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  • Car Loan - With interest rates as low as 8.55% p.a. and repayment tenure of up to 8 years, you can find the most suitable vehicle loan for your needs at BankBazaar. You can take the loan for 90% to 100% of the on-road price of the car.

    Compare Best Car Loan Interest Rates in India for 2019

    Bank Name Car Loan Interest Rates Processing Fee
    Allahabad Bank Car Loan 8.55% p.a. onwards 0.5% of the loan amount
    Bank of Baroda Car Loan 8.60% p.a. onwards Rs.500 plus applicable taxes (Offer valid till 31 Dec 2019)
    Canara Bank Car Loan 8.75% p.a. onwards 0.25% of the loan amount, subject to a minimum of Rs.1,000 and a maximum of Rs.5,000
    Axis Bank Car Loan 9.05% p.a. onwards Minimum of Rs.3,500 and maximum of Rs.5,500
    Union Bank of India Car Loan 9.05% p.a. onwards Rs.1,000
    Federal Bank Car Loan 9.25% p.a. onwards Minimum of Rs.1,500 and maximum of Rs.2,500
    SBI Car Loan 8.80% p.a. onwards 0.2% of the loan amount + GST as applicable, subject to a minimum of Rs.500 + GST and a maximum of Rs.3,750 + GST
    ICICI Bank Car Loan 9.30% p.a. onwards Up to Rs.5,000 (One Time Fee)
    HDFC Bank Car Loan 9.50% p.a. onwards 0.4% of the loan amount, subject to a minimum of Rs.3,000 and a maximum of Rs.10,000
    More
    We found 9 Car Loan
    Bank Name
    Interest Rate Range/Lease rental range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.10% - 15.50% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    9.40% - 13.35% Fixed
    Up to ₹ 5,000 One time fee
    1L Min
    1-7 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.8K - 58.6K LEASE RENTAL RANGE/MTH
    No Processing fee
    - Flexi-Lease offer
    1-4 Years
    Car Lease
    What you'll love
    Documents
    Perks
    Think about
    Fees and Penalties
    Eligibility Criteria
    9.05% - 11.30% Fixed
    ₹3,500 - ₹5,500
    1L Min
    Up to 8 years
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% Fixed
    1,500 to ₹2,500 One time fee
    Up to 100% (ex-showroom price)
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Good to Know
    Eligibility Criteria
    9.00% - 9.65% Floating
    0.25% (₹1,000 - ₹5,000)
    Up to 90% of cars value
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    9.65% Fixed
    0.23% (Max. ₹10,236) One time fee
    Up to 200 L
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    9.00% - 9.70% Floating
    ₹1,000 - ₹1,500 (+ GST)
    Up to 48 times monthly income
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    9.10% Fixed
    0.50%(max. 15,000)
    125L Max
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria

    Car Loan Interest Rates

    Updated on 20 Nov 2019

    Car Loan Details
    Interest Rate (Monthly reducing balance) 8.55% onwards
    Processing Fees Starts from 0.2% of the loan amount
    Loan Tenure 1 year to 7 years
    Pre-closure Charges Varies with bank
    Guarantor Requirement Varies with bank

    Note:The interest rates will differ from one bank to another. This makes it critical to compare the interest rates before choosing a loan to apply for.

    Listed below are some of the best car loan products you can opt for in 2019:

    HDFC Bank Car Loan – Loans for luxury cars

    • 100% financing of on-road price for select models
    • The maximum loan amount can be Rs. 3 crore
    • Balloon EMI and Step-up EMI make it easier to buy bigger cars at smaller EMIs
    • You can take a top-up loan after 9 months
    • Funding for comprehensive insurance
    Effective Interest Rate Tenure Max Loan Amount
    9.50% onwards 12 - 84 months Up to Rs. 3.5 Crore

    ICICI Bank Car Loan – Offers 100% financing of on-road price

    • The entire on-road price of the car can be funded through this loan
    • Existing customers are pre-qualified and pre-approved for car loans
    • The maximum loan amount is based on customer profile, vehicle cost, model variant, etc.
    • Interest rate depends on the tenure of the loan
    Effective Interest Rate Tenure Max Loan Amount
    9.30% - 12.85% p.a. Up to 84 months Up to 100% of on-road price

