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User reviews
  • When I applied for car loan with HDFC bank, in that quotation it was mentioned that the processing charges is Nil. But later I found that they charged me more.SO I would say that the response is not upto the mark and still it can be worked.Apart from this , an executive came on right time what I told. And after the documentation, my loan disbursed in other 5 to 6 days. Hence I am totally fine with HDFC.
    12:26 PM - Apr 25, 2015

    , new delhi
    0.5 4.0/5 "Great!"
  • The process went on well with HDFC bank. I recently applied for car loan with HDFC. I had good service with HDFC a representative came to collect the document after it is collected in next 5 days my got my loan amount in hand. So the customer service responded me very good.
    12:14 PM - Apr 25, 2015

    , tiruchirapalli
    0.5 5.0/5 "Blown Away!"
  • Absolutely fine with HDFC bank and personally suggesting them to reduce the interest rate for car loan. All my banking products are with HDFC bank because I am satisfied customer. HDFC people approaches the customers with smiling face and they resolve customer queries in short period of time and I appreciate it. Would likely to recommend HDFC and there is no second thought for it.
    06:06 PM - Apr 24, 2015

    , vadodara
    0.5 5.0/5 "Blown Away!"
  • I took car loan from HDFC bank. I am satisfied with the customer service,they did responded me very fast in answering to my queries and in collecting the documents. The Interest rate is high compared to SBI bank but still it is a policy of the bank in charging the interest rate. So I am totally satisfied with HDFC bank.
    12:23 PM - Apr 25, 2015

    , chennai
    0.5 5.0/5 "Blown Away!"
  • I had taken car loan within HDFC bank. I am very much satisfied with HDFC personal loan.Customer service were really good. An agent came to collect the document. Only few documents were collected , once all my proofs were submitted I got my loan amount in hand. I would like to suggest HDFC to be more competitive than SBI bank. Still HDFC can do better.
    12:12 PM - Apr 25, 2015

    , kolkata
    0.5 4.0/5 "Great!"
  • Pretty satisfied about HDFC car loan. Promised turn around time to deliver the loan amount is of 20-25 days but I got the car loan disbursement in 15 days. HDFC is competitive in processing charge and in fore closure charge. I paid around 1600 for service charge. Executive described clearly about car loan.
    04:58 PM - Apr 24, 2015

    , mumbai
    0.5 5.0/5 "Blown Away!"
  • I am an existing customer of HDFC bank. I took car loan from HDFC. One draw back of HDFC is that no one from customer service told me about the car insurance and the process. I feel that they should have explained about the process very well. Apart from this I am fully satisfied with HDFC car loan.And there was a good relationship with car dealer and HDFC.
    12:19 PM - Apr 25, 2015

    , mumbai
    0.5 4.5/5 "Excellent!"
  • I am very happy with the car loan taken from HDFC bank.An agent came to collect the documents only few documents were collected. I had an excellent response from customer service. From all the given services like lowering the Interest rate and charges applied for me, I am satisfied with this.
    12:10 PM - Apr 25, 2015

    , faridabad
    0.5 5.0/5 "Blown Away!"
  • Infact this is pre approved loan so HDFC bank sanctioned it in couple of days without much documents. They just taken my address proof and photocopy of pan card. Very reasonable in interest rate because they gave 10.15% where other banks are giving 11.5% for car loan. In addition to that the processing charge is very less.
    04:22 PM - Apr 24, 2015

    , kolkata
    0.5 5.0/5 "Blown Away!"
  • I took car loan from HDFC bank. HDFC is very fast in loan process. All the paper works are done very fast. Interest rate offered for me is good. Compared to all other banks HDFC offered very less interest rates.. I am completely satisfied with HDFC. The only draw back is from the day of my document submitted it took another 10 days for the loan to get disbursed. Hence HDFC can be improved on this.
    12:17 PM - Apr 25, 2015

    , vijayawada
    0.5 5.0/5 "Blown Away!"
  • Interest rate that told to me was 10.5% for car loan but they added 6k extra for insurance, which was never told to me at the time of proposal. HDFC bank collected around rs1100 for processing charge and separately for stamp duty charges they deducted of rupees 1007.
    12:04 PM - Apr 25, 2015

    , bijapur
    0.5 4.0/5 "Great!"
  • I had taken a Car loan from SBI and it was a very quick processing. My loan got approved within half a day and it was disbursed on the same day. I had to visit the Bank only once and the dealer had taken care of the process and got it approved. One drawback about the Bank is I had to visit the Bank and do all my formalities. Overall It was a convenient convenient process.
    11:14 AM - Apr 24, 2015

