New Car Loan

Up to 100% funding of the car’s invoice value
Flexible repayment tenures of up to 84 months
Attractive interest rates
Minimal documentation

Tata Capital offers an affordable new car loan at competitive interest rates starting from 9.49%. You can avail of car finance up to Rs. 50 lakhs to drive home your dream hatchback, sedan, or SUV without burdening your savings. Enjoy up to 100% funding of your car’s value with flexible Equated Monthly Instalment (EMI) options for tenures up to 84 months (7 years). What’s more? Our new car loans have minimal documentation requirements.

So, wait no more. Apply for a Tata Capital online car loan today - from the convenience of your home.

Maximum Loan Amount

Up to ₹ 50 lakhs

Loan tenure

Up to 84 months

Interest Rates

starting from 9.49%

New Car Loan Eligibility Criteria

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

Salaried Individuals

The applicant must be at least 21 years old at the time of loan application and no more than 60 years old at the time of loan maturity.
The applicant must have a minimum annual salary of Rs. 3 lakhs.
The applicant must have a minimum of one year of experience.
The applicant must have a credit score above 700 for a higher chance of approval.

Self-Employed Individuals

Proprietorship:

The applicant must be at least 21 years old at the time of loan application and no more than 65 years old at the time of loan maturity.
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

Partnership/HUFs/Others:

All of the above criteria with a minimum annual income of Rs. 2 lakhs and an Accelerated Book Build (ABB) of at least 0.5 times the loan EMI.

*The applicant must have a credit score above 700 for a higher chance of approval.

Documents Required for New Car Loan

For salaried individuals:

Identity proof: Driving license/Aadhaar Card/Voter’s ID/PAN Card/Passport
Address proof: Driving license/Aadhaar Card/Voter’s ID/Passport
Income proof: A copy of your salary slips for the last three months

For self-employed individuals:

Identity proof: Driving license/Aadhaar Card/Voter’s ID/PAN Card/Passport
Address proof: Driving license/Aadhaar Card/Voter’s ID/Passport
Income proof: A copy of your Income Tax Returns (ITR), Audited Balance Sheet, and Profit and Loss statements for the last two years, along with bank statements for the last three months
Signature proof: A copy of your signature along with signature proof
Business proof (in case of partnership): A copy of your company's registered Partnership Deed/Certificate of Incorporation for public and private limited companies, including Memorandum and Articles of Association, along with a copy of the Commencement of Business certificate.

Note: Visit our documents required for a new car loan page for more details about which documents you need to submit for loan approval.

Penal Charges

A new car loan at Tata Capital carries an affordable interest rate starting at 9.49%. The other charges you need to pay during the loan application are explained in the table below.

Default in payment of amounts due as per the Facility Documents

This is a charge for late EMI payments, calculated based on the number of days your EMI remains unpaid.

3% per month on the 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.

Rs. 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.

Rs. 450

Other Charges

Type of Fee Applicable Charges

Foreclosure charges/Part Payment on Term Loan Facility These charges are applied if you choose to repay your entire/part of the loan before the end of your loan tenure.

Within 12 months of the date of first disbursement - 6% on the principal outstanding

After 12 months from the date of first disbursement - 5% on the principal outstanding amount

Statement of Accounts charges This is a charge applied for providing a physical copy of the Statement of Account – a statement having a list of all transactions made in your loan account during a given period.

Customer portal – Nil

Branch walk-in – Rs. 250

Loan Cancellation Charges This is a charge applied if you request loan cancellation after the cooling-off period.

Rs. 6500/-

Duplicate NOC Charges This is a charge applied for issuing a duplicate No Objection Certificate (NOC) when the original is lost or misplaced.

Rs. 300

Stamp Duty This is a government-mandated fee required for legally registering your loan agreement.

At actuals

Broken Period Interest This interest is charged for the period between the loan disbursal date and the first EMI due date.

At Actuals

NACH / PDC Charges This is the processing fee for setting up or handling National Automated Clearing House (NACH) mandates or Post-Dated Cheques (PDCs) for EMI payments.

Rs. 500/-

Documentation Charge This fee is collected for processing and verifying loan-related documents.

Up to Rs. 1999

NOC for conversion of private to commercial

registration This charge is for issuing an NOC when converting vehicle registration from private to commercial.

Rs. 1999 + GST

Charges for Repossession of Vehicle This cost is incurred by the lender for recovering the vehicle in case of loan default.

Rs. 22000/-

PDD Charges This charge is applied for managing the Registration Certificate (RC), including document storage, administrative handling, and record management.
At Tata Capital, you are charged Rs. 450

Charges for delay in RC hypothecation This is a penalty for failing to update the Registration Certificate with hypothecation details within the deadline.

Rs. 1000/- per month till the time of registration/noting with the authority, where RC hypothecation is pending beyond 120 days post-disbursement.

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

Application process for a New Car Loan

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. The step-by-step process to apply for the loan is as follows:

1. Step 1: Fill out an application form: 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.

2. Step 2: Submit the required documents: 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.

3. Step 3: 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.

4. Step 4: Approval: Once we find zero discrepancies in your documents, we will approve your car loan application instantly. You can check the approval status of your loan application on our website.

5. Step 5: 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.

6. Step 6: Make the required payment: You can make the EMI payments online on Tata Capital’s website or mobile application using NetBanking, debit card, credit card, or UPI. Alternatively, you can drop a cheque at your nearest Tata Capital branch to pay your car loan EMIs.

Benefits of Tata Capital's New Car Loan

1

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.

2

Reputed and trusted brand

Enjoy peace of mind with Tata Capital, a reputed name known for transparent processes and customer-centric financial solutions.

3

Up to 100% funding

Get up to 100% of your car’s invoice value financed, making it easier to purchase your dream vehicle without a large down payment.

4

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.

New Car Loan 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.

1

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.

2

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.

3

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.

FAQs about New Car Loan

1. Can I change or reduce my car loan EMIs?
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.

2. How can I repay my new car loan?
You can repay your car loan in EMIs through NetBanking, debit card, credit card, or post-dated cheques drawn in favour of “Tata Capital Limited”.

3. What is the maximum loan amount for a new car loan?
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.

4. How does a new car loan work?
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.

5. What are the benefits of a new car loan?
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 carries benefits like easy eligibility criteria, competitive interest rates, and flexible repayment options.

6. What is the maximum tenure available for a new car loan?
With Tata Capital, you have the flexibility to choose your car loan tenure. The maximum tenure can be 7 years or 84 months.

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

8. Which documents are 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 proof

Income proof

Salary slips for the past three months

Address proof

Car’s purchase estimate

9. Which documents are 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 proof

Proof of Business

Address proof

Income proof

Car’s purchase estimate

10. How long does it take to process a new automobile loan?
You can apply for an online car loan to get instant approval. The entire process can otherwise take a few working days

11. Can I have co-applicants for my new car loan?
Yes. You can apply for a new car loan with a co-applicant. The co-applicant can be your spouse, family member, or blood relative.

12. Do I need collateral to apply for a new car loan?
The car that you are purchasing will be hypothecated to “Tata Capital Limited”. You are not required to pledge any other asset as collateral.

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

14. How can I calculate my car loan EMIs?
Your car loan EMIs will depend on several factors, including the loan amount, rate of interest, and tenure. You can calculate your car loan EMIs by using our online EMI calculator.

15. What are the different types of charges levied on a new car loan?
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 it.

16. How can I get the best car loan in India?
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 simple eligibility criteria, minimal documentation, flexible repayment options, and competitive interest rates.