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User reviews
  • I am holding a car loan with HDFC Bank. They were quick in processing the loan. Within a span of 2 or 3 days the loan was offered to me. The best part about this loan is what ever I wanted I got. Payment options are good. I am happy with the documentation part as
    06:38 PM - Mar 04, 2015

    , pune
    0.5 5.0/5 "Blown Away!"
  • TVS Credit car loan is good, the rate of interest offered by them was very high. ICICI Bank was offering me about 10% however TVS Credit is offering about 11.5%. Good if they can lower the interest rate. If they offer competitive rates, they can gain more customers. Processing fee charged by TVS credit is in line with market price so there is no issues with that.
    05:43 PM - Mar 04, 2015

    , hyderabad
    0.5 4.0/5 "Great!"
  • TVS Credit car loan is ok, firstly I am not in need of that loan that is why I have not taken that. I am quite happy with the interest rate offered by them. Processing fee charged by them is quite reasonable. Initially, I had some plan of taking the loan. I would definitely get in touch with them in the near future if I need that.
    12:38 PM - Mar 04, 2015

    , indore
    0.5 4.0/5 "Great!"
  • I have just made an enquiry with TVS Credit for the car loan. However, to the best of my knowledge I got a delayed response from them. I was in need of the loan on a urgent basis. As HDFC Bank was ready to offer me the loan I switched over. I dont re-call the interest rate and the processing fee charged by them.
    06:38 PM - Mar 04, 2015

    , pune
    0.5 3.0/5 "Satisfactory"
  • TVS Credit car loan is ok. I have purchased a new car I thought of taking a car loan against it. However when I approached TVS Credit for the same, I have been told that they are not dealing with the new car loan and they can offer loan only for the used car. Also I have taken a personal loan with HDFC Bank.
    05:03 PM - Mar 04, 2015

    , hyderabad
    0.5 4.0/5 "Great!"
  • First I was in need of car loan thus approached Axis bank but later I changed the plan as I arranged funds from outside. Fine with Axis bank and everything was good. Interest rate is kind of high as they were ready to give 18%. Good service and got follow ups timely. Suggesting Axis bank to speed up the car loan process.
    11:39 AM - Mar 04, 2015

    , bangalore
    0.5 5.0/5 "Blown Away!"
  • HDFC is the only bank that offered 95% of the loan amount from showroom price. Really HDFC is customer oriented where they really concerned about their customers and they value the customers. Car loan process was hassle free with HDFC and I liked much. Rate is competitive and it is similar to other banks. They gave good service and done good work.
    05:56 PM - Mar 04, 2015

    , new delhi
    0.5 4.0/5 "Great!"
  • My car model was 2004 and hence my application with TVS Credit car loan was not approved. It is basically rejected. They were able to provide the loan for above 2007 model. Moreover, the rate of interest offered by them was very high which is basically 18%. Processing fee charged by them was 2%. I am not interested in purchasing a new car.
    03:59 PM - Mar 04, 2015

    , coimbatore
    0.5 4.0/5 "Great!"
  • My experience with HDFC for my Car loan which I have taken is not that good. The loan is taken in my brothers name and I make payments. The amount was disbursed on time and the response provided by them was good. The rate of interest charged is high when compared to other banks and the worst part is I had to open an account with HDFC to take a loan and it was a mandatory task. They make things in a complicated way and incase if I want to transfer the loan to my name its again a lengthy procedure. Overall their service provided was not up to the mark.
    11:35 AM - Mar 04, 2015

    , hyderabad
    0.5 3.0/5 "Satisfactory"
  • Axis bank is not at all covering majority of amount that actually customer expects. I asked the executive to sanction amount of 90-95% from showroom price but the executive said that maximum they can provide only 80% of showroom price. I got expected amount from different bank so I switched over from Axis bank. Apart from this fee structure of car loan were good in Axis. Suggesting Axis bank to give maximum loan amount to customer.
    05:55 PM - Mar 04, 2015