    SBI Car Loan – Loans for professionals and agriculturists with no income proof

    • Interest calculated on daily reducing balance
    • Financing is calculated based on the on-road price of the car
    • You can take the Loan if you work for the government or a private company
    • Self-employed individuals, agriculturists, professionals, and businessmen can apply for a loan under the SBI Car Loan Lite scheme, without submitting any proof of income
    • The max loan amount depends on the category you fall under
    Effective Interest Rate Tenure Max Loan Amount
    8.80% onwards Up to 7 years Up to 90% of on-road price

    Axis Bank Car Loan – Loans start from Rs.1 lakh

    • You can apply for a small amount under this scheme; loan amount starts from Rs.1 lakh
    • Financing up to 100% of on-road price on select models
    • Tenures of up to 8 years
    • No bank statements and income documents needed if you are pre-approved or have a salary account
    Effective Interest Rate Tenure Max Loan Amount
    9.05% onwards Up to 8 years Up to 100% of on-road price

    Federal Bank Car Loan – Free personal accident insurance

    • Financing of up to 100% of ex-showroom price
    • Longer repayment tenures of up to 84 months
    • No income documents required
    • Free personal accident insurance for borrowers that offers coverage up to Rs.10 lakh
    Effective Interest Rate Tenure Max Loan Amount
    9.25% onwards Up to 84 months Max Loan Amount

    Canara Bank Car Loan – Low-interest loans for new and used cars

    • Financing of up to 80%/85%/90% of the on-road price
    • Car loans are provided to new and used cars (not more than 5 years old) at the lowest interest rates
    • Long repayment tenure of up to 84 months
    • If the vehicle is registered to a woman, the interest rate is lower by 0.05%
    Effective Interest Rate Tenure Max Loan Amount
    8.75% onwards Up to 84 months 90% of on-road price

    Eligibility Criteria and Documents Required

    The car loan eligibility criteria can be different for different banks. The common criteria are as follows:

    • Age between 18 years and 75 years
    • Minimum net monthly income of Rs. 20,000
    • At least 1 year of employment with the current employer
    • Must be salaried or self-employed, working for a government establishment or a private company

    To prove your eligibility, you’ll need to provide certain documents. Though this too is specific to different lenders, the common documents will be:

    Identity proof (any of the following)
    • Aadhaar
    • Passport
    • Driving license
    • Voters ID card
    • PAN card
    Address proof (any of the following)
    • Aadhaar
    • Passport
    • Driving license
    • Ration card
    • Utility bills
    Proof of income
    • Form 16
    • Salary slips if you are salaried
    • Latest Income Tax Returns
    • Bank statements going back 6 months

    Note: Make sure you check exactly what documents the lender wants. The documents required can change depending on your situation too. The documents required to take a used car loan are the same as above.

    Car Loan - Checklist to Follow While Applying for it

    Steps Requirement Inference
    Apply for a car loan Compare all offers available To find the loan that offers you the highest loan amount and the most affordable interest rate
    Submit Income Proof Bank Statement (last 6 months) Pay-Slips (last 3 months) IT- Returns (last 2 years) Lender wants to establish your ability to repay the borrowed amount
    Submit Proof of Address and Identity PAN Card, Voter’s ID, Aadhaar Card, Passport, etc. Lender wants to establish your nationality, identity, and permanent address
    Credit History PAN Card Lender wants to check your past credit records and establish if you can be trusted to make regular repayments
    Information About Vehicle Sales Receipts from the showroom from where the vehicle was purchased Lender must confirm that the deal was affected as intended
    Proof of Insurance and Driving License Copies of the vehicle’s Motor Insurance and your Driving License Lender must establish that all laws and protocols are followed with regards to the purchased vehicle.
    How to Apply for Car Loan?
    How to Apply for Car Loan?

