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Chennai Car Loan

Chennai Car Loan
 4.0 / 5.0   by 384 users
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Chennai formerly known as Madras, this 369-year-old city is the capital of the southern state of Tamilnadu and is India's sixth-largest city in terms of population.It serves as one of the main gateways to South India and has a thriving local culture and art scene and is one of the major destinations for medical tourism. It is considered as one of the world's fastest growing cities.

About Car Finance: Personal Car Finance is a complete subsector of personal finance, with numerous different products available. These include a straightforward car loan, hire purchase, personal contract hire (car leasing) and Personal Contract Purchase. Therefore car finance includes but is not limited to vehicle leasing. These different types of car finance are possible because of the high residual value of cars and the second hand car market, which enables other forms of financing beyond pure unsecured loans.


You’re probably eligible for an Chennai Car Loan if you are

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Chennai Car Loan Minimum Age

At least 21 years old

Chennai Car Loan Maximum Age

Less than 67 years old

Chennai Car Loan Eligible Employment Type

Salaried / Self – Employed
with regular income

Chennai Car Loan Minimum Income

Earn more than the minimum
income required


Your Chennai Car Loan amount eligibility is based on these factors

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Chennai Car Loan Minimum Salary

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

Chennai Car Loan Maximum Loan to Value

Loan capped @
85% Ex-Showroom price

Chennai Car Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible Chennai Car Loan amount by these steps

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Chennai Car Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

Chennai Car Loan Maximum Tenure

Choose longer tenure loan up to 5 years


Documentation needed to apply for an Chennai Car Loan

  • 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

Chennai Car Loan Interest RatesUpdated on 06 Mar 2015

Chennai 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

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Chennai Car Loan Reviews

Customer Reviews
Page 1 of 20 1 2 3 4 5
  • Validated User
    (0)

    I am holding a car loan with ICICI Bank. This loan was taken on an emergency basis so I was forced to accept what ever interest they have charged. Rate of interest charged by them was 17% which is really high . Processing fee charged by them was 1% within a span of 2 days of time loan was processed the most exciting part is, every thing was done over the phone where I did not submit any documents.

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    md took a Car Loan from ICICI BANK Reviewed on
  • Validated User
    (0)

    Main reason to not take car loan with Axis bank is the interest rate because the rate is high and I did not get the expected. I was looking for 9.5% to 10% of interest rat with 0.5% of processing fee but Axis bank was only ready to give 12%. Internet banking of Axis bank is not up to the mark while comparing to other banks so it should be enhanced.

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    prakash took a Car Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I am holding a car loan with Axis Bank. There is no issues with them. The only challenge is, there was some issues while providing the documents as I did not sign the documents nor I have not been asked to. Later they got to me stating that I did not sign the documents. Its because of which the approval got delayed. My only suggestion for them is it would be great if their executives are educated.

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    thangaraj took a Car Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I did not take a car loan from TVS Credit. I am very much satisfied with their service. I thought of buying a 2nd hand car initially . Later I purchased a new car from Maruthi show room. The dealer himself helped to avail the loan, hence I was forced to cancel this application. The rate of interest offered by them was 17% to 18% which is on the higher side.

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    thangaraj took a Car Loan from TVS CREDIT SERVICES on BankBazaar.com Reviewed on
  • Validated User
    (0)

    My application is not processed with TVS Credit car loan . As the car model is 2008 . They initially processed the request, finally they said only 2009 and above model would be processed as it is a used card. So they have rejected my application . Customer service and response is really good.

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    manoj took a Car Loan from TVS CREDIT SERVICES on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I am holding a car loan with HDFC Bank. I would say HDFC Bank is the best bank . Be it any bank HDFC Bank ranks one. They are not looking out for more documents . They only ask about 80 % to 90% documents when compared with other Banks. They took about 3 to 5 days of time to provide the loan. Their processing is much better when compared with other banks.

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    gugan took a Car Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    TVS Credit car loan is ok . There were 2 major reasons for not taking a car loan with them. Firstly, I have asked them to provide it for 5 years however they were able to provide it for 3 years only. Processing fee charged by them was way too high. HDFC Bank offered me an interest rate of 13.5% however TVS offered me around 16% to 18%.

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    gugan took a Car Loan from TVS CREDIT SERVICES on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I managed to arrange my own funds that is why I have not taken a car loan with TVS Credit. The processing fee charged by them was medium. Customer service offered by them was really good. Response was good. The only thing is, I often got a call from them to check whether I am interested for the loan or not.

