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  • on my ride.
 
User reviews
  • I had a very good response from HDFC bank when I applied for a car loan. The response was immediate. I was not able to avail the loan as the executives in the car showroom did not respond properly. The rate of interest was reasonable as well.
    06:33 PM - Nov 21, 2014

    , kottayam
    0.5 5.0/5 "Blown Away!"
  • There was no several follow ups as SBI has sanctioned car loan in a single visit. I thought that SBI being nationalized bank they would take several days to process the amount but my assumption was incorrect, where they completed in a short period of time. I mailed all my documents to bank so followed that in a single visit they sanctioned the amount. There are no penalty charges and no limit for part payment. Rate of interest they offered is 10.25%.
    10:49 AM - Nov 21, 2014

    , new delhi
    0.5 4.0/5 "Great!"
  • Experience was wonderful with Axis bank and no issues with them but unfortunately car loan application got rejected due to bank norms. No idea about hidden charges and processing fee but they processed as per their commitment. My application got closed after submitting all necessary documents so what I would suggest is that, before collecting documents with customers bank should check whether customer is eligible for car loan.
    06:28 PM - Nov 20, 2014

    , hyderabad
    0.5 4.0/5 "Great!"
  • Hdfc bank responded promptly and within the stipulated time when I applied a car loan. I would say the customer executive followed up correctly and was asking for the details. As I just dropped my plan of purchasing the car I did not process the loan. Other than that their services was good. I am very impressed by the way HDFC follows up their customers till end remembering them.
    06:12 PM - Nov 21, 2014

    , ahmedabad
    0.5 2.0/5 "Expected more"
  • I think they offered 10.58% of rate for Car loan , which is competitive. Actually the part payment option is not much convenient with Axis bank as there is some limitations on it. Part payment option is only possible after six months so I stopped car loan with Axis bank. However, I am satisfied with Axis bank.
    10:48 AM - Nov 21, 2014

    , new delhi
    0.5 3.0/5 "Satisfactory"
  • The reason for applied my car loan from hdfc bank due to lower interest rates .They offered me 10.5% as interest rate which was comparitively lower than other banks. Documentation process was very good. I am quite happy by their services
    05:30 PM - Nov 20, 2014

    , bangalore
    0.5 5.0/5 "Blown Away!"
  • Am happy about the services of State bank of India in terms of availing car loan. It is 9.5% interest rate which is a reasonable rate offered. Even there is a partial payment option which I feel its good one. Even satisfied with customer service.
    06:07 PM - Nov 21, 2014

    , nagpur
    0.5 5.0/5 "Blown Away!"
  • The experience was very good when I applied for a car loan. I would say that the response was immediate. But as my eligibility terms and norms were not met with HDFC I was not able to avail the loan. Other than that the rate of interest and fees & charges were reasonable as per market.
    10:26 AM - Nov 21, 2014

    , bangalore
    0.5 4.0/5 "Great!"
  • The experience when I applied for a car loan with HDFC was good. The loan was processed and disbursed quickly. I did not face any difficulties in the process. I would say that they are servicing good and they donâ??t require any suggestions. Even the fees and charges they levy is reasonable compared to other banks.
    05:04 PM - Nov 20, 2014

    , new delhi
    0.5 5.0/5 "Blown Away!"
  • The experience with HDFC bank was disappointed. As they did not respond properly when I applied for a car loan. I did get a call after a week,but by the time I got the loan from some other bank. So I dropped the plan of availing the loan. I feel that HDFC bank needs a lot of improvement in their services.
    06:02 PM - Nov 21, 2014

    , ahmedabad
    0.5 1.0/5 "Really Bad"
  • When I applied car loan through one of my friend in HDFC bank where they responded promptly. I was happy that I got my loan within a time span of 2-3 days. The entire process was hassle free. They offered reasonable interest rate of 10.50% with Rs.1200 as processing fees as per market.
    06:55 PM - Nov 20, 2014

    , gurgaon
    0.5 5.0/5 "Blown Away!"
  • I had a better experience while applying car loan with HDFC. Everything was ok in terms of services they provided me. I would suggest them they must reduce the rate of interest to an extent as it is high compared to other banks. I also wanted them to suggest them to have an option to do a part payment where my EMI reduces.
    04:03 PM - Nov 20, 2014

    , greater noida
    0.5 4.0/5 "Great!"
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BankBazaar Car Loan is Rated as " Excellent!" by 2159 Users
 4.5 / 5.0   by 2159 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 24 Nov 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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by 2159 users
Over 5,00,000 Happy Customers with loans & cards
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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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