    Car Loan Application Process on BankBazaar.com

    Getting a car loan is easy through BankBazaar. The steps involved in the car loan application process are:

    • Click here to start the application process
    • Choose the “New Car” option
    • Choose the car you want to buy (If your car is not listed, click on “Other Model”)
    • Enter some information about yourself
    • Tell us how to get in touch with you and click on “View offers”
    • Select the offer you like the most
    • Fill up the form with your personal and professional information
    • Click on “Submit” to complete the process

    When you apply through BankBazaar what you get is the BankBazaar advantage. What’s that you ask? Just this:

    • Comprehensive list of car loans
    • The ability to compare before applying
    • The ability to check your eligibility
    • Easy application process
    • Robust customer support
    • Oh… and all this is 100% Free!

    How to Calculate Car Loan EMI?

    The EMI (Equated Monthly Installments) that you will pay will depend on of a few key factors. These are:

    • The size of the loan
    • The interest rate that is applicable to the loan
    • The tenure of the loan
    • The processing fees

    The higher the loan amount, the higher your EMI will be. Similarly, the shorter the loan tenure the higher the EMI. To find the best compromise between an affordable EMI and duration you should check out our car loan EMI calculator.

    Choosing the Right Car Loan

    The following table explains the do’s and don’ts when choosing the right car loan:

    Do’s Don’ts
    Compare - BankBazaar.com can help you compare the various car loan options available to you. Eligibility - Do not apply for a loan amount that exceeds your eligibility, as this will result in the rejection of your loan application.
    What’s the Interest? – Chose a loan that offers you the best interest rate along with the loan amount you need. Multiple Applications - Do not apply with multiple banks as this will have a negative impact on your credit score.
    Keep it Simple – Chose the car before applying for the loan and make sure the cost of the car fits your budget. If your application is rejected, don’t continue to keep apply at different banks. Chances of rejection will rise.
    Hidden Fees and Charges - Sometimes what appears as obvious will have a hidden component. Be aware of the hidden fees and charges concerning the car loan. Relying on the Dealership for loans - The loan that the dealer offers may not have the best interest rate. So, check the other options.
    Special offers – There could be special offers available when you are applying for your loan. Make sure you take advantage of them Don’t pick a car with a high service cost because you already have the EMI and the insurance premiums to pay.
    Insurance – Check the insurance premium for the car as this is a recurring cost.

    In case of bad credit, is a long-term car loan a better option?

    According to financial experts, it is always recommended to opt for a short-term loan in case you have bad credit. Even though the monthly payments will reduce, the interest rates will be much higher for long-term loans. The interest rates are usually high in case you have bad credit, and long-term loans will further increase it. Negative equity is another risk that comes with long-term loans as well. Negative equity comes into effect when the value of the car is lower than the loan amount. The chances of the car needing repairs during the loan duration also increase. Over a duration of time, wear and tear occur and there are chances of major repairs which could increase the costs as well.

    Features and Benefits of Car Loan

    When it comes to car loans in India, in general, the following features and benefits are offered. Note that, the following is a generalized look at the advantages offered by car loans. Individually, car loan lenders may have highly customized and specialized offerings for their customer base.

    • It helps you purchase a car even if you don’t have all the money for it right now.
    • Most car loans will finance the on-road price of the car.
    • Some car loans will even finance 100% of the on-road price. This means no down payments.
    • With some banks offering financing in the crores, you are not limited in your choice of cars
    • Most car loan offerings in India are secured loans. This implies that the car serves as the security/collateral for the loan.
    • Procuring a car loan is usually simple when compared to other loan products. Individuals with slightly unsavoury credit scores can also hope to procure one. However, this option differs from bank to bank.
    • Car loans in India often offer fixed interest rate options. This means, you are always assured of a fixed amount that needs to be repaid monthly.
    • Many lenders will offer interest rates based on your credit score so a high score to get you a cheaper loan.
    • Car loans are not meant for just new cars. A used car loan can help you buy a pre-owned car.

