Up to ₹47 Lakh • 72 Months Tenure • 100% On-road Funding
At Fastter Finance, we offer car loans for both new and used cars with competitive interest rates and flexible repayment options. Get up to 100% on-road funding, quick approval, and minimal documentation to drive your dream car today.
High loan amount for premium cars
6 years flexible repayment
Quick & hassle-free process
For brand new cars
Up to 100% on-road funding
For pre-owned cars
Up to 90% of car value
Transfer existing car loan
Get better interest rates
Car loan eligibility determines whether you can get a loan to buy a car. It depends on your income, credit score, existing debts, and employment stability. Lenders use these factors to assess your repayment capacity.
While criteria vary by bank, generally includes:
An EMI calculator helps estimate your monthly installments for your car loan. By using the Fastter Finance EMI calculator, you can calculate your EMI beforehand and plan your finances better. Check your eligibility and compare different loan options using our car loan calculator.
Car Loan EMI (Equated Monthly Installment) is calculated using the formula:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1]
Where:
EMI = Equated Monthly Installment
P = Loan Principal Amount
r = Monthly Interest Rate (Annual rate ÷ 12)
n = Loan Tenure in Months
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 1.5% to 4% of loan amount |
| Loan Cancellation | Approx ₹5,000 |
| Stamp Duty Charges | As per actuals (state-wise) |
| Legal Fees | As per actuals |
| Penal Charges | 2% per month (24% p.a.) |
| EMI/Cheque Bounce | Approx ₹400 per bounce |
Note: Other charges may include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap charges.
"I wanted to buy a car for daily office commute but didn't have enough savings for down payment. Thanks to Fastter Finance, they got me a car loan for 90% of car value with the best market interest rate."
— Shivansh Bhagde"Earlier I took a personal loan through Fastter Finance and was impressed. When I decided to buy a car, I knew exactly whom to contact. They are experts in loan industry and get the work done efficiently."
— Shreyansh Bakliwal"During my business loan, I dealt with an agent who complicated everything. For my car loan, I approached Fastter Finance. Loan disbursed in 4 days with zero extra charges - excellent service!"
— Ronit Rane"Getting a used car loan seemed daunting due to document requirements. Thanks to Fastter Finance's checklist on their website, I arranged all documents quickly and got loan approval smoothly."
— Disha ShindeA car loan is financing provided by banks/NBFCs to purchase a new or used car, where the car itself serves as collateral for the loan.
Down payment reduces loan amount, lowers EMI, improves approval chances, and shows financial discipline. Typically 10-20% of car value.
Fixed: EMI remains same throughout. Variable: EMI changes with market rates. Most car loans offer fixed rates for predictability.
Yes, but check prepayment charges (usually 2-5% of outstanding). Some lenders allow free prepayment after 6-12 months.
New car: Lower interest rates, higher loan amount (up to 100%). Used car: Higher rates, lower loan amount (up to 90%), shorter tenure.
Contact lender immediately for restructuring. Default leads to penalties, credit score damage, and potential vehicle repossession.
Maintain good credit score, provide complete documents, opt for higher down payment, apply through digital platforms, choose pre-approved offers.
Minimum 650, but 750+ gets better rates. Score below 650 may lead to rejection or higher interest rates.
Up to ₹47 Lakh or 100% of on-road price, whichever is lower. Actual amount depends on income and car value.
12 to 72 months (1-6 years). New cars: up to 7 years. Used cars: up to 5 years depending on car age.
Credit score, income stability, employment history, existing debts, down payment capacity, car value, and repayment capacity.
Pay full outstanding, submit application, get loan closure certificate, obtain NOC (No Objection Certificate) for RTO transfer.