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User reviews
  • Services was user friendly and process oriented from HDFC in terms of car loan. Executive Sathi reddy was in constant touch and kept updated about the status. Rate of interest is quite better and good.Overall quite amazing.
    06:17 PM - Dec 17, 2014

    , hyderabad
    0.5 4.0/5 "Great!"
  • Car loan services with HDFC was very fast. Process was easier and hassle free. HDFC bank people are customer oriented. Executive of HDFC was too prompt in manner. Overall experience is good in availing car loan. Even rate of interest is quite ok.
    06:05 PM - Dec 16, 2014

    , ahmedabad
    0.5 5.0/5 "Blown Away!"
  • Initially I got a call from one of the executives of ICICI bank for car loan but later no one have contacted regarding the same. I just got one text stating as unable to process car loan due to some bank norms. No one mentioned about interest rate and other charges so not aware about other stuffs.
    04:10 PM - Dec 16, 2014

    , kochi
    0.5 2.5/5 "Just OK"
  • Overall its a good experience and the processing time was too less in availing car loan from HDFC. There were few hiccups in terms of document submission where I was about to submit the document twice. Other than that, it was quite good.
    06:12 PM - Dec 17, 2014

    , gurgaon
    0.5 4.0/5 "Great!"
  • I submitted all necessary documents that required for car loan and yet to receive the loan amount. Interest rate they offered is 10.4% and charges are nominal. Getting proper response and alerts from HDFC bank regarding car loan application. Nominal processing charge as they said as 1600.
    05:48 PM - Dec 16, 2014

    , indore
    0.5 5.0/5 "Blown Away!"
  • I am very much satisfied by the car loan services from hdfc bank where I got with better . The only drawback was they are charging nearly 4% as preclosure charges which was not accepted. Other things were fine and good . Quite satisfactory.
    12:22 PM - Dec 16, 2014

    , pune
    0.5 5.0/5 "Blown Away!"
  • Rate of interest they were ready to offer was between 16% to 17% for car loan. I submitted documents to one of the executives but later no one have contacted. There was a delay in revert and response so I postponed the plan of car loan thus I advising ICICI bank to give proper response.
    06:26 PM - Dec 16, 2014

    , mumbai
    0.5 3.0/5 "Satisfactory"
  • Interest rate that ICICI bank ready to offer was around 10.75%. I was informed processing fee as 1600 to 2000 but they did not process the car loan and I am not sure about the reason. Experience was not much good with ICICI bank so I suggest them to fulfill customer expectations.
    05:47 PM - Dec 16, 2014

    , indore
    0.5 3.0/5 "Satisfactory"
  • Got response immediately from HDFC bank employees and within 3 days they disbursed the loan amount. I am highly satisfied with interest rate as they gave 10.5% for car loan and no foreclosure charge. Can foreclose the loan only after 18 months. No issues in process but not yet received car loan schedule.
    10:44 AM - Dec 16, 2014

    , chennai
    0.5 5.0/5 "Blown Away!"
  • I liked the processing time which was speedy as well the disbursal time was very less by HDFC. Car loan terms and conditions was quite acceptable. Customer service team did coordinate well and was cooperative. Rates and charges are quite affordable.
    06:11 PM - Dec 16, 2014

    , hosur
    0.5 5.0/5 "Blown Away!"
  • Really very satisfied with ICICI bank car loan service as they negotiated rate of interest as per my request and they waived of all charges. Comparing to other banks interest rate and service is good in ICICI bank. I visited branch of ICICI to avail car loan. ICICI is very good so keep going the same.
    05:00 PM - Dec 16, 2014

    , chennai
    0.5 5.0/5 "Blown Away!"
  • Everything was at door step and the services was quite faster from HDFC in disbursing the car loan. Pre closure charges is 0% which is a good option as well as no document charges which is quite impressive. Overall good.
    10:37 AM - Dec 16, 2014

    , tirunelveli
    0.5 4.0/5 "Great!"
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BankBazaar Car Loan is Rated as " Excellent!" by 2250 Users
 4.5 / 5.0   by 2250 users
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Fees & Charges

Promised Interest Rate

Customer Service

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 18 Dec 2014

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!

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YOUR SEARCH ENDS hERE
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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