    Car Loan Approval - Steps to Get the Loan Approved Faster

    When you want to receive funds to purchase the new or used car that you have been eyeing for a while, it is better that you opt for a pre-approved loan. To avail such a loan, you can follow a few steps to quickly receive the required funds.

    • Check Your Credit Report You can check your credit report to verify your standing in terms of credit score. A score of 750 or more can get you a lower interest rate. However, the interest rate for a score of 650 to 750 will be slightly higher. If you have defaults in your report, or have a very low score, your application may be rejected.
    • Pay Your Bills on Time In order to avail a loan to purchase your dream car, you must have a minimum monthly pre-tax income and a manageable debt-to-income ratio (DTI). While it is usually not possible to change one’s income, you can improve your DTI by clearing off all your pending credit card debts.

    To create a better credit profile, you should always pay your bills on time. If that is not possible then you can make timely payment of your bills at least 6 months prior to the loan application. If you pay your bills on time, it assures the lender that you will also repay the Equated Monthly Installments (EMIs) on time. This, in turn, will help you secure a loan easily.

    • Look for Car Loan Options There are multiple options available in the market through which you can get a loan to purchase your new or used car. You should check the car loan interest rates of different banks and car financing firms in order to find the one that fits your needs.
    • Borrow as Less as Possible By paying a larger amount upfront as down payment, you can reduce the sum that you will have to borrow in order to match the price tag of the car you have chosen. If you borrow a lesser amount, you will be in a better position to repay your loan quickly since a smaller loan amount means smaller EMIs or a shorter loan tenure. Additionally, the amount that you will have to pay to your bank or car financing organisation as interest will also reduce.
    • Be Sure to Choose a Plan That Fits Your Budget The repayment capability of an applicant greatly impacts the approval of a loan that he or she has applied for. As you decide to get a loan to purchase the car that you have always wanted, you should make sure that you choose a scheme that you can afford. If you are already paying EMIs for other loans that you have availed, you should ensure that you can also pay the EMI of the car loan that you choose.
    • Pay Attention to the Terms of the Loan A car loan that has low monthly EMIs but consists of a longer tenure might not be viable for you. Before you finalise your financing scheme, you should always try to opt for a plan that carries the lowest interest rate and the shortest loan tenure as possible. Avoid being tricked into an expensive payment situation by ensuring that the loan terms are conclusive.
    • Get a Car Insurance with Complete Coverage While offering a loan, the main concern of banks and NBFCs is not to incur any losses. Therefore, having a full-cover insurance is a requirement for many organisations before sanctioning a car loan as it helps recover the balance debt in case there is an accident wherein the borrower is at fault.

    Foreclosing a Car Loan

    When you take a car loan, you can repay it in equated monthly instalments (EMIs) till the end of the repayment tenure. However, if you decide to pay off the outstanding loan amount before your tenure ends, you will be foreclosing or prepaying your loan. The foreclosure/prepayment facility is offered by most lenders for a penalty fee though some lenders may allow you to foreclose/prepay your car loan without charging you any penalty.

    You can foreclose your car loan if your income has increased and you wish to clear off your liability. It also takes away your burden of having to make monthly EMI payments. Foreclosing a car loan will release the hypothecation on the car and give you full ownership.

    As stated above, some lenders may charge you a penalty on loan foreclosure. Hence, before you decide to foreclose a loan, it is a good idea to go through the clauses associated with it carefully.

    Top-Up Loan on Your Car Loan

    If, after taking a car loan, you need quick or additional funds for purposes such as a wedding, home renovation, medical emergency, etc., you can get a top-up loan on your existing car loan. You can avail up to 150% of the car’s value as a top-up loan. Most lenders that offer a top-up on their car loans will require you to maintain a clear payment record for at least 9 months. The process to avail a top-up loan on your existing car loan is quick and requires minimal paperwork.

    Some of the banks that offer top-up on their car loans are HDFC Bank, Axis Bank, ICICI Bank, and Kotak Mahindra Bank.

