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A car loan is a borrowing instrument that a lender such as a bank or NBFC (non- banking financial company) provides an individual/Company allowing him/her to purchase a car.

Yes, car loan is offered for pre-owned cars. But, the interest rate for such a loan would may differ from that of a new car. However, the loan would only cover the price of the car itself, other costs as transfer of registration, etc. will have to borne by the buyer.

Like any other loan that you apply for, a car loan application requires self attested supporting documents such as income (last three pay slips/last acknowledged ITR), address and identity proof documents along with you PAN / AADHAAR card. Other documentation requirements, if any, tend to differ from one lender to another.

The shorter the loan tenure, the higher is the EMI payable and the reverse is true for longer car loan tenures. Currently, a small number of lenders are engaged in providing car loans for longer durations of up to 5 years.

ICICI Bank Ltd./ Tata Capital Ltd./ Kotak Mahindra Bank Ltd/ Reliance Capital /Hdfc Bank ltd

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