Car Loan -

Drive Your Dream Car Today

Whether you’re buying a new or used car, Mitra Loans offers flexible car loans with competitive interest rates and easy repayment options.

Car Loan

A car loan is a type of financing that allows individuals to purchase a new or used vehicle by borrowing money from a lender and repaying it over time with interest. Car loans are typically secured loans, meaning the vehicle itself serves as collateral. This type of loan makes it possible to afford a car without paying the full amount upfront, offering flexible terms and competitive interest rates. Mitra Loans provides car loans with tailored solutions to meet the diverse needs of our customers. Whether you're buying your first car or upgrading to a luxury model, our car loan products are designed to make the process smooth and affordable.

Find Your Related Loan

1. New Car Loans

o Purpose: Finance the purchase of a brand-new vehicle.
o Features: High loan amounts covering up to 100% of the on-road price, depending on eligibility.
o Benefits: Competitive interest rates, flexible repayment terms, and quick approval.

2. Used Car Loans

3. Loan Against Car

o Purpose: Obtain funds by pledging your existing car as collateral.
o Features: Loan amounts based on the car’s current market value, with favorable interest rates.
o Benefits: Ideal for those needing funds for other expenses without selling their vehicle.

4. Top-Up Car Loans

o Purpose: Additional financing on an existing car loan.
o Features: Allows borrowers to access extra funds based on the equity built in the car.
o Benefits: No need for a separate loan application, with streamlined processing and competitive rates.

5. Zero Down Payment Loans

o Purpose: Purchase a car without making any upfront payment.
o Features: The lender finances the entire cost of the vehicle, including registration and insurance.
o Benefits: No need to arrange for a down payment, making car ownership more accessible.

6. Ex-Showroom Price Financing

o Purpose: Finance up to 100% of the ex-showroom price of the car.
o Features: Includes the vehicle's cost without additional charges like registration or insurance.
o Benefits: Simplifies the loan process by covering the primary cost of the vehicle.

Why Choose Us

At Mitra Loans, we believe in empowering you with the best financial solutions.
Here’s why our clients trust us

Wide Range of Loan Products

Whether you're looking for a home loan, business loan, or personal loan, we've got you covered. We offer loans that are tailored to meet your specific needs

50+ Banks and NBFC Partnerships

We’ve partnered with over 50 banks and NBFCs to bring you the best interest rates and loan options, ensuring that you have the power to choose the most competitive deals in the market.

Personalized Service

Our team works closely with you to understand your financial goals and customize solutions that best meet your needs, offering a personal touch throughout your loan journey.

Dedicated Customer Support

Our support team is always here for you, providing timely assistance and guidance whenever you need it. We are committed to making your loan experience smooth and convenient.

Simple and Transparent Process

We keep things clear and easy to understand. From eligibility checks to loan approval, our process is designed to be hassle-free and transparent, so you know exactly what to expect.

Age & Income

• Minimum Age: 21 years.
• Maximum Age: 65 years at the time of loan maturity.
• Salaried Individuals: Minimum monthly income of INR 25000.
• Self-Employed Individuals: Minimum annual income based on the type of business or profession.

Employment Status

• Salaried: Minimum of 1 year with the current employer, or a minimum of 2 years of total work experience.
• Self-Employed: Minimum of 3 years in the current business or profession.

Vehicle Type

• New Cars: All new cars from authorized dealerships are eligible. • Used Cars: Typically, cars up to 5-7 years old are eligible for financing.

Credit Score

• Minimum Credit Score: A good credit score (typically 650 and above) enhances eligibility for favorable interest rates.

Identity Proof

Aadhar card.
PAN card.
passport.
or voter ID

Adress Proof

• Salaried: Minimum of 1 year with the current employer, or a minimum of 2 years of total work experience.
• Self-Employed: Minimum of 3 years in the current business or profession.

Aadhar Card
Utility Bill(Latest) Bank Statent Any Other Doccument of Recognized By Govt

Income Proof

• New Cars: All new cars from authorized dealerships are eligible. • Used Cars: Typically, cars up to 5-7 years old are eligible for financing.

1. For Salaried
Salary Splips
Form 16Part A,B Employee Id Last One Year Banks Account Statement

2. For Self Employed
Proper Business License
Income Tax Returns of Last 3 Years Bank Account Statement

Vehicle Documents

• Minimum Credit Score: A good credit score (typically 650 and above) enhances eligibility for favorable interest rates.

Invoice, registration certificate, and insurance details for the vehicle.

Interest Rate: 7.75% to 12% per annum Processing Fee: 1% to 1.5% of the loan amount

Repayment Tenure: 1 to 7 years
Prepayment Charges: 2% to 5% of the outstanding amount (varies with bank policies)

Know Your EMI in Seconds!

Use our easy EMI calculator to estimate your monthly payments and explore the best loan options.

Ready to take the next step?

Apply online today and let Mitra Loans help you achieve your dreams!

Frequently Asked Quesions(FAQ's)

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

• Mitra Loans offers car loans up to 100% of the car’s on-road price, depending on your eligibility.

How is the interest rate on a car loan determined?

• Interest rates are based on factors such as your credit score, loan amount, repayment tenure, and whether the loan is secured or unsecured.

Can I get a car loan for a used car?

• Yes, Mitra Loans offers financing for pre-owned cars, typically up to 80-90% of the car’s current market value.

What is the tenure for car loans?

• Repayment tenures for car loans range from 12 to 84 months, depending on your preference and eligibility.

What documents are required for a car loan application?

• You will need to provide identity proof (e.g., Aadhar, PAN), address proof, income proof (e.g., salary slips, IT returns), and vehicle-related documents (e.g., invoice, registration).

How long does it take to get a car loan approved?

• The approval process is quick, usually within 24-48 hours, provided all documents are in order.

Can I prepay my car loan?

• Yes, you can prepay your loan. Mitra Loans offers flexible prepayment options with minimal or no penalties, depending on the loan terms.

What happens if I miss an EMI payment?

• Missing an EMI payment can result in late fees and may negatively impact your credit score. It’s important to communicate with us if you anticipate any issues with repayment.

Can I finance the full on-road price of the car?

• Yes, Mitra Loans offers financing options that cover the full on-road price of the vehicle, including registration, insurance, and other associated costs.

Is it possible to get a zero down payment car loan?

• Yes, Mitra Loans provides zero down payment options, allowing you to finance the entire cost of the car without an upfront payment.

Our Lending Partners

At Mitra Loans, we’ve partnered with leading banks and NBFCs
to offer you the best loan options at competitive rates, ensuring a wide range of financial solutions tailored to your needs.

Check Your Loan Eligibility

In just a few clicks,
find out how much you can borrow with Mitra Loans.

Mitra Loans is a trusted brand under Ecomitra Consultancy Services India Pvt Ltd. With a strong foundation in the financial services sector, we have established ourselves as a reliable partner for thousands of customers across India.

# 3-6-290/12/3, Flat No 103, 1st Floor ,Hyderguda, Opp: MLA Quarters Road, Basheerbagh, Hyd,-TG-29