Car Loan Interest Rates (April 2025)

Description of charges

New Car Loans

Documentation charges*

₹650 per case (charges NOT to be refunded in case of case cancellation.)

Premature closure charges (for full payment)*

• For pre-closures within one year, the charges will be 6% of the outstanding principal.

• For pre-closures within 13-24 months from the first EMI, the charges will be 5% of the outstanding principal.

• For pre-closures post 24 months from the first EMI, the charges will be 3% of the outstanding principal.

If you own a micro or small enterprise and have availed a fixed rate loan facility up to ₹50 lakhs, you will not be charged any premature closure fees if you make a full payment from your own source. 

Premature closure charges (for part payment)*

During the loan tenure, part payment will be allowed twice only.
In a year, only one part payment is allowed.
You can make a part payment at any time, but it cannot exceed 25% of the outstanding principal amount.

If the part prepayment is within 24 months from the first EMI, a charge of 5% will be levied on the part payment amount. If the part prepayment is post 24 months from the first EMI, a charge of 3% will be levied on the part payment amount.

If you own a micro or small enterprise and have availed a fixed rate loan facility up to ₹50 lakhs, you will not be charged any premature closure charges if you make a part payment from your own source. 

Stamp duty & Other Statutory Charges(non-refundable)

As per actuals which are applicable in laws of the state. (Including RTO charges).

Delayed instalment payment charge

18% p.a. (1.5% per month), plus applicable government taxes on overdue instalment amount.

Processing fees* (non-refundable)

Upto 1% of Loan Amount subject to minimum of Rs. 3500/- and maximum of Rs. 9000/-

For loan facilities up to ₹5 lakhs availed by micro and small enterprises subject to URC submission before disbursal, no processing fees will be charged. 

Repayment Mode changes charges

₹500 per instance

Loan cancellation Charges

NIL cancellation charges.

(However, interest charges from date of disbursement till the date of cancellation of loan will be borne by the customer. Processing fee Stamp duty and documentation Charges are non-refundable charges and would not be waived / refunded in case of loan cancellation.)

Legal, repossession and incidental charges

At actuals

Duplicate no due certificate / NOC

₹250 per instance

Loan re-schedulement charges / rebooking charges

₹400 (To make changes on RC, you will need to pay a refundable security deposit of ₹5,000. This deposit is non-interest bearing and will be repaid once you provide the transferred Registration Certificate to the bank.)

LPG / CNG NOC / other special NOC

₹200 per NOC

CIBIL charges (only on request)

₹50

Payment return charges^#

₹450 per instance

Amortisation schedule charges / Repayment schedule charges

Rs 50/ per schedule for physical copy. 

Customer can also download the schedule from the link free of cost

Commercial / personal use NOC (conversion subject to credit approval)

₹200 per NOC

Registration Certificate (RC) Collection Fees

₹600 per case (To be refunded in case of case cancellation.)

Rack interest rate

9.40% onwards depending on loan amount, tenure & CIBIL score

RTO transfer charges

At actuals