Why BankBazaar Car Loan?
  • Compare multiple bank offers
  • Apply Online for Lowest Rates
  • Get e-approval instantly
 Car Loan Ratings
4.0 / 5.0 by 2208 users

Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

 Car Loan Reviews

"It was through the car dealer I have availed the car loan from State bank of Mysore. Everything went smooth and my loan was disbursed within 3 days of time once the documentation process complete. They offered me a good rate of interest around 10.5%."

Sajin Sebastian, Bangalore
More Reviews
Choose Loan Offers From

Get E-approved on Your Car Loan

Compare & Apply online at BankBazaar.com to get instant e-approval for your car loan from HDFC Bank, Axis Bank and ICICI Bank.

Get the Best Car Loan Deals

BankBazaar.com has coordinated with HDFC Bank, Axis Bank and ICICI Bank to get you the best deals on your car loan.

Car Loan EMI Calculator

Use BankBazaar.com’s Car Loan EMI Calculator to calculate car loan EMI for used car or new car.
Secure & Safe

Compare  Car Loan with other banks & check your loan eligibility

We've identified the lowest interest rate quotes for your profile with great savings.

Rates & special offers displayed below are accurate & applicable ONLY for applications made on BankBazaar.com

  • Some fields are incorrect or have not been filled in. Please correct this to proceed.
  •       Self Employed?
    Slowly start typing your employer's name and choose from the recommendations provided. If you do not see your employer on our list, simply type the name in this field.
  • This is your gross monthly salary as per your monthly payslip prior to deductions (include only payments via direct deposit or cheque i.e. exclude payments in hard cash and in-kind components)
  • Enter mobile numbers without any spaces or hyphens.
  • Please provide First Name as it appears in your PAN card.
  • loading..
Step 1 of 3

Car Loan Overview

Car Loan 4.0 / 5.0 by 2208 users  
Used this product? Write a review »
Drive home your dream car with low interest car loan offers. Compare and apply online at BankBazaar.com to get e-approved instantly.

If you are planning to buy your dream family car and finance is a concern then you need not worry as there are exiting car loan offers available from leading banks in India. Check your Car Loan eligibility now by filling up the above form and get best car loan offers instantly. Check your Eligibility Now!

Why apply for a car loan on BankBazaar.com?
  • Lowest interest rates: We have coordinated with HDFC Bank, Axis Bank and ICICI Bank to get you the best car loan interest rates. In fact, HDFC Bank, Axis Bank and ICICI Bank use BankBazaar.com-powered technology to give their customers the best car loan experience on their websites, https://www.hdfcbanksmartapply.com/, https://loans.axisbank.com/car-loan.html and https://loans.icicibank.com/car-loan.html
  • Instant e-approval: On BankBazaar.com you can compare car loan offers, apply online and get instant e-approval for your car loans from HDFC Bank, Axis Bank and ICICI Bank.
  • Simple Online Comparison: Compare car loan offers on the basis of loan eligibility, EMI, interest rate, fees and customer ratings.
  • Transparency: Aimed at helping you make the right choice, we provide objective and transparent information about your loan options.
  • Privacy: Your application is sent only to the lender you choose, and is never shared with anyone else.
How to get a car loan on BankBazaar.com
  • Eligibility Calculator: Fill the form above to instantly get customized car loan quotes that you are eligible for.
  • Compare car loan offers: Compare customized car loans offers from HDFC Bank, Axis Bank and ICICI Bank based on your eligibility criteria and apply online for the one you like.
  • Your application will be sent electronically to the lender you chose. The lender will contact you within one day.
  • BankBazaar.com will update you on your loan application status via email & SMS alerts.
How to use BankBazaar.com’s car loan EMI calculator?

Check our Car Loan EMI calculator and see how much money you will have to pay every month for your dream machine. Remember the more down payment you make the lesser will be the loan burden. Also check your car loan eligibility using the above form and compare Processing fees, Interest rates, documents with various banks online at Bankbazaar.com

Car Loan FAQs

  1. Can I get 100% financing for my car?
    It is possible but most banks do not offer such an option. Those banks which offer 100% financing will do so subject to certain terms and conditions and reserved only for certain makes and models of cars. These aspects are based on the discretion of the bank. This is applicable only for new cars.

  2. Can you specify the borrowing range for a car loan?
    The borrowing range varies across different financial institutions and also takes into account the applicant’s credit profile. However, the minimum amount for a car loan is Rs.1 L and the maximum depends on the income and other credit profile details of the applicant. It also depends on the cost of the car. Some banks offer around 3 times the annual salary of the applicant in case of a salaried individual and around 6 times the annual income in the case of self employed professionals.

