Car Loans in Hyderabad – Eligibility, EMI & Interest Rates
Car loans in Hyderabad help individuals purchase new or used vehicles through easy EMI options. Whether you are salaried or self-employed, understanding eligibility, interest rates, and documentation before applying improves approval chances.
Car Loans in Hyderabad – Overview
Car loans are vehicle loans offered by banks and NBFCs to finance the purchase of new and second-hand cars. Loan approval depends on income stability, credit score, vehicle value, and existing financial obligations.
Car Loan EMI Calculator
Disclaimer: EMI is indicative only.
Car Loan EMI Calculation
Car loan EMI depends on three main factors: loan amount, interest rate, and tenure. Longer tenure reduces monthly EMI but increases the total interest paid over time.
Types of Car Loans Available in Hyderabad
New Car Loans
New car loans in Hyderabad are available for brand-new vehicles purchased from authorized dealers. These loans offer lower interest rates and higher financing limits.
- Finance up to 85%–90% of on-road price
- Lower interest rates
- Loan tenure up to 7 years
- Affordable monthly EMIs
Used Car Loans
Used car loans help finance pre-owned vehicles in Hyderabad. Loan tenure depends mainly on the age of the car.
- Car age below 5 years: Loan up to 5 years
- Car age 5–7 years: Loan up to 3 years
- Interest rates slightly higher than new cars
- Vehicle condition impacts eligibility
Loan on Existing Car
A loan on existing car in Hyderabad allows you to raise funds against a car you already own, without selling it.
- Car should be below 5–7 years old
- Loan based on current car value
- Shorter tenure than new car loans
- Quick approval & minimal documents
Comparison of Car Loan Interest rate eligibility in Hyderabad
| Feature | New Car Loan | Used Car Loan | Loan on Existing Car |
|---|---|---|---|
| Purpose | Purchase of a brand-new car | Purchase of a second-hand car | Loan against an already owned car |
| Interest Rate (Indicative) | 8.75% – 10.5% | 11% – 14% | 12% – 16% |
| Loan Amount | Up to 85–90% of car value | Up to 70–80% of car value | Up to 60–70% of car value |
| Maximum Tenure | Up to 7 years | Up to 5 years | Up to 4 years |
| Car Age Eligibility | Brand new | Usually up to 5–8 years old | Car should be within lender age limits |
| Documentation | Income & identity proof + car quotation | Income proof + RC + seller details | RC + insurance + income proof |
Eligibility Criteria for Car Loans in Hyderabad
Applicants generally need to meet the following criteria:
- Age between 21 and 65 years
- Minimum monthly income of ₹20,000
- Stable employment or business income
- Credit score of 650 or above
- Existing EMIs within acceptable limits
Documents New for Car loan in Hyderabad
Salaried Individuals – Hyderabad
- Passport / Driving Licence / Voter ID
- Job Card issued by NREGA
- National Population Register (NPR) letter
- Aadhaar Card (voluntary, with consent & masked digits)
- Latest Salary Slips & Form 16
- Last 6 months bank statements
Self-Employed – Sole Proprietorship
- Passport / Driving Licence / Voter ID
- NPR letter or NREGA Job Card
- Latest Income Tax Returns (ITR)
- Bank statements for last 6 months
Partnership Firms
- Audited Balance Sheet & P&L (last 2 years)
- Company ITR (last 2 years)
- Telephone / Electricity Bill
- Shop & Establishment / SSI / Sales Tax Certificate
- Last 6 months bank statements
Private & Public Limited Companies
- Audited Balance Sheet & P&L (last 2 years)
- Company ITR (last 2 years)
- Shop & Establishment / SSI / Sales Tax Certificate
- Telephone / Electricity Bill
- Last 6 months bank statements
Disclaimer: Terms & conditions apply. Car loan approvals in Hyderabad depend on lender policies, documentation, and verification. Interest rates are subject to change.
Documents Required for Used Car Loan
To apply for a used car loan in Hyderabad, applicants are generally required to submit the following documents. Exact requirements may vary slightly depending on the bank or NBFC.
- Identity proof (Aadhaar card, PAN card)
- Address proof (Aadhaar, Passport, Voter ID, or utility bill)
- Income proof (latest salary slips or business income proof)
- Bank statements for the last 6 months
- Vehicle Registration Certificate (RC)
- Insurance copy of the vehicle
- Sale agreement or transfer documents (Form 29 & Form 30)
- Passport-size photographs
How HyderabadLoans.in Helps
HyderabadLoans.in is a loan guidance platform that helps users understand car loan eligibility, EMI structure, and documentation requirements before applying with banks or NBFCs. We provide clarity, not approvals.