5.7cr+
Satisfied Customers
100% On-Road Funding Available
Drive Home Your Dream Car Today
Experience seamless financing with attractive interest rates, quick sanction, and flexible repayment.
65+
Lending Partners
Rs.65k Cr+
Loans Disbursed
Why Choose Six Finance?
Experience hassle-free borrowing with flexible loan options, instant credit tracking, and rapid approvals designed around your unique financial journey.
Flexible Repayment Plans
Life changes, and your loan should adapt with it. We offer customizable repayment schedules and loan amounts designed to fit comfortably within your budget.
Fast, Secure & Transparent
Apply with complete peace of mind. Our streamlined, bank-grade encrypted platform ensures lightning-fast approvals while keeping your data strictly protected.
Personalized Financial Solutions
We look beyond the numbers to understand your story. Enjoy a borrowing experience that is custom-tailored specifically to your unique financial goals and needs.
Loan Details
New Car Loan Calculator
Calculate your EMI and total interest for a new car loan with flexible repayment options.
Instant Approval
No Hidden Charges
100% Digital Process
Representative Example:
Borrow ₹50,00,000 over 12 months at 9.99% APR. Total repayment: ₹52,74,674.18 with monthly EMIs of ₹4,39,556.18.
EMI Calculator
Select Your Bank
Enter Loan Amount
₹50,00,000
50K50L
9.99
8%30%
1
1Y10Y
Monthly EMI
₹4,39,556.18
Total Interest
₹2,74,674.18
Why Choose Six Finance?
Experience hassle-free borrowing with flexible loan options, instant credit tracking, and rapid approvals designed around your unique financial journey.
Flexible Repayment Plans
Life changes, and your loan should adapt with it. We offer customizable repayment schedules and loan amounts designed to fit comfortably within your budget.
Fast, Secure & Transparent
Apply with complete peace of mind. Our streamlined, bank-grade encrypted platform ensures lightning-fast approvals while keeping your data strictly protected.
Personalized Financial Solutions
We look beyond the numbers to understand your story. Enjoy a borrowing experience that is custom-tailored specifically to your unique financial goals and needs.
What is a New Car Loan?
A new car loan is a secured financing option for purchasing a brand-new vehicle directly from a dealership. Lenders typically finance up to 90-100% of the on-road price.
New car loans offer longer repayment tenures compared to used car loans, typically ranging from 3 to 7 years (up to 84 months), allowing for smaller, manageable EMIs.
Standard eligibility:
- Minimum annual income (e.g., ₹3 Lakh+)
- Credit score (750+ for best rates)
- Employment stability (min 1-2 years)
- Age limit (typically 21 to 65 years)
Since the car is new and under warranty, interest rates are usually the lowest in the vehicle loan category.
Bring Home Your New Car Today
Skip the dealer's finance desk queue. Get pre-approved with SIX Finance before you enter the showroom. Negotiate better with the dealer as a cash buyer while we handle the financing backend.
New Car Loan Advantages
- Up to 100% On-Road funding
- Exclusive interest rates for high-cibil customers
- No income proof schemes available
- Longest tenure up to 7 years
- Tie-ups with all major car manufacturers
- Zero foreclosure charges after specific period
Financial Guide
New Car Loan Interest Rates
New car loan rates are competitive, starting from 8.65% to 10% p.a. Some manufacturers offer subvention schemes with even lower rates.
Driving Your Dream Car Home
Maximize your car buying power with these financing tips:
1
On-Road vs Ex-Showroom
Look for lenders providing 'On-Road' funding which covers registration and insurance, not just the Ex-Showroom price.
2
Fixed vs Floating Rate
Car loans are mostly fixed-rate loans. Ensure you lock in a good rate as it won't change for the tenure.
3
No Prepayment Penalty
Some PSU banks offer car loans with zero prepayment penalties. This is great if you plan to close the loan early.
4
Dealer Finance vs External
Dealers often have tie-ups, but their rates might include commissions. Always compare with an external bank offer.
5
Tenure Impact
A 7-year tenure reduces EMI but increases total interest cost significantly compared to a 3 or 5-year tenure.
New Car Loan Eligibility
Eligibility criteria Drive your dream car with these requirements:
Age: 21–65 years.
Income: Net salary Rs. 2.5 Lakhs p.a. or IT Returns of similar value.
Credit Score: 750+ gets you the best 'prime' rates.
Employment: 2 years total experience, 1 year with current employer.
Documents: KYC, Income Proof, Bank Statement (last 6 months).
New Car Finance Types
Various ways to fund your brand new vehicle purchase.
New Car Loan Documents
Straightforward documentation for purchasing a new vehicle.
| Requirements | Salaried | Self-Employed |
|---|---|---|
| Proforma Invoice | Quotation from the Dealer detailing car price and taxes | Quotation from the Dealer detailing car price and taxes |
| Income Proof | Form 16 / Salary Slips | ITR (2 Years) with computation |
| Bank Proof | Last 6 months statement | Last 6 months statement |
New Car Finance
On-Road vs Ex-Showroom
- Prefer banks that fund 'On-Road' price.
