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New Car Loan for 6 Lakh
Drive home your dream car with our tailored 6 Lakh financing. enjoy low interest rates, 100% on-road funding, and flexible tenures up to 7 years.
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₹6 Lakh New Car Loan – EMI Calculator, Interest Rates & Eligibility (2026)
A ₹6 Lakh new car loan helps you finance a new car without paying the full amount upfront. With competitive interest rates starting from 9.25% p.a., leading banks and NBFCs make it easy to drive away in your dream car. The loan covers 85% – 100% of on-road price, with a down payment of 10% – 20% typically required. Repayment tenures extend up to 7 years, giving you flexibility to choose EMIs that fit your monthly budget. Most lenders offer 100% on-road price financing for new vehicles from authorized dealers, meaning your down payment can be as low as zero with select banks and promotional offers. The car itself serves as collateral (hypothecated to the bank), so no additional security is required. Key factors affecting your interest rate include your CIBIL score, income stability, the vehicle brand and model, and the chosen loan tenure. A CIBIL score of 750+ gets you the lowest available rates. The loan processing typically takes 2-5 business days, with disbursal directly to the dealer.
Key Highlights – ₹6 Lakh New Car Loan
- ✓Interest rates starting from 9.25% p.a. for ₹6 Lakh new car loan
- ✓Funding up to 85% – 100% of on-road price
- ✓Flexible repayment tenure up to 7 years
- ✓Quick approval — loan disbursed within 2-5 business days
- ✓100% on-road price financing available at select banks
- ✓Pre-closure allowed after 12 months with minimal charges
- ✓Interest rates starting from 8.75% p.a.
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 ₹6,00,000 over 12 months at 9.99% APR. Total repayment: ₹6,32,960.90 with monthly EMIs of ₹52,746.74.
EMI Calculator
Select Your Bank
Enter Loan Amount
₹6,00,000
50K50L
9.99
8%30%
1
1Y10Y
Monthly EMI
₹52,746.74
Total Interest
₹32,960.90
₹6 Lakh New Car Loan – EMI Breakdown Table
Compare monthly EMI, total interest, and total payment for a ₹6 Lakh new car loan at 8.75% p.a. across different repayment tenures.
| Tenure | Monthly EMI | Total Interest | Total Payment |
|---|---|---|---|
| 1 year(12 mo) | ₹52,401 | ₹28,816 | ₹6,28,816 |
| 2 years(24 mo) | ₹27,342 | ₹56,210 | ₹6,56,210 |
| 3 years(36 mo) | ₹19,010 | ₹84,364 | ₹6,84,364 |
| 4 years(48 mo) | ₹14,860 | ₹1,13,275 | ₹7,13,275 |
| 5 years(60 mo) | ₹12,382 | ₹1,42,940 | ₹7,42,940 |
| 6 years(72 mo) | ₹10,741 | ₹1,73,354 | ₹7,73,354 |
| 7 years(84 mo) | ₹9,577 | ₹2,04,510 | ₹8,04,510 |
* EMI calculations are indicative. Actual EMI may vary based on the bank's interest rate, processing fees, and loan terms.
Banks Offering ₹6 Lakh New Car Loan
Compare interest rates, processing fees, and maximum loan amounts from top banks offering ₹6 Lakh new car loan in India.
| Bank | Interest Rate | Max Loan | Processing Fee | Max Tenure |
|---|---|---|---|---|
| SBI Car Loan | 8.65% – 9.80% | ₹5 Crore | 0.40% | Up to 7 years |
| HDFC Bank | 8.75% – 9.50% | ₹1.5 Crore | 0.50% | Up to 7 years |
| ICICI Bank | 8.80% – 12.00% | ₹1 Crore | 0.50% | Up to 7 years |
| Axis Bank | 9.00% – 10.50% | ₹80 Lakh | 0.50% | Up to 7 years |
| Bank of Baroda | 8.45% – 10.50% | ₹10 Crore | 0.50% | Up to 7 years |
| Kotak Mahindra | 9.00% – 10.99% | ₹1 Crore | 0.50% | Up to 5 years |
* Interest rates and fees are indicative and may vary. Please check with respective banks for the latest rates and offers.
