✅Checklist

Car Loan Smart Checklist

12 things to check before you sign — flat vs reducing rate, hidden charges, and the CA's tax angle on car loans.

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1-page compact checklist — meant to be read in the 10 minutes before you sign.

What's inside

The 20/4/10 affordability rule, and how your CIBIL score swings your rate by 0.5–1%
The flat-rate vs reducing-balance trap — a 7.5% flat rate is actually 13–14% reducing
Fixed vs floating rate, and how to actually compare 3 loan quotes apples-to-apples
Hidden charges to check: processing fee, prepayment/foreclosure charges (3–6%), bundled insurance, ex-showroom vs on-road funding
The CA's tax angle: no deduction for a personal car loan, but business/professional use can claim both interest and depreciation
The documents to keep after loan closure — NOC and Form 35

Anyone about to take a car loan — salaried buyers (no tax angle applies) and business owners or professionals (a real deduction is available).

The flat-vs-reducing rate trap alone can mean you're actually paying close to double the interest rate you think you signed up for.