- This covers insurance and registration costs.
Fixed vs Floating
- Car loans are usually fixed rate.
- Prepayment penalties apply on fixed rate loans.
Dealer vs Bank
- Dealer finance is convenient but may have hidden commissions.
- Always compare with an external bank offer.
Depreciation Cover
- Take Zero-Depreciation insurance.
- It protects the car's value in case of total loss/theft claims.
New Car Loan Fees
Standard charges for new vehicle financing:
| Particulars | Charges |
|---|---|
| Processing Fees | 0.5% to 1% (Often waived during festivals) |
| Documentation Charges | ₹ 500 - ₹ 700 |
| Stamp Duty | As per state actuals |
| Foreclosure (Fixed Rate) | 5% of principal outstanding |
| Part-Payment | Allowed after 12 months (charges apply) |
Other fees and charges levied by the lenders include documentation charges, verification charges, duplicate statement charges and NOC certificate charges.
New Car Loan Rates
Drive home your new vehicle with the most competitive auto loan rates.
| Bank | Fixed/Floating Rate |
|---|---|
| SBI Car Loan | 8.65% (Fixed) |
| Canara Bank | 8.70% (Floating) |
| Axis Bank | 9.00% onwards |
Bank Loan vs Dealer Finance
Where should you get your new car loan from?
| Direct Bank Loan | Dealer Finance |
|---|---|
| Transparent charges | Convenient but may hide costs |
| Negotiable interest rates | Rates often fixed/higher |
| No obligation to buy accessories | Might bundle insurance/accessories |
| Pre-approved options available | Instant approval at showroom |
Financing Options
Up to 100% on-road funding available for select profiles.
Choice between Fixed and Floating rates.
Pre-approved offers require zero income documentation.
Steps to Drive Home
Book the car and get the proforma invoice.
Compare offers from the dealer vs external banks.
Submit documents and get the Sanction Letter.
Pay the down payment to the dealer; bank disburses the rest.
How to Calculate New Car Loan EMI Online?
You can calculate your new car loan EMI using a free online new car loan EMI calculator. You just need to enter your interest rate, loan amount and tenure in the calculator to get instant and accurate results.
Bank Loan vs Dealer Finance
Where should you source your car funding from?
| Parameter | Direct Bank Loan | Dealer Finance |
|---|---|---|
| Transparency | High transparency on fees | May include hidden commissions |
| Interest Rate | Often negotiable | Usually fixed standard rates |
| Choices | Choice of unknown bank | Limited to dealer tie-ups |
| Convenience | Moderate (Branch/Online) | High (One-stop shop) |
New Car Owners
Mr. & Mrs. Iyer — Family Car
"The dealer quoted 10% interest. I checked Six Finance and got an offer from a PSU bank at 8.75% with zero processing fee. Saved a lot of money."
Gaurav B. — On-Road Funding
"I didn't have much cash for down payment. Found a lender who funded 100% of the On-Road price including insurance. Drove my new Nexon home the next day."
Driving Home a New Car
Maximize your bargaining power with these tips:
- Negotiate on the 'On-Road' price funding, not Ex-Showroom.
- Compare dealer finance vs external bank offers.
- Ask for a waiver on processing fees (festive offers).
- Opt for a fixed interest rate to avoid market fluctuations.
- Check foreclosure charges if you plan to pay off early.
New Car Loan Facts
- LTV can go up to 100% of On-Road price for select profiles.
- Car is hypothecated to the bank until the loan is cleared.
- Tenures available up to 7 or 8 years.
- Credit score significantly impacts the interest rate offered.
- Pre-approved loans require zero income documentation.
Our Financial Solutions
Car Financing Options
Drive your dream car with our flexible financing options for both new and pre-owned vehicles.
Used Car Loan
Finance your pre-owned car with competitive interest rates. Flexible tenure and minimum documentation for certified used cars.
New Car Loan
Drive your dream car home with our new car financing. Attractive interest rates, insurance coverage, and quick approval process.
New Car Loan Selection Priorities
Reviewed by Six Finance editorial and credit-analysis team · Last updated: 2026-01-15
Intent-specific checkpoints
- Compare on-road funded amount, down-payment requirement, and tenure mix.
- Model EMI impact of add-ons like insurance and accessories financing.
- Verify pre-closure and part-payment flexibility before onboarding.
- Align disbursal timing with dealer invoicing and registration workflow.
Methodology and compliance notes
- Loan examples use standard passenger-vehicle financing assumptions in India.
- Comparisons prioritize effective cost, tenure fit, and process transparency.
- Campaign offers and OEM tie-ups may change lender ranking outcomes.
- Final terms are validated during lender underwriting and dealer coordination.