Eligibility for ₹6 Lakh New Car Loan
To qualify for a ₹6 Lakh new car loan, applicants typically need to meet the following criteria:
Applicant Requirements
- 1Indian citizen or resident aged 21 to 65 years
- 2Salaried individuals with minimum 1 year work experience
- 3Self-employed with 2+ years of business vintage
- 4Minimum monthly income: ₹20,000
- 5CIBIL score of 700+ (750+ for best rates)
- 6Valid driving license required
Collateral Requirement
The car purchased with the loan is hypothecated to the bank and serves as collateral. No additional security or property pledge is required.
Income Requirement
Minimum monthly income of ₹20,000 for salaried applicants. For self-employed, annual income should be proportionally higher with ITR proof.
Documents Required for ₹6 Lakh New Car Loan
Keep the following documents ready when applying for a ₹6 Lakh new car loanto ensure a smooth and fast approval process.
Identity Proof
- •PAN Card
- •Aadhaar Card
- •Passport
- •Voter ID
Address Proof
- •Aadhaar Card
- •Utility Bills
- •Rent Agreement
- •Passport
Income Proof
- •Last 3 months salary slips
- •Latest ITR (2 years)
- •Bank statement (6 months)
- •Form 16
Vehicle Documents
- •Proforma invoice / Quotation
- •Vehicle RC book (for used)
- •Insurance copy
- •Vehicle inspection report (for used)
Important Notes
- ⚠Proforma invoice from authorized dealer required
- ⚠Insurance is mandatory — comprehensive insurance for the loan tenure
- ⚠Road tax and registration charges can be included in loan amount
Cars You Can Buy with ₹6 Lakh New Car Loan
Here are some common uses and purposes for a ₹6 Lakh new car loan in India.
1
Popular Hatchbacks
Best-selling hatchbacks like Maruti Swift, Hyundai i20, Tata Altroz, and Toyota Glanza available within ₹6 Lakh.
2
Compact Sedans
Maruti Dzire, Honda Amaze, Hyundai Aura — comfortable sedans perfect for families and city commuting.
3
Entry SUVs
Compact SUVs like Nissan Magnite, Renault Kiger, and Tata Punch that offer SUV styling on a budget.
Why Opt for a New Car Loan of Rs. 6 Lakh?
A Rs. 6 Lakh new car loan allows you to drive home your latest dream model with affordable monthly payments.
- Funding for latest models from top brands
- Flexible repayment tenures up to 7 years
- Competitive interest rates starting from 8.75% p.a.
- Minimal down payment options available
Eligibility Criteria
Repayment capacity and credit history are key factors:
- Age: 21 to 65 years
- Minimum Income: Rs. 20,000 per month
- Employment: Minimum 1 year with current employer/business
- Credit Score: 700+ recommended for best rates
- Model: Available for all RTO-registered new car models
Documents Required
Keep these documents ready for faster processing:
- KYC: PAN Card, Aadhaar, Passport, or Voter ID
- Income Proof: Last 3 months' salary slips or 2 years' ITR
- Bank Statements: Last 6 months reflecting salary/business income
- Vehicle Docs: Pro-forma Invoice from the car dealer
Fees & Charges
Standard costs associated with the loan:
- Processing Fee: 0.5% to 2% of loan amount
- Documentation Charges: Nominal one-time fee
- Stamp Duty: As per state government norms
- Foreclosure Charges: Nil for floating-rate loans (varies by bank)
Benefits of this Loan
Financial advantages of choosing this bracket:
- Fixed Interest Rates for stable monthly planning
- 100% On-Road Funding options (on select new models)
- Quick Disbursal often within 24-48 hours
- Balance Transfer facility to move to lower rates later
Other New Car Loan Amount Guides
Explore new car loan options for different amounts. Each page includes a customized EMI calculator, bank comparison, eligibility criteria, and expert insights.
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