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.
INTEREST RATES
| Mean rate and Interest rate range for the quarter Apr 2023 – Jun 2023 |
| Segment |
Mean Interest Rate |
Interest Rate Range (Fixed) |
| |
|
Min Rate (in %) p.a. |
Max Rate (in %) p.a. |
| New Car |
10.4% |
9% |
13% |
| •Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts. |
Charges
| Type |
Charges |
| Processing Charges# |
1% to 2% |
| Documentation charge |
Rs 1500 (inclusive of GST) |
| Overdue charges (ODC) |
36% p.a |
| Cheque bounce charges (CBC) |
Rs 500 for every cheque bounce |
| Insurance Renewal penalty charges (IRP) |
300 |
| Pre closure charges (Foreclosure payment amount* Preclosure charges in percentage) |
Up to 36 months - 5%
37-48 months - 4%
>49 months - 3% |
| Field visit charges |
250 |
| Repossession charges (paid to the repo vendor) |
Minimum Rs.3000/- to Maximum Rs.25000 |
| Valuation charges (Paid to the valuator vendor) |
Rs. 500-950 |
| Legal charges (paid to the vendor) |
Minimum Rs.250/- to Maximum Rs.30000 |
| Parking Yard charges (Paid to the vendor) |
Rs.50/- Per day or actuals depending on vehicle type whichever higher |
| Duplicate NOC |
750 |
| Stamp Duty |
At Actuals |
| Bank Swap charges |
Upto Rs.1000/- |
| EMI Due Date Change |
24% on POS into No. of days Divided by 365 |
| Part Payment Charges (Twice a year with cap of 25%of POS ) |
5% of Part payment amount +GST |
| CIBIL Report Copy Charges |
Rs 50/- |
| Amortisation Schedule Charges |
Rs 250/- |
|
*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
