New Car Loan - Cheema Capital | Drive Your Dream Car

New Car Loan Overview

A new car loan is a secured loan that helps you finance the purchase of a brand new car. It allows you to drive home your dream car today while paying for it in affordable monthly installments over a period of time.

At Cheema Capital, we offer new car loans with competitive interest rates, flexible repayment options, and quick processing to help you get behind the wheel of your dream car with ease.

Loan Amount

₹1,00,000 - ₹1,00,00,000

Interest Rate

Starting from 7.25% p.a.

Tenure

Up to 7 years

Processing Time

As quick as 24-48 hours

Features & Benefits

Competitive Interest Rates

Enjoy some of the lowest interest rates in the market, starting from just 7.25% p.a.

Flexible Repayment Tenure

Spread your repayment over a period of up to 7 years to keep EMIs affordable.

High Loan Amount

Finance up to 100% of your car's on-road price with our generous loan-to-value ratio.

Minimal Documentation

Simple and streamlined documentation process for faster approval and disbursement.

No Foreclosure Charges

Prepay your loan partially or fully without any additional charges after 6 months.

Tax Benefits

Avail tax benefits on interest paid for electric vehicles under Income Tax Act.

Eligibility Criteria

Age between 21 and 65 years
Minimum monthly income of ₹20,000
Stable employment or business for at least 1 year
Good credit score (preferably 700+)
Indian citizen with valid ID proof
Residence/office should be in our serviceable areas
Should not have any major defaults in the past

Required Documents

Identity Proof (Aadhaar Card, PAN Card, Passport)
Address Proof (Aadhaar Card, Utility Bills, Rental Agreement)
Income Proof (Salary Slips, Form 16, ITR for last 2 years)
Bank Statements for the last 3 months
Employment Details (Appointment Letter, Business Proof)
Proforma Invoice of the vehicle from the dealer
Passport-sized photographs
Driving License (if available)

Application Process

Fill the Application Form

Complete our simple online application form with your personal and vehicle details.
Document Submission

Upload the required documents for verification and processing.
Verification & Credit Assessment

Our team will verify your documents and assess your creditworthiness.
Loan Approval

Upon successful verification, your car loan will be approved.
Disbursement to Dealer

The loan amount will be directly disbursed to the car dealer, and you can drive home your new car.

Frequently Asked Questions

What is the maximum loan amount I can get for a new car?

The maximum loan amount depends on your income, repayment capacity, and the car's value. Generally, we finance up to 100% of the on-road price of the car. Our loan officers can provide a personalized assessment based on your specific situation.

How long does the car loan approval process take?

The approval process typically takes 24-48 hours after submission of all required documents. However, this timeline may vary based on verification and other factors specific to your application.

Can I prepay my car loan?

Yes, you can make partial or full prepayments on your car loan after 6 months from the date of disbursement. We offer flexible prepayment options with no prepayment charges. Prepaying your loan can help reduce the interest burden and loan tenure.

Are there any tax benefits available on car loans?

For personal use vehicles, there are generally no tax benefits. However, if you're purchasing an electric vehicle, you may be eligible for tax benefits on the interest paid under Section 80EEB of the Income Tax Act. For business use vehicles, you may claim depreciation benefits as per the Income Tax Act.

Do I need to pay any processing fees?

Yes, there is a nominal processing fee which is typically 0.5% to 1% of the loan amount. This fee covers the administrative costs associated with processing your loan application. The exact fee will be communicated to you during the application process.