    , new delhi
    0.5 3.0/5 "Satisfactory"
  • I am unhappy with the service offered by TVS Credit for the car loan. I have tried to contact them once however I am not all happy with the way they approached me as they dont seemed to give importance to their customer. The rate of interest offered by them is very high. Off course, there are very few Banks or financial institution which offers loan for used car and the interest rate offered by them is really high. The interest rate offered by them was 15% to 16%.
    03:13 PM - Mar 04, 2015

    , hyderabad
    0.5 1.0/5 "Really Bad"
  • No issues with Axis bank as my plan of car loan was changed and I postponed the plan. I got all kinds of response from the Axis bank and customer service is very good. Executives behaved well and they were prompt in calling. I did not receive quotation of car loan from Axis bank because before that I changed my plan.
    11:07 AM - Mar 04, 2015

    , new delhi
    0.5 4.0/5 "Great!"
BankBazaar Car Loan is Rated as " Excellent!" by 2607 Users
 4.5 / 5.0   by 2607 users
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Fees & Charges

Promised Interest Rate

Customer Service



You're eligible for a Car Loan if you:

That's 21 years old, same time that everything besides milk becomes legal too

Are legally adult enough to handle it

Less than 65 years of age, because sanguine golden years are for playing golf

Have still got it

Salaried or self-employed - whatever puts food on your table

Get a regular pay check

There's a minimum amount for that regular pay check

Make more than a basic buck

Your eligibility depends on

Car Loan Minimum Salary

Minimum income required
Rs.2,40,000 per annum

Car Loan Maximum Loan Funded

Loan capped @
85% Ex-Showroom price

Car Loan EMI

EMIs of other loans lower
your eligibility

Boost your eligibility by

Car Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

Car Loan Tenure

Choose longer tenure loan up to 5 Yr years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Car Loan Interest RatesUpdated on 05 Mar 2015

Car Loan Details
Interest Rate (Monthly reducing balance) 10.5% - 12.75%
Processing Fees Rs. 500 to Rs 5,000
Loan Tenure 1 year to 5 years
Pre-closure Charges 2% to 4% on outstanding loan amount
Guarantor Requirement No guarantor required

An Overview about Car Loan

There are plenty of reasons to buy a car. Off the top of our heads, we’ll tell you: long, happy drives with your family to fun destinations, no more haggling with mean auto rickshaw drivers, avoid being packed like a tin of sardines in a bus, immunity to public transport strikes, the “cool” factor, your own choice of music… The list goes on. Get from Point A to Point B or Point Z and back with some new commuting adventures thrown in. Don’t have the funds for it? No worries. Simply apply for a car loan and in just a few EMIs, you’ll have your own set of wheels. Let’s fulfill your dreams today.

Why Apply for a Car Loan through BankBazaar?

BankBazaar is your finance-savvy buddy you can turn to any time for the most trusted advice on and solutions to your personal finance needs. With tie-ups with leading banks and financial institutions providing car loans, you search ends here! On our user-friendly site you can:

  • Compare quotes from different banks in terms of their interest rates and other charges
  • Compare features and facilities offered by different banks and financial institutions
  • Calculate your EMI's as per your loan amount and respective interest rates in order to plan your finances
  • Use our free, smart financial tools on our website to manage your finances
  • Apply for a car loan through BankBazaar with end-to-end assistance until your loan is disbursed

Features of Car Loan

A car loan is a great way to get your dream car right away without having to pay it’s full value upfront. There are more reasons to consider a car loan:
  • Up to 100% of car finance on ex showroom price in some banks and generally up to 85% of car finance on ex-showroom price.
  • Banks and financial institutions offer very competitive and attractive rate of interests.
  • A comfortable time period over which to pay off your loan i.e. up to 7 years.
  • Everybody who falls in the below category can apply for the car loan:
      • Salaried individual
      • Self-employed individual
      • Partnership firm
      • Proprietorship
      • Public and private companies
  • Prepay your loan any time after 6 months by just paying a marginal fee.
  • Banks and financial institutions charge very low processing fees from their customers.
  • Get clear and transparent documentation.
  • Most banks offer an ECS option for automated EMI payments.
  • Quick loan processing with some banks completing the process in just 48 hours.
Tempted? We’ve given you every reason to be! Go and get your car right away!

