Dreaming of your new car? Or planning to buy a resale vehicle? With PoketCare Car Loan, you can drive home faster with low EMI, quick approval and minimal paperwork.
New car, used car, refinance or even EV — funding made simple. 💨
A Car Loan is a secured loan where the vehicle itself acts as collateral. The bank or NBFC finances up to 80%–100% of the car’s on-road price, and you repay in easy monthly EMIs.
Loan approval depends on:
💡 PoketCare Pro Tip:
A CIBIL score above 750 can help you get the lowest car loan interest rates in India.
1️⃣ Choose your car (new or used)
2️⃣ Check eligibility online
3️⃣ Compare loan offers
4️⃣ Select tenure (1–7 years)
5️⃣ Complete documentation
6️⃣ Loan amount paid directly to dealer
🚗 Down Payment: 0%–20%
📆 Tenure: 12–84 months
💰 Loan Amount: Up to ₹1 Crore (varies by lender)
💡 PoketCare Pro Tip:
Shorter tenure = lower total interest paid.
1️⃣ New Car Loan
For brand new vehicles from showroom. Lowest interest rates available.
2️⃣ Resale / Used Car Loan
Finance second-hand car purchase from dealer or individual seller.
3️⃣ Car Loan Refinance
Transfer existing car loan to another bank for lower interest rate.
4️⃣ EV Car Loan ⚡
Special loan for electric vehicles with government subsidy benefits.
💡 PoketCare Pro Tip:
EV car loans often have lower interest rates and special offers.
✅ Salaried Individuals
✅ Self-Employed Professionals
Age Limit: 21–65 years
💡 PoketCare Pro Tip:
Higher down payment increases approval chances and lowers EMI.
PoketCare simplifies car financing:
We connect you with RBI-registered lenders to ensure safe and smooth loan disbursal.
💡 PoketCare Pro Tip:
Apply through PoketCare to avoid multiple CIBIL hits from different lenders.
| Charge Type | Details | When Applied |
|---|---|---|
| Processing Fee | 0.5% – 2% | Before disbursal |
| Documentation Charges | As per lender | Before disbursal |
| GST | 18% on charges | Before disbursal |
| Foreclosure Charges | 2% – 5% | Before tenure end |
| Prepayment Charges | As per lender | During tenure |
| EMI Bounce Charges | ₹500 – ₹1500 | Post disbursal |
| Late Payment Penalty | 2%–3% per month | Post disbursal |
💡 PoketCare Pro Tip:
Always request complete amortisation schedule before signing.
Electric vehicles in India qualify under FAME II scheme and state-level EV policies.
Benefits:
💡 PoketCare Pro Tip:
Check your state EV policy for additional subsidy benefits.
Car loan insurance covers:
💡 PoketCare Pro Tip:
Opt for zero depreciation insurance for new cars.
| Pros | Cons |
|---|---|
| Easy vehicle ownership | Interest cost increases car price |
| Flexible tenure | EMI burden |
| Tax benefit (business use) | Depreciation reduces value |
| Quick approval | Foreclosure charges |
| Feature | New Car Loan | Resale Car Loan | Refinance |
|---|---|---|---|
| Interest Rate | Lowest | Slightly Higher | Depends on balance |
| Loan Tenure | Up to 7 years | Up to 5 years | Based on remaining |
| Loan Amount | Up to 100% | 70–80% car value | Outstanding amount |
| Risk | Low | Moderate | Lower EMI possible |
🏁 Conclusion
A Car Loan helps you drive your dream without waiting years to save. With competitive interest rates, flexible EMI and EV benefits, financing today is smarter than ever.
With PoketCare, you compare, choose and apply confidently — fully online and hassle-free.
Your car. Your choice. Your journey begins now. 🚗✨