    , bangalore
    0.5 3.0/5 "Satisfactory"
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 4.5 / 5.0   by 2895 users
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Responsiveness

Car Loan BYTES FROM OUR KITCHEN

You're eligible for a Car Loan if you:

01
02
03
04
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

01
02
03
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

01
02
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 27 Apr 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


  • NGT Ban on Diesel Vehicles Spurs
    Alternatives in Delhi

    Posted on 22nd April 2015


    The National Green Tribunal (NGT) is all set to ban vehicles that operate on diesel fuel and have been playing on Delhi’s roads for over 10 years. This move is aimed at addressing the incrementing air pollution levels in the capital city and is likely to prompt evasive and alternative action from the common populace. While the impact on the sale of new diesel vehicles is pretty obvious, the cascading effect will also engulf second-hand vehicles- prompting steep price cuts among other things and also potentially, impacting the evergreen spheres of car loans and second hand car loans. The NGT advises that replacing your vehicle’s diesel engine with the more efficient and less polluting CNG engines is the ideal way to go. However, with costs of such replacements peaking at 30,000-50,000 Rupees, will there be many takers for this flash solution? Only time will tell.

  • Car Manufacturers Nudge Banks to Further Reduce Car Loan Rates

    Posted on 20th April 2015


    Car manufacturers in India are unhappy on the quantum of reduction in base lending rates by leading banks in the country. They are of the opinion that banks need to do more to pass on full benefits of the recent repo rate cuts by the country’s apex bank. A cartel led by Maruti Suzuki is pressing for cut in car loan interest rates by at least 50 basis points with a belief it will improve car sales in the country.

    Earlier this week, the governor of RBI came down heavily on banks for not passing the perks of repo rate cuts to consumers. Reacting swiftly to the governor’s directive was State Bank of India (SBI) which cut its base lending rate by 0.15 percentage points. HDFC & ICICI followed suit by announcing cuts of 0.15 and 0.25 percentage points respectively. Car makers see this as an optimistic move but are asking for more to improve consumer sentiments in the car finance segment.

  • Maruti Suzuki YBA compact SUV Testing In Full Swing

    Posted on 7th April 2015


    Maruti Suzuki, India’s biggest car maker is leaving no stones unturned in ensuring its upcoming compact SUV hits the right note when it is showcased at the Auto Expo early in 2016. The YBA spotted in testing phase looks promising and is based on the Swift platform. Maruti Suzuki seems to have taken a cue from the success story of the Ford Ecosport by building a car in the budding Compact SUV segment.

    Slated for a 2016 launch, the YBA will have variants in both Petrol and Diesel.The YBA is likely to be fitted with the 1.4-litre K14B petrol unit at 95PS and 130Nm of torque. The Diesel version will come with a 1.3-litre DDiS engine at 90PS and 200Nm. By the looks of it, the car’s design is largely based on Suzuki iV-4 concept.

    Car loans fuel your dreams of owning a car. It is important to compare rates and terms online before choosing a bank to fund the car purchase that ensures that you get the best deal.

  • Ola Pragati to Promote Self Employment Amongst the Driver Community

    Posted on 7th April 2015


    Ola Cabs, India’s leading cab aggregator, unveiled a path breaking car finance scheme with State Bank Of India which lets drivers affiliated with Ola service procure cars at attractive terms. This exclusive project is aimed at promoting self sustenance and entrepreneurship among the driver community.

    Under this arrangement, associated Ola drivers are eligible for a fast track car loan from SBI at a down payment of 10% coupled with simple documentation. Unlike the conventional EMI based monthly repayment system, repayment under ‘Ola Pragati’ is based on the concept of daily debit which will benefit the driver in terms of repayment of loan like a daily expense. The primary motive of this collaboration is to nurture thousands of drivers in fulfilling their self employment aspirations.

    Over 70% of drivers running on the Ola platform operate their own cars, thanks to similar efforts by this cab aggregator in the recent past.

  • Pros and Cons of Applying for a Joint Loan

    Posted on 1st April 2015


    With more and more women continuing to work post-marriage, the trend of applying for joint loan has gained momentum. Be it a car loan or home loan, a working couple applying for a joint loan get more benefits. One of them being the eligibility for a higher loan amount, in comparison to applying for a loan individually.

