New and used vehicles
Finance the car, without taking the showroom's first offer.
A car loan pays for a new or used vehicle, and the car itself is the security. It is hypothecated to the lender, whose name is endorsed on the registration certificate until the last EMI clears. That security is why the rate sits well below a personal loan — and why the car is not fully yours to sell until the loan is closed.
- Interest range p.a.
- [7%–15%] Interest range p.a.
- Of on-road price
- up to 90% Of on-road price
- Maximum tenure
- 7 years Maximum tenure
Why through JSR
What you get
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The car is the security
Nothing else is pledged. The vehicle is hypothecated to the lender, which is why the rate sits far below an unsecured personal loan.
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New or used, both are funded
New cars go up to 90% of on-road price over seven years. Used cars are funded against a valuation, usually 70%–80%, over five.
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Sanction before you walk in
An approved loan in hand makes you a cash buyer at the dealership. The discount conversation goes differently after that.
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We price the showroom's offer for you
Bring us what the dealer quoted. We will put a bank's number beside it and show you which one actually costs less over the full tenure.
At a glance
Car Loan details
- Funding
- Up to 90% of on-road price for a new carUsed cars are funded at 70%–80% of the lender's valuation, not the price you agreed with the seller. Some lenders quote 100% of ex-showroom, which is not the same thing
- Tenure
- Up to 7 years new, up to 5 years usedUsed-car tenure is also capped by the car's age at closure
- Interest rate
- [7%–15%] p.a.New cars sit near the bottom of the range, used cars near the top
- Processing fee
- [0.5%–1%] of the loanVaries by lender; often negotiable
- Security
- Hypothecation of the vehicleThe lender's name stays on the RC until you close the loan and file Form 35
- Foreclosure
- [3%–6%] of the outstandingCar loans are usually fixed rate, so the nil-charge rule for floating-rate borrowers does not cover them. Most lenders also bar closure in the first six to twelve EMIs
- Tax treatment
- No deduction for personal useIf the car is a business asset, interest and depreciation may be claimable. Confirm with your accountant
Is this you?
Who this suits
- You have chosen the car and want the loan settled before you negotiate the price
- You can put down 10% to 20% of the on-road cost from your own savings
- Your existing EMIs still leave room in your FOIR for one more
- You are buying a used car that will still be under about ten years old when the tenure ends
- You want the registration in your own name from day one, not a lease or a subscription
Documents
What you will need
About the car
- Proforma invoice or dealer quotation, for a new car
- RC book, valid insurance and pollution certificate, for a used car
- Valuation report from the lender's empanelled valuer, for a used car
- Form 35 and NOC from the previous lender, if the used car is still hypothecated
- Booking receipt or proof of the advance already paid
About you
- PAN, Aadhaar and photographs
- Valid driving licence
- Salaried: 3 months' payslips, Form 16, 6 months' statements
- Self-employed: 2 to 3 years' ITR with computation and 12 months' statements
- Address proof and statements for any loans already running
We tell you which of these your lender actually wants before you gather anything.
Plan your EMI
What would it cost a month?
Move the sliders for an indicative EMI. Your actual rate depends on the lender, the property and your credit profile — this is a starting point, not a quotation.
EMI Calculator
Instant estimateYour monthly EMI
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- Total interest
- ₹0
- Total payable
- ₹0
Indicative only. Your actual EMI depends on the lender, loan amount and credit profile.