Car Loan Eligibility

Certain factors determine your eligibility, namely:
  • Age:
    • For salaried individuals, the age limit defined by banks and financial institutions to get a car loan is 18 years – 75 years
    • For the self-employed, the age limit defined by banks and financial institutions to get a car loan is 28 years – 65 years.
  • Income:
    • For salaried individuals, the minimum income specified by the banks and financial institutions is Rs.2.4 lakhs.
    • For the self-employed, the minimum income specified by the banks and financial institutions is Rs.2 lakhs.
  • Period of employment:
    • For salaried individuals, the minimum period of employment specified by the banks and financial institutions is 2 years.
    • For self-employed individuals, the minimum period of running business specified by the banks and financial institutions is 3 years.
    • For a limited company, the minimum period of existence specified by the banks and financial institutions is 2 years.
  • CIBIL Score and good track record: You must have a good track record of clearing all your debts on time with zero default. Get your CIBIL score now!
  • You will get a loan amount with an EMI of not more than 50% of your net monthly income.
  • For some banks, you have to pay at least 15% – 20% of a car value as a down payment. If you have other ongoing loans, it will decrease your eligibility.
Do you check every box? Then you have no reason to wait. Drive your dream car home today!

News About Car Loan

  • Tata Zest, the premium hatchback
    launched by Tata Motors in August
    2014 has gone under the knife with
    sizeable changes in standard features.

    Posted on 4th March 2015

    1.Alloy wheels, that used to be a standard feature for all its models has now been replaced with steel wheels. However, alloys are still available with Zest XT variant as a standard feature.

    2.The intriguing 3 Years Zero Maintenance Plan(Silver pack) on all the Zest variants is now reinstated with a standard warranty of 2 years.

    3.Customers can go for an extended warranty( 4 years) by paying an upfront fee of just Rs.8000.

    4.Prices have been hiked in the range of 4 - 5 % on both Revtron (petrol) and Diesel variants.

    For the prospective hatchback car buyers, this must not really be a bother considering the gamut of features Zest still retains, making it a desirable family car in India.

  • BMW planning to launch
    the X7 in 2017

    The X7 has been in the news for quite some time now. It did not hit the roads in 2014 despite BMW’s best efforts but it is expected that the SUV will be available globally, inside a couple of more years. The model X7 has been spotted testing on international roads many a times and this is fueling these widely spread speculations. X7 will be the largest Sports Utility Vehicle (SUV) to be produced by BMW. With higher centre of gravity and a longer wheelbase platform, this model is all set to outperform the other SUVs. Even though the official information is yet to be released, X7 is expected to go on world-wide sale by 2017. There’s good news too- with a lot of banks offering car loans up to 90% of the ex-showroom price, owning a BMW need not be just a dream now. Also, you have time until 2017 to plan the finances accordingly. And if you cannot wait- check out varied car loan.

    27th February 2015

  • Interest rates reduced as part of
    State Bank of Hyderabad’s
    special campaign

    As a good news to consumers, State Bank of Hyderabad has reduced its interest rates for gold and car loans offering special loan packages with renewed interest rates. The interest rate for the car loan campaign which was launched in October 1, 2014 has been slashed by 20 basis points from 10.50 per cent per annum to 10.30 per cent per annum. Adding to this, rates falling under the Combo car loan campaign have been reduced by 15 basis points from 10.40 per cent per annum to 10.25 per cent per annum.

    Gold will be more attractive to SBH customers, with the bank also lowering the interest rates levied on gold loans to 10.50 per cent per annum. The gold loan campaign launched in September 8, 2014 has been extended till March 31, 2015. SBH reiterated the fact that these offers are available only for a short period of time and all types of customers are eligible to apply for them. Further, the bank is also waiving of the processing fees normally charged on these loans, as an added benefit to customers.

