepayment Penalty/ Foreclosure charges	7% on Prepayment/ Foreclosure amount if the loan is being prepaid/ foreclosed within 6 months. 6% on Prepayment/ Foreclosure amount if the loan is being prepaid/ foreclosed after 6 months but within 12 months. 5% on Prepayment/ Foreclosure amount if the loan is being prepaid/foreclosed after 12 months.
Statement of Accounts	Customer portal – Nil Branch walk in –₹250
Loan Cancellation Charge	₹ 6500/-
Instrument swap charges	₹ 550 each time PDC is swapped
Duplicate Repayment Schedule	₹ 550/-
Duplicate NOC	₹ 550/-
NOC for Interstate Transfer	₹ 1000/-
Stamp Duty	As per actuals
Broken Period Interest	At Actuals
NACH / PDC Charges	₹ 500/-
Foreclosure Report	₹ 550/-
Additional Processing Fee/ Documentation charges	₹ 1,500/-
NOC for conversion of private to commercial registration	₹ 5600/-
Charges for Repossession of Vehicle	₹ 22000/-
PDD Charges	₹ 435/-

Note: GST, other government taxes and levies as applicable, will be payable on all fees and charges.

Pre-approved Offers for New Customers

Whether you are an existing Tata Capital customer or a new customer, you can avail of exclusive pre-approved offers when applying for a new car loan with us. These pre-approved offers entail better interest rates, lower disbursement time, and several other benefits.

Better Interest Rates

Interest rate is of prime significance when you apply for a car loan (or any other loan). The lower the interest rate, the lower would be your loan EMIs. With Tata Capital’s pre-approved car loan offers, you can avail of financing at the most competitive interest rate in the market.

Quicker Processing

At Tata Capital, we prioritize customers who qualify for our pre-approved loan offers. Car loan applications from such customers are processed faster than others. So, if you require quick financing to buy a car, you can always apply for a pre-approved car loan with us.

Other Benefits

Apart from monetary benefits, you can also enjoy several other perks when you apply for a pre-approved car loan with Tata Capital. For instance, you can check your credit score for free, get complimentary insurance for your car, and avail of 24/7 on-call assistance. These benefits can make your experience smooth and hassle-free.

How to Apply for a New Car Loan with Tata Capital?

With Tata Capital, you can apply for a car loan online or offline according to your convenience. All you have to do is visit our website or your nearest Tata Capital branch, fill out a car loan application form, and submit the required documents.

Below is the step-by-step process to get a car loan online with Tata Capital:

Online Application

Visit Tata Capital’s website and fill out a car loan application form by entering your basic details, such as name, contact number, monthly income, etc.

Document Submission

You can submit the required documents by uploading them to our website. The list of documents required may depend on your employment type and may include your PAN card, Aadhaar card, Bank Statements, etc.

Verification

Once we receive your car loan application and the required documents, we will initiate a verification process to check the authenticity of the documents submitted.

Approval

Once we find zero discrepancies in your documents, we will approve your car loan application instantly. You can check for the approval status of your loan application on our website.

Loan Disbursal

Upon approval, we will disburse the car loan amount directly to your bank account within a few working days. You can use this amount to pay for your dream car.

Pay Online

With Tata Capital, you can pay your car loan EMIs online in a hassle-free manner. All you have to do is visit our website or log into our mobile application and make the payment using a debit card, credit card, NetBanking, or UPI.

Drop a Cheque

If you are not comfortable making online payments, you can drop a cheque at your nearest Tata Capital branch to pay your car loan EMIs.

FAQs On New Car Loan

Your car loan EMIs will remain fixed throughout the loan tenure. However, with the Flexi EMI facility, you can increase or decrease your loan tenure to customize your EMIs as per your requirements.

You can repay your car loan in Equated Monthly Instalments (EMIs) through NetBanking, debit card, credit card, or post-dated cheques drawn in favour of “Tata Capital Limited”.

With Tata Capital, you can avail of a car loan of up to Rs. 50 lakhs. The maximum loan amount you can apply for depends on your eligibility.

When you apply for a new car loan, the lender verifies the documents submitted. Once verified, it disburses the loan amount directly to your bank account. You can use this amount to purchase a new car and then repay it in EMIs to the lender.

Availing of a new car loan allows you to get the required finances to purchase a brand-new car from a dealership showroom. Such a loan comes with benefits such as easy eligibility criteria, competitive interest rates, and flexible repayment options.

With Tata Capital, you have the flexibility to choose your car loan tenure. The maximum tenure can be 7 years or 84 months.

The eligibility criteria for a new car loan depend upon factors such as your age, annual income, and work experience. They may vary from lender to lender, as well as the type of applicant.

Salaried individuals need to submit the following documents to apply for a new car loan:

Photo ID proof
Income proof
Salary slips for the past three months
Address proof
Car’s purchase estimate

Self-employed individuals need to submit the following documents to apply for a new car loan:

Photo ID proof
Proof of Business
Address proof
Income proof
Car’s purchase estimate

You can apply for a car loan online to get instant approval. The entire process can otherwise take a few working days.

Yes. You can apply for a new car loan with a co-applicant. The co-applicant can be your spouse, family member, or a blood relative.

The car that you are purchasing will be hypothecated to “Tata Capital Limited”. You are not required to pledge any other asset as collateral.

With Tata Capital, you can apply for a new car loan online or offline according to your convenience. To apply online, you can visit the Tata Capital’s website. To apply offline, you can go to your nearest Tata Capital branch with the required documents.

Your car loan EMIs will depend upon multiple factors, including the loan amount, rate of interest, and tenure. You can calculate your car loan EMIs by using our online EMI calculator.

The different charges levied on a new car loan include processing fees, stamp duty, foreclosure charges, and interest charges, among others. You can confirm the exact car loan charges with your lender before applying for the same.

You can compare car loans offered by various lenders to choose the best car loan as per your requirements. At Tata Capital, we offer the best car loans with features such as simple eligibility criteria, minimal documentation, flexible repayment options, and competitive interest rates.

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