  3. How do I calculate the amount of money I should borrow for my car loan?
    You need to calculate the amount of money required based on:
    • Cost of the car based on make, model and colour.
    • Amount and type of insurance cover you wish to opt for. (Only a few banks cover the insurance)
    • The kind of car accessories you wish to purchase for your car etc. (Please note that most banks will not fund you for accessories).
    • Down payment for the car, which you will be paying upfront based on which you can calculate the remainder of the loan amount needed.
    • Percentage of financing available for the car depending on the make and model. This aspect varies according to the lender/bank’s discretion. Some banks offer up to 90% financing for new cars.
    • A few other banks may offer loans for second hand cars as well and the amount of financing they are willing to offer again largely depends on the car’s resale value and differs across banks/lending institutions.
  4. Do I need a loan guarantor?
    No, a personal guarantor is not usually required for your car loan. It is applicable only during instances where your credit profile does not match the lender’s requirements. Even then this can be taken care of by simply taking on a co-applicant.

  5. What are the car loan tenure options?
    The Car Loan tenure ranges from 1 year (12 months) to 5 years (60 months), a select few offer 7 years tenure as well.

  6. If my income and budget does not support a particular loan amount, then can I opt for a joint loan with someone else?
    Of course you can. You can club the income of your spouse or a parent and take a loan based on the combined income. In this case, the spouse or parent becomes the co-applicant of the loan.

  7. Will it be hard for me to get a car loan if this loan is my first?
    If you have no past credit record based on your new loan, a new credit record will be created. Your eligibility will then be calculated based on your income, place of employment etc.

  8. How do I compare loan offers from different banks?
    You need to consider the total loan cost or total money outgo in the case of each offer. This is because even if the EMI is a little lower with one bank, you must also account for other factors like processing fees, advance EMIs, service charges and other bank charges to arrive at a decision on the best and most cost effective loan offer. Search BankBazaar.com for the best loan offer. Here, we display loan costs in a transparent and easy to compare manner based on your eligibility.

  9. When can I prepay the loan? Is part prepayment possible?
    Most banks have a time frame or 6 months to a year only after which you can prepay the amount. Usually, in the case of a car loan part prepayments are not allowed, you can only prepay the remainder of the loan amount in full.

  10. Can I opt to sell my car before my loan repayment ends?
    This is not possible as you have pledged your car as security for the loan. If you must do so, then you will need to obtain an NOC (No Objection Certificate) from the bank.

  11. Can I prepay my car loan?
    Yes, you can prepay your car loan. However banks charge a prepayment penalty charge for this. Make sure the interest rate savings makes sense after you factor in the prepayment penalty charge.

  12. What happens after I complete the repayment of my loan?
    When the last EMI has been paid the bank’s legal claim to the car ceases to exist. The bank will issue a Form 35 along with an NOC to the RTO canceling the bank’s name from the RC book. The same process is followed for your insurance policy as well.

  13. Does BankBazaar.com charge me for its services?
    No. BankBazaar.com’s services come to you free of charge.

  14. How will the security and privacy of my data be ensured?
    BankBazaar.com will never share your data with any third party other than the financial institution that you decide to apply to. Our sound technology practices ensure a highly secure environment for all your data.

Car Loan Eligibility & Documentation

Car Loan Eligibility:

  • Salaried individual

  • Self employed individual

  • Self employed professional like doctor, lawyer, etc.

  • Aged above 18 years

  • Have a good CIBIL credit score

  • Good repayment capacity with fixed & stable income source

  • Work for a stable company

How is your car loan eligibility determined?
Based on the following aspects financial institutes will determine your loan eligibility:

  • Your monthly income
  • Cost of Vehicle
  • Other EMI’s which you are paying for any other loan

Fill the form above to check your actual car loan amount eligibility.


Car Loan documentation: Car loan documentation process is minimal and generally banks require the following document:

  • Identity proof namely a copy of the passport or PAN card or Voter’s Id or driving license.

  • Income Proof in the form of usually the latest salary slip with the latest income tax forms (Form 16 in the case of the salaried individual, ITR form in the case of a self employed individual).

  • Residence Proof in the form of a Ration card or Driving license or Voter’s ID or Passport copy or telephone bill or electricity bill or life insurance policy or PAN card.

  • A copy of the bank statements pertaining to the most recent and relevant time frame.

Car Loan Interest RatesUpdated on 02 September 2014

Details of Car Loan

Car Loan Interest Rate.(Monthly reducing balance)
10.50% to 16.25% floating. Check Customized Interest Rates Now!
Processing Fees
Up to Rs. 3,650
Car Loan Tenure
1 year to 5 years
Pre-closure Charges
3% to 6% of foreclosed amount
Car Loan Amount
Varies based on car model. Up to 100% financing for pre-approved customers.
Guarantor Requirement
No guarantor required

Car Loan Articles

  • How to get a car loan faster!
    Getting a car loan is not supposed to be a Herculean task where the customer runs from pillar to post trying to negotiate a good deal and securing approval of the financing company.
  • Luxury car loans in India!
    The key to pushing up sales in this segment lies in creating unbeatable financing schemes that will lure the prospective customer from mid segment to luxury cars.
  • What is the application process for a car loan?!
    Applying for a car loan is relatively simpler as compared to a home loan primarily because the amount involved is less and the documents needed are much simpler to obtain.