    18th February 2015

  • Combination of Factors Boost
    Car Sales in Jan-2015

    2015 has started on a high note for the Indian automobile sector, with car sales in January having dwarfed the numbers set a year ago. The primary reason for this rests in the lowering of fuel prices that translates into lower vehicle ownership costs. Further, RBI’s recent action to slash the key policy rate, and prospective hopes that more cuts are in order, has impacted the interest rates applicable to car loans in sufficient degrees to renew the demand for cars. Individually, Maruti Suzuki has reported a 9% hike in domestic sales to account for 105,559 units, Hyundai with a 4% increment at 34,780 units, Honda accounted for a 17% boost at 15,714 units and Toyota Kirloskar notched up a 16% upswing to sell 12,650 units in January 2015. Tata Motors, accounting for sharp loses in the last two years, also enjoyed the January revival- selling 13,047 units and notching a 19% hike in sales figures. All these major automobile manufacturers are hopeful that as the year progresses, the numbers will only get better.

    12th February 2015

  • Car Loans Set to Become Cheaper
    with More RBI Rate Cuts

    The planned policy review was slated for February 3, however the Reserve Bank of India (RBI) jumped the gun and imposed a deduction of 25 basis points on repo rates (also called lending rates) as of January 15, effectively dropping down the rate to 7.75%. This translates into a definite probability that car loans as advertised by various Indian banks will also witness a corresponding reduction in interest rates. But, this is just half the story. Most industry experts, including influential names like Morgan Stanley expect this rate to fall further, a full 125 basis points over the next 12 months (taking the overall haul to 150 points). These experts are pointing to subtle hints that indicate that the RBI is at the start of a serious rate cut cycle. This will reduce the cost of capital for banks that in-turn will cause the fall in lending rates across various portfolio products, including car loans. The timing of these cuts however, will depend of the bank’s individual perception of the situation.

    10th February 2015

  • Carmakers describe
    RBI’s rate cut as too little!

    While the country may be rejoicing over the current repo rate cut by the RBI, car industry players think that the rate cut not only is too late but is too small as well. They were anticipating a rate slash of at least 0.5% since the last repo rate cut had happened 20 months ago in the year 2013.

    However, experts feel that it is not the actual cut that matters rather the direction which the rate took that is more significant. This is because a cut in rate signals a positive movement of the economy and a step towards reducing the inflation rate which has been riding considerably high for the past few years.

    The banks and other credit providers are now expected to take cue from RBI’s move and start to reduce rates so that demands for credit improve. Also, if the economy continue to do well, RBI is expected to reduce the repo rate further thereby providing greater relief to the customers.

    2nd February 2015

  • New Cars hitting
    the Indian roads in 2015!

    Have you been holding back the decision to buy a new car? Now is the right time to start planning again. With a bunch of new cars set to hit the Indian roads in the year 2015, you can choose from a new array of car models and own your dream car. Here are a few cars that are coming your way in 2015.

    Tata Bolt: This hatchback from Tata Motors will be out in late January. With this car, Tata is hoping to grab a comfortable place for itself in the hatchback segment. The car is loaded with new features like satellite navigation and projector headlamps. The introductory base price of this car is Rs.4.2 lakhs.

    Mercedes Benz CLA Class: The latest from Mercedes is a compact luxury sedan which will be out in January. The car will be launched in both Petrol and Diesel variants. This CLA class will be priced lower than the GLA class of Mercedes.

    Datsun Go+: Datsun Go was launched last year in the Indian market. The company is geared up to launch the enhanced Go+ model this year. The new model is said to produce more linear power delivery however, the car isn’t loaded with too many features. The prices start at Rs.3.6 lakhs since even the highest range model doesn’t come with features like airbags, ABS and alloy wheels.

    30th January 2015

  • Mercedes CLA Shooting
    Brake set to be rolled out
    in March

    For all you fans of sporty cars, Mercedes has sent into production the all new CLA Shooting Brake model which essentially is a sporty sedan. The first batch of the car is being manufactured at Kecskemét, Hungary and is set to hit the roads in March 2015.

    The model is available in a variety of engine variations like 2.1 liter-four-cylinder diesel, a 1.6-liter four-cylinder and a 2.0-liter petrol. Among all these models there is one range topping CLA Shooting Brake car too which has 2 liter-four-cylinder engine that develops a high torque and is connected to a seven-speed AMG SPEEDSHIFT dual-clutch transmission which enables instant accelerations as high as a speed change of 0 to 100 km/he in just about 4.7 seconds.

    This CLA Shooting model is open for booking now and the first batch will most likely be rolled out of the manufacturing unit in the month of March.

