Overview of Car Loan in Sonipat
Car loans in Sonipat provide financing for new or used cars, with flexible repayment options, catering to salaried and self-employed individuals in a growing urban hub.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Applicant Type | Salaried or self-employed |
| Age | 21–60 years |
| Income | ₹20,000 p.m. minimum (salaried), ₹3 lakh p.a. (self-employed) |
| Credit Score | 650+ |
| Employment | Minimum 1 year (salaried), 2 years (self-employed) |
| Loan-to-Value (LTV) | Up to 85% of car value |
Documents Required
- Identity Proof: Aadhaar, PAN Card
- Address Proof: Utility bill, Aadhaar
- Income Proof: Salary slips (3 months), ITR (2 years)
- Bank Statements: Last 6 months
- Vehicle Documents: Quotation, RC (for used cars)
Benefits of Car Loan in Sonipat
- Loans up to ₹25 lakh for new or used cars
- Competitive rates starting at 7.5% p.a.
- Flexible tenures up to 7 years
- Quick disbursal within 2–5 days
- Financing up to 85% of car value
Compare Car Loan Lenders in Sonipat
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | 7.5% p.a. | Up to ₹25 lakh | 7 years | 0.5% |
| HDFC Bank | 8% p.a. | Up to ₹20 lakh | 6 years | 0.75% |
| Axis Bank | 8.5% p.a. | Up to ₹15 lakh | 5 years | 1% |
Frequently Asked Questions
What types of cars can I finance with a car loan in Sonipat?
New or used passenger cars, SUVs, or MUVs.
Is a down payment required for a car loan?
Yes, typically 15–20% of the car’s value, depending on the lender.
How long does it take to get a car loan approved?
Usually 2–5 days, depending on documentation and lender.
What is the maximum LTV for a car loan?
Up to 85% of the car’s on-road price.
Can I prepay my car loan?
Yes, with minimal or no charges after 6–12 EMIs, depending on the lender.
What happens if I default on a car loan?
The lender may repossess the car after legal notice, per RBI guidelines.
Promotional Offers
- Interest rates starting at 7.5% p.a. for car loans in Sonipat
- Zero processing fees for applications before 31st May
- Free car loan eligibility check via Loanpao