New Car Loan

Looking to purchase a brand new car? Equitas New Car Finance makes it possible to own your new car with financial assistance and tailored-made solutions as per your needs or requirements. We at Equitas Small Finance Bank offer New Car loans at competitive rates for a wide range of vehicles, including hatchbacks, sedans, MUVs, and SUVs. We are associated with all major dealers across many locations to enable hassle-free delivery of the car and a faster turnaround time in financing.

Equitas Small Finance Bank is the "Preferred Financier" across all major manufacturers in India, and customers have trusted us for our expertise and perfectly suited loan solutions. Equitas New Car Finance helps you with a customer-friendly repayment procedure. Offering different types of repayment schemes to suit the requirements of clients. Enabling Part-Preclosure of loans, which translates to lesser interest rate.

Icon 1

INTEREST RATES

                                Mean rate and Interest rate range for the quarter Jan 2024 – Mar 2024
Segment          Mean Interest Rate                     Interest Rate Range (Fixed)
    Min Rate (in %) p.a.                 Max Rate (in %) p.a.
New Car                        11.25%                9%                           14%
•Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts.
                                Annualised Percentage Return (APR) for the quarter Jan 2024 – Mar 2024
Segment              Min Rate (in %)     Max Rate (in %)  
New Car                       9%               14%  

 

                            Interest Rate Effective From 1st October 2023
Product Interest Rate (in %) p.a. Tenure in (Months)
New Car Loan          9.00% - 25.00%           37 - 84

Charges

                                 The below Schedule Of Charges are applicable with effect from 1st July 2024
Type Charges
Processing Charges# (Range) 1% to 2% + GST
Documentation charge Rs 1500 (inclusive of GST)
Overdue charges (ODC) 36% p.a + GST
Cheque bounce charges (CBC) Rs.500/- Per Instance + GST
Insurance Non-Renewal penalty charges (IRP) Rs.250/- + GST
Pre closure charges Upto 4% of pre closure amount + GST
Part Pre-payment charges 2% on amount Paid + GST
Field visit charges Rs.250 per visit + GST
Repossession charges (paid to the repo vendor) At Actuals
Valuation charges (Paid to the valuator vendor) At Actuals
Legal charges (paid to the vendor) At Actuals
Parking Yard charges (Paid to the vendor) At Actuals
Motor Insurance At Actuals
Value added service At Actuals
Credit Shield At Actuals
Personal Accident Cover At Actuals
Duplicate NOC Rs.500 + GST
Stamp Duty At Actuals
Bank Swap charges Rs.1000/- Per Instance + GST
EMI Due Date Change 24% P.A on POS on the No of days
CERSAI Charges (Whatever Appllicable) At Actuals

*Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)

# Processing fee would depend upon the loan amount, the nature of vehicle and other factors

Terms and Conditions:

  • Application forms complete in all respects will be processed within 14 days from the date of receipt of the application form.

Loan Application Forms and Loan Agreements can be accessed in Form Centre