    Car Refinancing

    When you take a new loan to pay off the outstanding balance on your existing car loan, it is known as car refinancing. You can choose to refinance your car loan if you wish to replace your current loan with better features such as low interest rates, extended repayment tenures, etc., or simply to change the terms of your current loan. The most common reason why people refinance their car loans is to save money. When refinancing a car loan, you can avail a new loan that offers lower interest rates which, in turn, will save you money. You can also lower your equated monthly instalments (EMIs) by choosing a longer repayment tenure with a new lender through car refinancing.

    Car refinancing is a good idea when there has been a drop in interest rates since you took your original car loan, your financial condition has improved, you are unable to bear the burden of high EMIs, and if you feel you did not get a good deal on your car loan the first time around. However, refinancing on a car loan does not make sense when you have already made a substantial repayment of your original loan, your car value has depreciated, the prepayment penalties are high, and when you have plans to apply for new loans in the future as refinancing may impact your credit score negatively.

    Things to keep in mind when availing a used car loan

    In India, buying used cars are very popular. There are various finance options also available in case you wish to buy a pre-owned car. Most Non-Banking Financial Companies (NBFCs) and banks offer loans for pre-owned cars. However, various points must be considered before buying a used car on loan. It is important that you compare the interest rates offered by various banks and NBFCs before selecting one. The loan tenure must also be chosen wisely. Even though the EMI amount will reduce for longer tenures, the interest rates would increase. The rate of interest for used car loans range between 8.8% and 17%. It is vital that you check the processing fees that are being levied as well. Few NBFCs and banks charge a high processing fee.

    Income Tax Benefits on Car Loans Taken to Purchase Electric Vehicles

    If you have taken a car loan to purchase an electric vehicle (EV), you can now enjoy a tax rebate of Rs.1.5 lakh on the interest paid. This was announced in the latest Union Budget (2019-20) by Finance Minister Nirmala Sitharaman and is a part of the government’s efforts to stimulate the adoption of environment-friendly mobility solutions. If you have purchased an electric vehicle, you will be able to avail a benefit of about Rs.2.5 lakh during the entire term of the loan. The government has also slashed the tax rates on electric vehicles to 5% from the earlier 12%.

    Car Loan Versus Car Lease

    Financing and leasing are two methods through which people can get a new car. In both cases, the car owner/lessee would have to make monthly payments. The bank/leasing company would have a stake in the vehicle as well.

    There are several differences between car leasing and car purchase through a loan. Listed below are some of the differences:

    • People who like to change cars every 3-4 years may find it more advantageous to lease a car as opposed to financing it. This way, the hassle of maintenance is also taken care of by the lessor.
    • When the lease period expires, the lessee can return the car to the leasing company. He/she does not have to go through the process of car valuation and sale, as would be the case if he/she owned the vehicle.
    • In the event of leasing a car, there is a restriction on the distance you can drive it for. This kind of restrictions are not there when you are the owner of a financed car.
    • Another disadvantage of leasing a car is the fact that you will be unable to customise the vehicle based on your personal preferences.

    Check Latest Car Prices in India

    With the automobile industry expanding at a rapid pace and with more and more car manufacturers establishing their bases in India, buying a car has become a hassle-free procedure. Car prices in India vary depending on the segment of the car purchased and with the additional features provided by the manufacturer. BankBazaar offers a comprehensive list of car prices across various models of cars sold in India. Be it a hatchback, sedan, luxury sedan, SUV or MUV, we equip you with the necessary pricing information to help you decide on the right car suited for your needs and current financial situation.

    Check Top Car Dealers in India

    Car dealerships in India are committed to providing quality services across all areas of car servicing and maintenance. Majority of car dealers in India have tie-ups with the automakers to impart training to their technicians in maintenance, diagnostics, system check, etc. Staff training and expanding the facilities is a continuous process taken up by dealers to ensure that customers receive the best value for the money they pay. Right from the sale of brand-new cars and used cars to periodic maintenance and customer support, the dealership outlets offer a wide variety of services. Nowadays, most dealers list out their services online to ensure a seamless customer experience without requiring face-to-face interactions.

