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.

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INTEREST RATES

                                Mean rate and Interest rate range for the quarter Oct 2023 – Dec 2023
Segment          Mean Interest Rate                     Interest Rate Range (Fixed)
    Min Rate (in %) p.a.                 Max Rate (in %) p.a.
New Car                        10.96%                9%                           13%
•Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts.
                                Annualised Percentage Return (APR) for the quarter Oct 2023 – Dec 2023
Segment              Min Rate (in %)     Max Rate (in %)  
New Car                       9%               12.75%  

 

                            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

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