    Apart from the salary, the bank approving the loan also takes into account the applicant’s credit profile and debt-to-income ratio. If one spouse doesn’t fulfil anyone of the criteria then the loan application can be rejected. Also, if any one of the spouses fails to pay his/her share of the EMI, under a joint loan, it could mean trouble for both.

  • Skoda comes up with the new
    ‘Zeal Edition’ across cars

    Posted on 27th March 2015


    Skoda’s Indian model line-up is getting a new twist. A new variant, called the Zeal Edition has been introduced. The cars under this edition will be characterised by black leather and alcantara upholstery. These cars, marked with unique interiors, will be available in addition to the Skoda cars already plying across Indian roads.


    The Yeti, Octavia and Superb will feature black alcantara and leather seats, a black dashboard and black door trims. The Rapid Zeal Edition will be revamped with alcantara and leatherette seats, rear parktronics, observation mirror and floor textile mats. The good news for car lovers is that this edition also features a Garmin navigation device with rear view camera. Available for a limited period, the Rapid with its new features is quite tempting while the Zeal edition can be pitched on the same level as City and Ciaz.

  • Fuel Efficient Version of Renault
    Duster Launched in India

    Posted on 25th March 2015


    Renault Duster was a runaway success when it was released in 2012 receiving over 29 awards since its launch. Now, Renault Duster 2015 model is all set to rock the automobile market with updated features like monocoque construction and Eco Mode. The new interior updates include cruise control, speed limiter and new upholstery that will give the SUV a fresher look. The updated Renault Duster will come in both petrol and diesel variants and will operate in Eco mode that is said to improve the fuel efficiency by up to 10%. The all-new Renault Duster will compete with other SUVs like Tata Safari Storme and Mahindra Scorpio.


    With automobile manufacturers coming up with new car launches, buying a car for yourself need not be only a dream. Compare and choose the best car loan deals in the market using BankBazaar.com. Also, give the car loan EMI calculator a try to plan your finances suitably.

  • Chevrolet Captiva Launched in
    India with Elite Features

    Posted on 25th March 2015


    General Motors has finally launched its much-awaited SUV, Chevrolet Captiva in India. The 2015 Chevrolet Captiva costs Rs.25.13 lakh for the manual transmission model and Rs.27.36 lakh for the automatic transmission type. The all-new Chevrolet Captiva comes with a lot of stellar features, the main one being the “Cluster Ionizer” concept. The Cluster Ionizer will generate ions to deodorize and automatically purify the car interiors.


    With jet-black interiors, Captiva is also equipped with third-row heating, electric parking brake, rain sensing wipers and sunroof. Loaded with six airbags, assist-equipped brake discs and traction control system, Captiva will make your ride safer. Powered by a 202-litre motor at 3800 rpm and 400 Nm of torque, the SUV offers flexi seating arrangement for 5+2 passengers.


    With banks offering exclusive car loans for SUVs, you can also own a Captiva now. Also, check BankBazaar.com for customized car loan offers and try the car loan EMI calculator to plan your finances in advance.

  • Easy loans for cab drivers, courtesy
    app-based cab companies

    Posted on 23rd March 2015


    App-based cab companies have become household names in a short spell, thanks to their quick and impeccable service as well as reasonable fares. An innovative business model is designed to bring car drivers, investors and cab companies to an integrated platform- driver-cum-entrepreneur model. Service companies assist individuals to avail easy auto loan with nominal interest and flexible tenures on the condition that they work for the company. This is a win-win-win situation for everyone involved in all aspects.


    Renowned companies such as Uber, Ola and Meru follow this model and continue to reap heaps of benefits. Unlike regular vehicle loans, applications referred by cab companies cover 90 percent of the road price of the car. Hence people from poor economic background who usually do not have any savings can easily become car owners and easily pay back the loan from the income made out of it.

  • India’s Honda Jazz Displays
    Multiple Hues in Geneva

    Posted on 17th March 2015


    Honda has paraded the brand new Jazz at the Geneva Motor Display, which is one of the most awaited inaugurations of the year. Honda presented the Jazz in the Japanese Domestic Market (JDM) at the end of 2013 and there were assumptions that it would be promoted in India the following year. Nevertheless, the humungous H has awaited this vehicle and it became their first launch in India this year.