    FAQs about Car Loans

    Can I get 100% funding to buy a car?

    The maximum amount of loan that you can avail to buy a car will vary from lender to lender. Most banks offer financing up to 90% of the on-road price of the car but there are some banks such as HDFC Bank, ICICI Bank, etc., that offers financing for up to 100% of the car’s on-road price.

    Can I pre-pay the entire loan amount? What are the conditions involved?

    Yes, you can prepay the entire car loan and save on vital interest payments in the future. However, most banks will allow the pre-payment option after you have chalked off 6 months on your loan tenure. Plus, you will be expected to pay a small fee as pre-payment penalty that will be dependent on the leftover loan amount.

    What car models are financed by the standard car loan in India?

    Unless otherwise specified, almost all small to medium sized cars, Sports Utility Vehicles (SUV) and Multi Utility Vehicles (MUV) come under the purview of car loans available in India. However, as mentioned, refer to the loan brochure for exceptions to this rule.

    When applying for the car loan, do I need a guarantor/ security?

    Almost all car loan products available in India are secured loans, with the procured vehicle itself acting as the customary security. Most lenders in India will not insist upon any guarantors; however, if your annual income does not match up to the expected requirement, then you may be expected to sign-up a co-applicant and/or guarantor.

    What are the commonly available car loan repayment tenures?

    Repayment tenures usually range from 12 months to 84 months (1-7 years).

    What kind of a credit score do you need to buy a car?

    Just like with most loans, a high credit score above 750 is ideal. But you can still apply for a loan if your credit score is above 600. Remember, if your score is too low, your application may be rejected.

    Will my credit score affect the interest rate?

    Yes. Some banks will offer lower interest rates to applicants with high credit scores. Likewise, borrowers with low credit scores will have to bear higher interest rates.

    What is the minimum credit score I need to get a car loan?

    When you apply for a car loan, lenders will look for a credit score of at least 750. Below this score, lenders may be reluctant to lend to you as it indicates your low repayment capacity. Some banks may offer you a car loan despite your low credit score but they may charge a higher interest rate.

    Should I take a car loan from the car dealership or bank?

    Before you apply for any car loan, ensure that you explore all the options available. Once you explore, you will get an idea about the benefits offered by various lenders on their car loans. Compare the benefits offered and pick a lender that fits your requirements. Whether it is a bank or a car dealership, pick the one that offers better interest rates.

    Do banks offer finance for used cars?

    Yes. Many top lenders such as SBI, HDFC Bank, ICICI Bank, etc., offer loans to buy used cars. These lenders offer car loans for up to 85% of the car’s value provided that the car is not more than 5 years old. Used car loans can be repaid in a maximum of 7 years.

    What will lenders look for when I apply for a car loan?

    One of the most important factors that lenders consider before offering you a car loan is your credit score. As stated above, a credit score of above 750 can fetch you lower interest rates and other benefits. The other factors that lenders look for when you apply for a car loan are your employment status, residence and job stability, income, debt-to-income ratio, etc.

    What is the lowest EMI that I need to pay for a car loan?

    The amount of EMI (equated monthly instalments) that you will be paying towards your car loan will depend on the interest rate, loan amount, and the repayment tenure you choose. You can calculate the EMI by using the EMI Calculator tool available on the BankBazaar website. For example, let us suppose that you avail a car loan of Rs.1 lakh at an interest rate of 12% for a tenure of 5 years. Using the tool, we calculated the EMI and found it to be Rs.2,224.

    How much down payment do I need to make to buy a car?

    Making a higher down payment will mean that you will need to avail a lower loan amount to buy a car. When you avail a lower loan amount, there are chances that banks or lenders may offer you a car loan at lower interest rates. This is simply because if the loan amount is lower, the repayment will be quicker. So, though there is no hard and fast rule to how much down payment you should make, a higher down payment will ensure that your debt liability is lesser.

    Can I get a lower interest rate if I have a good credit score

    If your credit score is above 750, you can negotiate with the banks to offer you a car loan at a lower interest rate. Many lenders will let you negotiate on the interest rates since your high credit score is an indication of your high repayment capacity. Some lenders may also offer you a waiver on the processing fee if you have a good credit score.