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    david took a Car Loan from TVS CREDIT SERVICES on BankBazaar.com Reviewed on
  • Validated User
    (1)

    Rate of interest offered by TVS credit for the car loan was very high. Things were not easy as they were following their norms. Offcourse it has got its own brand name. However they are very strict when it comes to documents . They are not flexible. After submitting the documents I did not get a call from them confirming the application status and I was chasing them for the same

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    venkatachalam took a Car Loan from TVS CREDIT SERVICES on BankBazaar.com Reviewed on
  • Validated User
    (1)

    When I was taking car loan with SBI the interest rate is 10%. Infact, three years ago I got offers with different banks but rate of interest is competitive in SBI thus I intended to go with them. More than that there is no pre closure charge where we have to pay the outstanding amount. Along with car loan they deducted some amount for insurance but cannot recall it right away.

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    prakash took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    Car loan that I availed from Axis bank is around 6lakhs and for this amount they deducted only rupees of 300 for processing charge. I felt interest rate to be high because for 6lakhs interest rate is 10.60%. The executive informed that I can part pay the loan in three installments like in ratio of 30% in a year.

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    viswanathan took a Car Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Very fast response and loan got sanctioned as earlier. Paper works were less and they gave reasonable offers. Whatever Axis bank committed in respect to rate, they processed the same and the executive patiently attended the deal. Concisely I would say the process as customer friendly. Charges for car loan is affordable where it is nil percentage. If I call the executive for any doubts, they are assisting prompt and even the manager Mr. Vino is very responsive.

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    muthu took a Car Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    Everything is good and the process is simple as all required documents were communicated to me in prior by the executive of HDFC bank. The person who came did provide all information of car loan accurately. Partial payment is available and I can go with it after one year with four installments. The fore closure charge might be 6% to 7%. I am being associated with HDFC bank for more than 5 years so satisfied with their service. The only concern is that, the call connecting time and waiting time to the customer executive is too long so HDFC bank can look on to it.

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    debabrata took a Car Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Everything was fine in Axis bank and as per the system they processed and offered the rate for car loan. The interest rate is reasonably good as they gave 10.85%. The interest is standard for throughout the tenure and service charge they just collected 3500, which includes service tax. Smooth process it was as they collected papers in one attempt and the documents required were informed to me clearly over the phone so it made easy to made ready the stuffs.

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    jayakumar took a Car Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (1)

    I am holding a car loan with SBI. The rate of interest offered by them was 10.25% where as SBI was offering about 12%. They were able to process the loan with in 2 business days. When it comes to documentation it was a bit complicated as they asked for offer and reliving letters to check my job stability and I have submitted last 2 years IT Returns. The reason I wont recommend SBI is because as a account holder they offered me a preferential rate of interest the same is not the case with others.

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    uma took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    Wonderful feeling it was with Axis bank when I have taken car loan and the executives supported great by collecting the documents in my place. They collected all the papers on the committed time period and even the disbursement was happened as per their promise. The loan amount was passed in the form of DD to the show room guy. Interest rate is on reducing balance basis and it is 1075%. What I had expected on rate, that I got it. During the processing time they just collected 300.

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    suresh took a Car Loan from AXIS BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    I would say absolutely fantastic to be with State bank of India in terms of car loan. Though the initial process with nationalized bank might be slower, however its beneficial. Processing charges are ICICI BANKnil as well as rate of interest is little bit lower.

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    jaideep took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    Since November 2013 I availed car loan from TVS credit services with the interest of 16%. The interest rate is high so they can reduce the rate. The officer is giving status regularly and he is in touch till date. I did pre close the loan with 5%. The pre closing charge is also bit high. Other than the charges, everything is fine.

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    deepak took a Car Loan from TVS CREDIT SERVICES Reviewed on
  • Validated User
    (0)

    It was just an inquiry which I made with ICICI in terms of car loan.The response was too faster and whatever the information I require, I got it. The experience was overall seems to be nice.

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    babu took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Related to my car loan application with ICICI, there was not even a single response from their team. Due to which, I had closed the car loan application. If they could had provide the exact status, it would had been helpful and better.

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    balaji took a Car Loan from ICICI BANK on BankBazaar.com Reviewed on
Customer Reviews
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