What you need to know
You can apply at the dealership, at a branch, on the bank’s website or app, or through fully digital journeys such as bob Digital Car Loan and PNB Digi Car Loan. Pre-approved customers can get sanction the same day.
Steps
- Get an itemised quotationEx-showroom, road tax, registration, insurance, TCS, accessories.
- Compare offersRate, rate type, fee, funding and foreclosure — from the KFS.
- ApplySubmit KYC, income and the quotation online or at the branch / dealer.
- VerificationCredit check, income verification and sometimes a residence or office visit.
- Sanction and agreementRead the sanction letter and KFS; sign the agreement and set up NACH.
- Disbursal to dealerBank pays the dealer after you pay the margin.
- Post-disbursalSubmit RC with hypothecation, insurance copy and invoice to the bank.
Before you sign
- Is the rate fixed or floating, and what is the reset period?
- APR in the KFS (includes fees)
- Foreclosure and part-prepayment charges
- Whether credit life / other insurance is optional
- Do not accept bundled products you did not ask for
Frequently asked questions
Should I take the dealer’s financing?
Dealer desks are convenient, but compare the rate and fee with your own bank; you are free to choose any lender.
For information and comparison only. Loan terms, rates and rules change — confirm with the lender and read the Key Facts Statement before borrowing.