New and Used Car Loans are financing solutions offered by banks and financial institutions to help individuals purchase vehicles—whether brand-new models or pre-owned cars. These loans allow buyers to own their desired car without making the full payment upfront, instead repaying the borrowed amount through Equated Monthly Installments (EMIs) over a fixed tenure.
For new car loans, lenders generally provide higher loan amounts with lower interest rates, while used car loans are designed to finance pre-owned vehicles, often with flexible repayment options and shorter tenures. The vehicle itself usually serves as collateral until the loan is fully repaid.
| Loan Type | New Car Loan / Used Loan |
| Service Mode | Online |
| Vehicle Age Limit (Used) | Up To 8–12 Years Old |
| Interest Rate | 7.5% – 16% Per Annum (Fixed) |
| Services Charge | As Per Policy |
| Loan-to-Value (LTV) | 90–100% For New Cars |
| EMI Mode | ECS / NACH |
| Credit Score Criteria | 650+ Preferred |
| Documentation Required | KYC, Income Proof, Or Bank Statements |
| Eligibility | Salaried, Self-employed |
| Disbursement Time | 24– 72 Hours After Approval |
| Collateral Requirement | Only The Car |
| Location | Pan India |
| Repayment Type | Fixed EMI / Structured EMI |
| Customer Segment | Individual, Corporate |
| Additional Add-ons Option | Insurance, And Extended Warranty |
| Loan Approval Method | Online / Offline |
| Service Provider | Cash Chahiye Financial Services |
| Origin | India |
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