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Car Loan

Owning a car has never been easier. Shinhan Bank offers car loans at the lowest ROI and fastest disbursal. Our prime and used car loans are available for salaried/self-employed professionals to purchase passenger, multi-utility, and sports utility vehicles for personal use.

Eligibility Criteria

  • Applicant should have a CIBIL score above 700
  • The maximum EMI/Net Monthly Income (NMI) ratio is 75% in case of no obligations and is restricted to 70% in case of existing obligations. Applicant should be above 21 years of age
  • Prime Car Loan(New) - No maximum loan amount capping
  • Prime Car Loan(Used)- Maximum of Rs. 20,00,000/- capping
  • LTV for New Car Loan - 85% and LTV for Used Car Loan - 80% of all in cost price, which includes Ex-showroom price, registration fees, road tax, insurance, etc.
  • *Turn Around Time for Car Loans shall be within 7 working days subject to submission of requisite documents and fulfillment of terms & conditions as per Bank's policy.

a) General Documents:

  • Duly filled Application form
  • 2 passport-size photos of the applicant and co-applicant
  • Proof of ID - Voter ID Card/ Passport/ Driving License/PAN Card/ Aadhar Card
  • Proof of Residence
  • Proof of Residence
    • Property tax receipts
    • Utility Bills (Power Bill/Telephone Bill, etc.)
    • Credit Card statement
    • Income or Wealth Tax Assessment order
    • Ration Card/ Valid Leave & License Agreement/ Lease Agreement
    • Letter from Employer
    • Statement of Bank Account/ Passbook for the 6 months

b) Proforma Invoice of the proposed vehicle /latest price list on dealers letterhead/ pre-printed format to be collected

c) Own contribution receipts for the margin money payment towards the seller/dealer

d) Statement of Bank accounts/Passbook for 12 months (statement should not be older than 1 month). If the applicant has existing loans, the latest 12 months' bank statement for such loan account

Additional documents for Salaried Persons

  • Last 3 months' salary slip
  • Employment continuity proof (Latest form no. 16/ Confirmation Letter/Appointment letter/ Work experience certificate) - any of these
  • Copy of Income Tax return for the last two financial years duly acknowledged by the IT department
  • Employment certificate

Additional documents for Professional/Self- employed

  • Proof of Business address
  • Copies of Income tax returns or assessment orders for the last two years duly acknowledged by the Income Tax Department
  • Financial Statements for the last two years duly certified by a Chartered Accountant

    Loan Tenor

  • New Car- Tenor of 7 years (subject to the residual age of the applicant)
  • Used Car- Tenor of 5 years (subject to the residual age of the applicant and the age of the vehicle)

    Rate of Interest

  • New Car Loan at the Rate of Interest (ROI) of 8.90%* and Used Car Loan at the Rate of Interest of 10.65%*
  • ROI is based on Shinhan Bank Interest Rate Guidelines as applicable from time to time


  • Processing fees is 1% of the loan amount (Maximum of Rs 10,000/-) plus taxes
  • Other charges: Stamping charges, Valuation charges (Used Car Loan) and RTO agency charges
  • Penal Charges as mentioned in the Sanction Letter

All the above mentioned charges are to be borne by the applicant.

Repayment fees/ Foreclosure charges : NIL

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