Car Loan Forum

Comments:     Views:     

Comments:     Views:     

Comments:     Views:     

Comments: 21    Views:      September 26

Comments:     Views:     

Comments:     Views:     

Comments:     Views:     

Comments: 2    Views: 4     August 21

Comments: 1    Views: 33     March 21

Comments: 1    Views: 1     March 10

Comments: 1    Views: 12     March 04

Comments: 0    Views: 1     January 07

Comments:     Views:     

Comments: 2    Views: 23     December 18

Comments:     Views:     

Comments: 0    Views: 1     December 16

Comments:     Views:     

Comments: 3    Views: 272     October 18

Comments: 2    Views: 112     September 19

Comments: 3    Views: 101     May 02

Comments:     Views:     

Comments: 0    Views: 73     June 21

Comments:     Views:     

Comments: 2    Views: 4     June 18

Comments: 2    Views: 146     June 05

Comments:     Views:     

Comments: 0    Views: 72     May 23

Comments: 1    Views: 25     April 24

Comments:     Views:     

Comments: 0    Views: 101     May 08

Comments: 0    Views: 11     November 30

Comments:     Views:     

ltv

Comments:     Views:     

Comments: 0    Views: 201     September 26

   Car Loan Reviews
Customer Reviews
Page 1 of 50 1 2 3 4 5
  • Validated User
    (0)

    It was through the car dealer I have availed the car loan from State bank of Mysore. Everything went smooth and my loan was disbursed within 3 days of time once the documentation process complete. They offered me a good rate of interest around 10.5%.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF MYSORE on BankBazaar.com Reviewed on
  • Validated User
    (1)

    My recent experience of applying for a car loan with ICICI bank was pretty good. Everything was alright with ICICI bank however it is me who cancelled the application and post ponded my plan for the next 3 months. ICICI bank was overall very good and I have no problem. I think the rate of interest was also somehow OK.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    It was a nice experience of availing a car loan from SBI. I have an account with SBI therefore I had visited the branch for availing a car loan. After I submitted all the required documents to the branch people they ensured my loan disbursement within 2 to 3 days. I was really happy with the rate of interest of 10.5%.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (3)

    I have applied through on line for a ICICI Bank car loan, unfortunately I did not receive any calls till date and I have no way of knowing what has happened to that application . Mean while, I got a better offer else where I switched over. Finally, when everything was over I got a call from ICICI, by that time everything was completed it could have been better if they have provided me proper response on time.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I Availed Car Loan from HDFC the disadvantage is they charge for pre payment, interest rate when compare to other banks was bit high, ECS option and reminder message is very helpful, loan approval process was done in 4 to 5 days. Overall the service was quick.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    At present I dont have any plans to purchase a new car, probably after 6 months I might purchase a new car. I am happy with the rate of interest what ICICI has offered me for the car loan and its much better when compared with other Banks. The reason why, I prefer ICICI is because I hold an account with them and I like their services.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have approached ICICI for a car loan, unfortunately I have changed my plan. I have decided to purchase a used car, instead of new car . I am unable to comment more about ICICI, from my perspective they are very quick in response, as I got a call from them immediately with in an hourâ??s time. The rate of interest is 16% which is much higher, when compared with other Banks as other Banks are offering me at 13 to 15% interest.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have approached ICICI for a car loan , they asked me to submit certain documents. I got a call from them, as I was not holding FORM 16, I asked them to wait for 10 days . Mean while, I got a better deal from KOTAK Bank and I switched over to that Bank.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    In the year 2005 I have availed a car loan from SBI. I had directly visited the branch of SBI and made my request for a car loan. The next moment they collected the required documents from me and they ensured my loan disbursement within 5 to 7 days. Only the follow up was not that good because they suddenly increased the rate of interest without prior notification. Rate of interest was around 10.5% and the processing fee & charges are reasonable.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I had recently applied for a car loan with ICICI bank. I did not avail the loan because I was in a little confusion in choosing the car model. I am not in a hurry as I am already holding the car however I have just post ponded my plan for sometimes. I got immediate response from ICICI bank and they explained me everything in detail about the loan. I would contact ICICI bank again once I finalize the car model.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    It was a good experience of applying for a car loan with ICICI bank. To be frank the response from ICICI bank was very good and executives followed up very well. They are always ready to send the person to my residence for collecting the documents. Meanwhile I opted for the loan from another bank which took the whole responsibility and processed my application quite fast. In terms of rate of interest they are not coming down from 10.5%.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have recently availed a car loan from HDFC bank. Basically the car dealer is having some local connection and everything was taken care by the car dealer himself who ensured my loan disbursement within 2 days. Rate of interest was 10.25%. After availing the loan only I came to know that the rate of interest could have been negotiated. As a member of the bank the processing fee was reduced a little bit.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from HDFC BANK on BankBazaar.com Reviewed on
Customer Reviews
Page 1 of 50 1 2 3 4 5

Interest Rates