    Disclaimer*:

    BankBazaar reserves the right to modify, add or discontinue the terms and conditions at any time without any notice.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Car Loan Reviews

    • Toyota Finance Car Loan
      "Really cool loan"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Toyoto finance because the interest rate is very less and the process is very easy. They have provided the loan within two days. Interest rate was 9.99% and the processing fee was nil. I have chosen the tenure period of 5 years. I have made the down payment of Rs. 10 lakhs. Total cost of the car is Rs. 23 lakhs in that i got the loan amount of Rs. 13 lakhs. I'm paying the EMI amount of Rs. 28000.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 18, 2019
    • ICICI Bank
      ICICI Bank Car Loan
      "Very much happy"
      0.5 5.0/5 "Blown Away!"
      I have gone for a car loan in ICICI BANK, they have approved and sanctioned the loan within 24hours based on my savings account experience. So far, I have completed 9months and the total tenure is 3years. The interest rate is reasonable. They waived off the processing fee since a Privilege customer.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 15, 2019
    • Cholamandalam Finance Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan which was taken through cholamandalam finance .This was referred by car showroom dealer and the car model was Maruti Suzuki Swift.The rate of interest and the processing fee was nominal .The agent gave all the information about the loan process and within 4 days got the loan amount.
      Was this review helpful? 6
      , pune
      Reviewed on Nov 12, 2019
    • SBI Car Loan
      "Fast approval loan"
      0.5 5.0/5 "Blown Away!"
      Taken my car loan 4 months back. I have bought the loan amount of Rs. 10 lakhs and they have sanctioned the loan immediately and the documentation process was simple and good. Within 1 day, they have processed the loan. They have provided me a interest rate of 8% and i have chosen the duration of 120 months.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Nov 12, 2019
    • SBI Car Loan
      "Low Interest rates"
      0.5 5.0/5 "Blown Away!"
      Bought my car loan from State bank of India its because of less interest rate when i compared with others. I got the loan amount of Rs. 3 lakhs and i haven't paid any down payment. I have paid the EMI amount of Rs. 10000 per month. I have selected the tenure period of 3 years.
      Was this review helpful? 4
      , new delhi
      Reviewed on Nov 10, 2019
    • Kotak Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Kotak Mahindra and i never had a chance to speak with their customer care because the amount is auto deducted from my account. Based on the eligibility, kotak mahindra bank has given me a car loan. The provided interest rate is nominal for me.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 10, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have state Bank Of India car loan,the rate of interest was very nominal .I have got the loan amount sanctioned on time without any delay .Each and every details was clearly shared by the agent .I have submitted the required documents and i am comfortable with the service.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 09, 2019
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through HDFC Bank .The rate of interest and the processing fee was nominal .Each and every details about this loan was clearly shared by the agent.I have got the loan amount on time without any hassle .This was a paperless approval and i am comfortable with the service so far.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Nov 09, 2019
    • IDBI Car Loan
      "Reliable and affordable"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from IDBI bank and from the day one , I didn't face any issue and they are very responsive. Earlier my friend used their services and he recommended me and i tried it then it work it out. Within 1 day, they have sanctioned the loan and the interest rate is affordable.
      Was this review helpful? 4
      , nellore
      Reviewed on Nov 07, 2019
    • Kotak Car Loan
      "Good bank to apply for a car loan "
      0.5 5.0/5 "Blown Away!"
      On 5 years before I was taken a car loan with KOTAK MAHINDRA BANK, I got a chance to apply through showroom. The amount which was provided 2L tenure period of 2 years. Rate of interest was nominal and processing fee of 3K. I use to get a remainder message on time. Now I closed the loan and received NOC letter as well. For an EMI paid for 7890 rupees.
      Was this review helpful? 6
      , chittoor
      Reviewed on Nov 04, 2019
