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User reviews
  • Very good experience in availing car loan from ICICI. I liked the fast processing as well as the quick approval of car loan done. Customer service executive was coordinative and interactive. Nearly, 12% is the interest rate which is at higher end.
    06:28 PM - Jan 24, 2015

    , vadodara
    0.5 3.0/5 "Satisfactory"
  • Documentation was so simpler in terms of car loan from ICICI. Its a pre approved car loan with interest rate of 10.50% with 3600 as processing charges. It was overall smooth processing.
    05:17 PM - Jan 24, 2015

    , pune
    0.5 4.0/5 "Great!"
  • I would rate rate TVS Credit car loan as 5. It is good in all the ways and means. To my surprise they were able to process the loan within a span of 10 days and I never expected this sort of a service from them. They were very fast in processing the request. I have referred my friend and I am happy with the rate of interest.
    03:31 PM - Jan 24, 2015

    , bangalore
    0.5 5.0/5 "Blown Away!"
  • The requirements whatever I had was fulfilled by TATA CAPITAL on time. The loan amount was quite higher and the interest rate was bit higher when compared with others. Overall am satisfied by availing car loan.
    06:24 PM - Jan 24, 2015

    , bangalore
    0.5 4.5/5 "Excellent!"
  • Inspite of not availing car loan from ICICI, the experience was quite ok. There were instant follow ups from their customer service team. Since I had postponed the plan, I didn't continue further. Am very happy about the rates and charges.
    04:50 PM - Jan 24, 2015

    , mumbai
    0.5 4.5/5 "Excellent!"
  • ICICI services seems to be very quick and it was a hassle free documentation. Car loan processing was trouble free. Rate of interest is quite ok and compatible with the market. Processing charges is at higher end. Overall happy and satisfied.
    03:26 PM - Jan 24, 2015

    , ghaziabad
    0.5 4.0/5 "Great!"
  • I always got a call from ICICI customer service team in terms of car loan however there was no person came and collected the documents. Even requested to come on time for the documents collection, however no one returned up. It would be better if they could stick to the commitments and render the services.
    06:23 PM - Jan 24, 2015

    , bangalore
    0.5 3.5/5 "Pretty good"
  • I was just checking on the eligibility for the car loan through which my application was registered. Its quite good response provided by ICICI customer service team. Whenever I need a clarification or support,customer service executive did call up and cleared. Rates and charges was comparable with other banks.
    04:08 PM - Jan 24, 2015

    , navi mumbai
    0.5 5.0/5 "Blown Away!"
  • The whole procedure which happened in the past was too good with ICICI. The person from ICICI helped me a lot and whatever the documents required was explained in detail.However, finally got a used car at a very good condition hence dropped the plan of car loan.
    03:09 PM - Jan 24, 2015

    , new delhi
    0.5 4.0/5 "Great!"
  • Frankly speaking â??I am unhappy with the services offered by TATA Capital. They have requsted for a list of documents. I have booked the car already they initally asked for a list of documnets . I was ready with all those documents and they collected all my documents. However, they kept asking for more and more documents over and over again. Another issue was, towards the end they deducted insurance for which they asked me to submit my ID proof, even with my ID they had some issues.
    05:17 PM - Jan 24, 2015

    , bangalore
    0.5 2.0/5 "Expected more"
  • Service offered by TVS Credit car loan is pretty good and smooth. Rate of interest offered by them was really good . Its is quite variable and it is quite fluctuating . It would be great if they provide a constant interest rate and processing fee. No matter what ever is the interest rate they should inform their customerâ??s before hand.
    03:47 PM - Jan 24, 2015

    , bangalore
    0.5 4.0/5 "Great!"
  • I have taken a car loan with TVS Credit . Overall service offered by them was really good. They are very much co-operative and I am very much happy with their service. They are flexible in their approach. They have compromised on their rates and they have offered the best deal. I am very much happy with their service. I have asked them to lower the pre closure charges and they have brought that down to 2%. I am very much happy with their customer service also as they promptly answered all my queries.
    02:56 PM - Jan 24, 2015

    , ahmedabad
    0.5 4.0/5 "Great!"
BankBazaar Car Loan is Rated as " Excellent!" by 2542 Users
 4.5 / 5.0   by 2542 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 26 Jan 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

  • 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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Compare multiple options and choose the one that best suits you

Compare the best car loan offers in town and locate the lowest rates!

Offers to Compare
Over 25 offers to compare!

This is our forte- helping you compare the finest deals. Additionally, we'll handpick offers that suit your profile and present the best rates from several banks, so you can make a thoroughly-informed decision.

Breaking Down Offers
Breaking down offers

We're obsessed with giving you a 365 degree view of offers. So, we'll break it down for you - EMIs, eligibility, maximum amount that can be borrowed, fees, hidden charges... no more getting fooled by the fine print!

Why Apply Online
Cheaper than dealer

There's a good reason why thousands of customers choose BankBazaar- we're cheaper than most dealers. Best part- by applying here, you can get the lowest rates AND still demand all those freebies from your car dealer!

Cheaper then Dealer
Why apply online?

You don't have to fight for parking space! Jokes apart, applying online will help you save time and money; plus, you'll be able to use the services of our super-friendly customer service team at anytime and get all your queries answered.

Comparing Best Loans
Done comparing! Now what?

We showcase the best loan offers and help you compare them... what next? Well, we'll aid you in applying to the bank of your choice and work with you right up to the delivery of the loan!

Still have a gazillion questions?
Still have a gazillion questions?

Think of BankBazaar as your loan-savvy buddy! Our customer support team is at your service to clear doubts on eligibility, offers, procedures and documentation, and help you apply. They'll even co-ordinate with the bank to get you your loan on time.

Connect to the Bank
We'll connect you to the bank

We know the bank guys really well! So, if you want to talk to a bank representative or get help on your loan application, we won't just connect you to them; we'll also do the follow-up on your behalf.

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