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New Car Loan

Apply for New Car Loan online. Get loans for hatchbacks, sedans, MUVs, and SUVs.

Group 1860

Speedy loan processing

Tenure up to 84 months

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Simple Documentation

Features

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Financing of up to 100% on New cars

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Hassle-free documentation

Key Details

TENURE

Up to 84 months

PART PRE-CLOSURE

Enabling you to pay loans quicker, which will save you from paying more interest otherwise.

REPAYMENT PROCEDURE

Customer friendly repayment schemes for your different requirements

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New Car Loan Interest Rate

Mean rate and Interest rate range for the quarter April 2024 – June 2024

Segment

Mean Interest Rate

Min Rate (in %) p.a.

Max Rate (in %) p.a.

New Car

11.69%

9%

13.50%

*Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts.

Annualised Percentage Return (APR) for the quarter April 2024 – June 2024

Segment

Min Rate (in %)

Max Rate (in %)

New Car

9%

13.50%

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

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Here are our Charges

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Schedule of Charges

Type

Charges

Processing Charges# [Range]

1% to  2.25% + GST


Documentation charge

Rs 2850 + GST


Overdue charges (ODC).

36 %  P.A + GST


Bouncing 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 repo vendor).

At Actuals


Valuation charges (Paid to valuator vendor).

At Actuals


Legal charges (paid to vendor).

At Actuals


Parking Yard charges (Paid to vendor).

At Actuals


Motor Insurance

At Actuals


Credit Shield

At Actuals


Personal Accident Cover

At Actuals


Value added service

At Actuals


Duplicate  NOC

Rs 500  + GST


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 Applicable)

At Actuals


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

*All the above charges are subject to change and will be updated from time to time

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 the Form Center
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Blogs

Customers may receive calls from 044 7198 6600, as a part of transaction monitoring. Please save this number. Also kindly note that incoming call facility is not available in this number.

Always use the customer care numbers displayed on Bank's official website.

DO NOT use any other numbers since this may put you at risk of fraud.

Please be aware of prank and deceptive calls.

Bank will never ask for sensitive information like Card Number, OTP, Password, CVV etc.

This is to inform you that www.equitasbank.com is the only registered and original web portal of Equitas Small Finance Bank Limited and we do not have web portal in the name of www.equitasbank.co. Anybody accessing the same will be at their own risk and loss and Equitas Small Finance Bank shall not be held liable under any circumstances for any loss of claim suffered by anybody dealing with the said web portal.

©2024, Equitas Small Finance Bank Ltd.