    28th January 2015

  • Kia Motor’s CEO hints
    at setting up a factory
    in India

    With India all set to become the world’s third largest car market by next year, Kia Motor’s CEO has hinted at setting up a car factory in the country to offset diminishing sales in China and Russia.

    Currently, Kia Motors, which is a subsidiary of Hyundai Motors does not have any manufacturing unit in India and attracts high import taxes which has resulted in negligible sales of Kia cars in the country. While growth in Russia and China are slowing down, India is the market that the company is looking forward to for boosting sales volumes and profit margins. As to the time and location of opening up of the factory, there is no clear information as of now.

    28th January 2015

  • Loan Borrowers can rejoice over
    reduced EMIs and Loan Tenures!

    Existing Home and Car Loan borrowers can breathe a sigh of relief as loan rates are set to go down with the latest slash in the repo rate by RBI. The repo rate has been cut down by 25 basis points which means a decrease of 0.25% in the existing interest rates on car and home loans. All banks are yet to reveal the dropped rates however, banks like Union Bank of India have already announced the cut.

    A lower rate of interest will mean a lower EMI for prospective borrowers and will mean a reduced loan tenure for existing customers who are paying off their loans via monthly installments. For example, if the interest rate comes down from 10.25% to 10.00% for a 20 year home loan of 25 lakhs, then the EMI will come down by about Rs.418 per month.

    The Reserve Bank of India has said that inflation is expected to remain low at just under 6% till January 2016. For an existing home loan borrower, either the EMI or the tenure can come down. However, for car loan borrowers, since most car loans are sanctioned at a fixed rate of interest, only new car loan customers are set to profit more in terms of reduced rates.

    22nd January 2015

  • Industry Speculates Early Launch Of
    Ford India’s New Figo Model

    Ford India’s launch of its new Figo model may happen ahead of the expected launch date going by recent developments. Speculations began when sales of Ford India’s top-selling brand dipped significantly at the end of 2014, hitting only about 10% of its usual monthly figures at 151 units. This led industry observers to believe the old model is being phased out to make way for the new version which was initially set for a March 2015 launch.

    Although the auto major hasn’t yet made any formal announcements, rumours are doing the rounds based on the fact that the new model is already in its testing phase which includes test production. Manufacturing of the new Figo is said to take place at the Sanand unit in Gujarat, slated to begin operations in the upcoming months.

    13th January 2015

  • Volvo Achieves Record Sales in 2014

    2014 marked a good year for Volvo cars which achieved record sales of 465,866 units. This represents an annual growth of 8.9%. Monthly sales have been increasing consistently for the Swedish auto major over the last year and a half and this trend is expected to continue into the coming year as well. While this growth can be attributed to the company’s key geographical drivers i.e. Western Europe and China, Volvo is pushing to expand its reach and make a mark in all markets, the world over. It aims to achieve its targets by revamping its product line with strong focus on technology and design.

    These figures are very encouraging considering 2014 was a year which saw many luxury auto brands such as Rolls Royce Motor Cars of BMW AG, McLaren and Bentley, to name a few, work towards greater sales numbers.

    12th January 2015

  • Volkswagen Gears Up With
    The Latest Volkswagen Phaeton

    German auto major, Volkswagen, has its wheels in motion with a number of new products in the making. Of these, the supposed launch of the latest model of the Volkswagen Phaeton has the global auto industry talking. This hitherto underappreciated luxury car is set to hit markets at the end of 2016 with an array of creditable features and is expected to outshine preferred luxury brands such as Mercedes, Audi and Lexus among other competitors.

    The Volkswagen Phaeton already boasts great attributes. However, it has, so far, failed to elicit the desired customer response, generally being outdone by other high-end sedans in its segment. However, the new model, based on cutting-edge technology, is set to top even the Mercedes-Benz S-Class in terms of comfort. It will also leverage technology for safety and improved driving experiences with suspension systems that monitor and adjust to road conditions through the use of sensors and cameras.

    Volkswagen also has plans for new models in other segments to be launched in various geographies across the world. If implemented as per plan, new models, mainly SUVs, could find their way to India in the coming years.

    12th January 2015

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