    The new Jazz is constructed on the similar light and unyielding stand as the forthcoming HR-V. It is longer than its precursor by 95mm as well with an extended wheelbase. This makes it even roomier than the existing model. Moreover it has a 354 liter boot space. Since the price has come down tremendously, Honda Jazz sells as much as its rivals Hyundai Elite i20, though it is not as sporty-looking as the latter. The expected price will range from 6 to 8.5 lakh.

  • Fiat India 5X5 - A Sphere of
    Benefits For Prospective Buyers

    Posted on 17th March 2015


    Fiat India, curious to ramp up car sales has launched the “5*5”, aimed at luring prospective car buyers with charming benefits on its entire car range across varied segments. This concept is a combination of 5 key aspects of a Fiat car multiplied by 5 benefits of buying one.


    The 5 distinctive facets are Italian styling, strong build quality, top class ground clearance, rich features and superior ride & handling. The 5 benefits of this scheme are 5.5% interest rate on car loans, 5 years warranty, 5 free services, 5 years roadside assistance and a chance to win couples trip to Italy. The Italian car maker is leaving no stones unturned to ensure success of this campaign aimed at ramping up car sales in various segments.

  • Mercedes Benz India Set
    To Launch B-Class Facelift

    Posted on 12th March 2015


    Mercedes Benz is geared to launch the 2015 B class facelift in India on March 11th, 2015. The revived B class will look elegant with new LED projector headlamps, logo etched grille along with a bumper that is redone with embedded stylish fog lamps in the front. In the rear section, the car has undergone considerable changes with new tail lamp graphics, remodeled bumper and integrated exhaust.


    The German car maker has given equal prominence to the interiors with a new instrument cluster, a new infotainment system with an 8 inch screen, three spoke multifunction steering wheel and a host of other cosmetic changes. This facelift model made its global debut at the Paris Motor Show in October, 2014.

  • Hyundai India to Launch
    i20 Active on March 17th 2015

    Posted on 12th March 2015


    Hyundai, the Korean car maker is all set to uncover i20 Active, the crossover version of its famous i20 series of hatchback on March 17th. The model conforms with Hyundai’s Fluidic Sculpture 2.0 design philosophy.

    This urban crossover will retain the feel of its hot selling mate, the i20, coupled with aggressive designing. With drooling features like projector headlamps, roof spoiler and roof rails, new rear fog lamps, it is likely to come with a 17 inch sporty looking alloy wheels. In the interior section, the i20 active is expected to undergo substantial changes to sync with its exterior SUV looks.

    The i20 Active crossover design is the brainchild of Hyundai’s design studio in Russelsheim, Germany & is expected to be on the price band of 6 -8 Lacs. This new offering from Hyundai is likely to stir up some stiff competition in the Indian crossover car segment.

  • Renault India Revives Pulse

    Posted on 10th March 2015


    Renault has rejigged Pulse, its small car offering in India to launch the revamped version at Rs. 5.03 Lacs (ex-showroom Delhi). The new Renault Pulse 2015 gets steering mounted controls, automatic headlamps & height adjustable drivers seat. In addition, Pulse has also undergone cosmetic changes inside the cabin with a dual tone dashboard.


    The 2015 version gets a thumbs up for its superior security & techno add ons such as

    1.Smart key access
    2.Dual airbags with crash sensors
    3.ABS+EBD
    4.Auto folding ORVMs
    5.2 DIN music system with Bluetooth and USB connectivity

    With so many top end features, Pulse 2015 promises to be a leading feature rich car in the hatchback segment. The French car maker is due to launch two MPVs and a small car during the first half of 2015, adding more horses in its stable.

  • Car Loans Set to Cost Lesser
    Thanks to RBI Policy Rate Cut

    Posted on 6th March 2015


    Lately, the Reserve Bank of India (RBI) has been full of surprises. Continuing this trend, the apex bank has slashed the key policy rate by a mammoth 25 basis points, a move that will force banks to drop the interest rates on their loan products, including the lucrative segment of car loans. Henceforth, the policy repo rate will stand at 7.5% and the update will come into effect immediately. Earlier, the rate stood at 7.75% and there had been rife discussions about the inevitability of such a development.


    However, the Cash Reserve Ratio (CRR) remains unchanged of scheduled banks at 4% of net demand and time liabilities (NDTL). Plus, the daily variable rate repos and reverse repos will continue as usual to aid in smooth liquidity. This update from RBI comes as a real shocker- the quantum of which differs from banks that supply the loans to customers who enjoy them (at a lesser interest rate, of course).

  • 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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