    • Axis Bank Car Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I am using Axis Bank car loan which was directly taken through Bank.Still this loan is active,The card model was of 2019 and it was Maruti Wagon R,I have got this car loan on exact time frame .Each details about this loan process was clearly shared by the agent.The rate of interest was nominal and so far completed 6 EMI.
      Was this review helpful? 8
      , kochi
      Reviewed on Nov 04, 2019
    • HDFC Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Recently, I availed a car loan from HDFC BANK because I like this bank and all transactions are done with them. They have given me so many options on the net banking for the pre approved loan which is good but this time, have approached the executive directly and I bought a MARUTI SWIFT new car. I have paid nearly 2L as down payment. The interest rate is 9.25%.
      Was this review helpful? 4
      , visakhapatnam
      Reviewed on Nov 03, 2019
    • IndusInd Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      One year before I have taken a car loan from INDUSIND BANK which was applied through showroom. The loan amount was sufficient and tenure period of 5 years. Once all verification done they have sanctioned the amount within one week. The rate of interest was nominal only. The car model which I bought is HYUNDAI.
      Was this review helpful? 4
      , coimbatore
      Reviewed on Oct 31, 2019
    • HDFC Bank Car Loan
      "Good bank"
      0.5 5.0/5 "Blown Away!"
      I had chosen my car loan from HDFC. When i was bought the car, my friend is working in HDFC so he only recommended me and the showroom people also had a tie up with HDFC only. One of my friend already took HDFC car loan so i took it from them. They have offered me a interest rate which is nominal. I pay the EMI amount of Rs. 8000.
      Was this review helpful? 3
      , bangalore
      Reviewed on Oct 30, 2019
    • HDFC Bank Car Loan
      "Interest rates can be reduced"
      0.5 5.0/5 "Blown Away!"
      HDFC people are transparent on the loan service and whatever they said, they have sanctioned the same. There is no hidden charges. They explained about the processing fee, interest rates everything at the initial stage very clearly. I did a little survey and i found that HDFC people are genuine so i got the car loan from HDFC. The process was well managed right from the day 1 and end of the loan. They were behaved very professionally.
      Was this review helpful? 4
      , pune
      Reviewed on Oct 29, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI on 11 months before which was suggested by my friend who he is an agent. EMI paying for 11,600 rupees. They have given for 7 lakhs and 13 thousands tenure of 7 years. Within one week loan got sanctioned. The car model is TATA Nexon.
      Was this review helpful? 12
      , goalpara
      Reviewed on Oct 28, 2019
    • Axis Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I had a Pre-approved car loan with AXIS Bank, according to my salary I was eligible for Rs. 7 lakhs and rate of interest is 10% but I took only Rs.3.5 lakhs with the interest rate of 9.5% after insisting them to reduce. I took loan before 1 year and opted for the model Maruthi suzuki Celerio. The documents required was only 3 months salary slip and the Aadhar copy.
      Was this review helpful? 6
      , imphal
      Reviewed on Oct 26, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      From SBI taken a car loan on 2 months before, through showroom suggested for this loan. With interest of 9.5% nominal. They have given for 5 lakhs tenure period of 7 years. IDV of 5.5 lakhs with some discounts given for 5 lakhs. For a processing fee of 2 thousands.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Oct 23, 2019
    • Sundaram Finance Car Loan
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      Purchased the car loan from Sundaram Finance. In the year of 2016, i took this loan. Interest rates are nominal in Sundaram. I got the loan amount of Rs. 5 lakhs and i have done the down payment of Rs. 2 lakhs. I have already closed the loan because the tenure period is only 2 years.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Oct 23, 2019
    • HDFC Bank Car Loan
      "Good Response from HDFC"
      0.5 5.0/5 "Blown Away!"
      HDFC car loan was actually referred by my friend. I purchased the loan amount of Rs. 6.5 lakhs in that i made a down payment of Rs. 2 lakhs. Processing fee was Rs. 2000 approximately. I have chosen the tenure period of 7 years. I have been paying the EMI amount of Rs. 10500 per month.
      Was this review helpful? 7
      , bangalore
      Reviewed on Oct 23, 2019
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