Car Loan

8.0%

Rate of Interest

About The Car Loan

Owning a car new, or used vehicle is no longer considered to be a luxury. In the modern world, everyone needs to have a personal vehicle. With the help of an auto loan, you can buy anything, whether it’s your first car, an expensive update to an older car model, a pre-used car, a business vehicle, or a two-wheeler. An Auto Loan is a loan obtained by borrowers to purchase a new or used private or commercial vehicle. Auto loans are secured debts in which the vehicle serves as collateral.

So, if you yearn to drive your car, take some comfort! You will now be able to travel the city in your car, thanks to SB Loans. Get the lowest interest rate by applying for an auto loan or choosing a pre-approved vehicle loan and make your goal of owning a vehicle a reality by applying for an auto loan with SB Loans today.

Get financing for whatever you need now.

Achieve all of your ambitions with the proper assistance at the exact time you want it with SB Loans

Car Loans

You can obtain a Car Loan from SB Loans to buy a brand-new car of your choice. The ex-showroom price of a new car is included in the on-road pricing, registration fees paid to the Regional Transport Office (RTO), insurance premiums, road tax, etc. Typically, a car loan has a seven-year repayment period. But with us, you can pay back the car loans over your preferred tenure in reasonable EMIs.

Pre-owned Car Loans

An additional option for a vehicle loan is a loan for previously owned vehicles. Buying a used car is simple with our Pre-owned Car Loan. It is definitely a more affordable option than purchasing a brand-new vehicle. The vehicle is hypothecated with the lender until the repayment period is finished and all EMIs have been paid. However, the new payback time and the car’s age should not be longer than eight years.

Get a quote

Fill out the online application form below to apply for a Car loan now.

EMI Calculator

EMI calculators give a fair understanding of the ratio of the principal amount to the interest due, based on the loan tenure and interest rates.

FAQs

What is exactly an auto loan?

An individual may obtain an auto loan from a bank or NBFC (non-banking financial company) to finance a vehicle purchase. Recently, auto loans have become more popular since automobiles have evolved into a need for India’s steadily expanding middle class rather than being a status symbol or a luxury good. Due to the rising popularity of vehicle loans, most banks and NBFCs already offer this form of loan to those with solid credit histories.

Do I require security to obtain an auto loan or commercial vehicle loan?

An auto loan is, as the name implies, a loan given to a person planning to buy a vehicle. An auto loan is, therefore, a secured loan since the vehicle you purchase serves as security. Therefore, an auto loan does not require any additional collateral. You must, however, have the bank endorse the car’s RC (registration certificate). Once the loan has been fully repaid, this endorsement is revoked.

Is it possible to receive a loan to buy a used car?

Yes, pre-owned vehicles are eligible for auto loans. But the interest rate on such a loan would not be the same as that on a brand-new vehicle. However, the loan would only cover the cost of the vehicle itself; you would be responsible for paying other expenses like the registration transfer, etc.