What credit score is required for a car loan?+
There is no minimum credit score requirement at Sova Finserv. However, a score below 720 can limit the amount you are approved for.
What are the shortest and longest terms for a car loan?+
Sova Finserv offers flexible tenors ranging from 12 months to 60 months — giving you full control over your repayment schedule.
How much does a car loan cost in interest?+
Depending on the applicant's profile and the tenor chosen, the interest rate ranges from 9.25% to 28% per annum.
Is there an EMI option for car loans?+
Yes. Sova Finserv provides the lowest EMI car loan in India with flexible payment options.
Is car loan interest tax deductible?+
Yes — if you are a self-employed professional or business owner using the vehicle for business-related activities, the car loan interest can be tax deductible.
Can I get a car loan for a second hand car?+
Yes. Sova Finserv provides quick loans for both new and second hand cars at reasonable interest rates with hassle-free processing.
What documents are needed for a car loan?+
Only basic KYC documents are required — Aadhaar Card, Voter's ID, Driving Licence, and PAN Card. No income proof is required.
