Thank you for your interest in Car Loan from TVS CREDIT SERVICES. Unfortunately, we do not have a tie-up with TVS CREDIT SERVICES currently.
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Thank you for your interest in Car Loan from TVS CREDIT SERVICES. Unfortunately, we do not have a tie-up with TVS CREDIT SERVICES currently.
Talk to our experts to apply for a similar offer from our partner banks instead
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Minimum income required
Rs.2,40,000 per annum
Loan capped @
85% Ex-Showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 Yr years
|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|
Car loans are the simple means to a glorious life milestone- owning your dream car. Almost all of us want to own that shiny set of wheels and drive it triumphantly, into the sunset. However, owning a car (vehicle in general) in India is a costly proposition, one that usually demands the impetus of a sizable financial assistance from banks/ financial institutions that have dedicated loan products in this regard. Almost all private/public sector lenders in India offer car loan options with terms and conditions that are highly customer friendly, affordable and scalable. By qualifying against a very simple list of identity, income and credit history qualifications, you can be the proud owner of your own brand new car.
Choosing a car loan in India has two distinct reasons and advantages. Firstly, cars are expensive. This is a costly investment that is usually not completely affordable in the case of a typical middle class Indian. While his/her savings may account for a sizable portion of the purchase amount of the vehicle, a significant portion of the aforementioned purchase must be covered by the amount as provided by the car loan. Secondly, massive purchases (such as buying a car) with liquid cash could get you on the IT department’s radar, plus, you lose the chance to build up crucial credit history by subscribing to a car loan and religiously adhering to the repayment cycle. The credit history thus built, will help you procure more loans in the future. Hence, car loan in India are the surest and safest way to purchase your ideal vehicle.
When it comes to car loans in India, in general, the following features and benefits are freely offered. Note that, the following is a generalized look at the advantages offered by car loans in general. Individually, car loan lenders may have highly customized and specialized offerings for their customer base.
BankBazaar.com is an online aggregator of car loan products as offered by banks and other financial institutions across India. Perceptively, checking out and applying for a car loan on this customer friendly website offers the following unbeatable advantages-
Browse through and get all the information about the most popular car loans available in India. Having so many options before you allows for informed decision making, based on the analysis of the various features, pros and cons offered by the car loans.
Breeze through all the car loan options before you and select the one that best satisfies your requirements and respects your limitations. Traditionally, this step would entail a lot of running around and enquiries, however, BankBazaar.com turns this into an intensely informative, interactive and private affair that could be completed from the comforts of your home or office.
A simple and interactive wizard helps to ascertain your qualification for the car loan and throws up the best options in line with your requirements. This saves time and cuts out the middlemen.
Applying for a car loan on BankBazaar.com is as simple as simple can be. After selecting your car loan and furnishing some essential details on the website, the process is taken over by the bank offering the car loan. Save on all the leg-work, get your car loan with a few clicks on the computer mouse.
Have a query or concern with regards to the car loan in question? The expert customer support team from BankBazaar.com is always at hand to sort all your issues. Procuring that ideal car loan was never more simpler.
Making use of the various offerings from BankBazaar.com, including friendly tools like ‘Car Loan EMI Calculator’ is completely free of charge. Convenience meets simplicity, at 0% monetary investment.
Applying for a car loan on BankBazaar.com involves the following steps,
In terms of popularity, the following banks offer the most sought after car loan products in India,
HDFC Bank Car Loan- Funding 100% of the intended car’s on-road price and offering a repayment tenure of upto 7 years, HDFC bank has always been a solid option when it comes to car loans in India. The terms offered by this loan product is very flexible, and the cake gets even more sweeter for existing HDFC bank customers who get the option of pre-approved car loans. Whilst the bank offers a very competitive interest rate on its car loan product, the prospect of EMIs amounting to just Rs.1671/lakh makes the deal that much more lucrative. No wonder car loans from HDFC bank have always remained an enduring favorite amongst the Indian public.
Aside from the features listed above, HDFC Car Loan offers quick and hassle free loan processing, fixed interest rates that aren’t affected by market fluctuations, the option for car loans without the necessity for income proof and associated documents, car loans amounting to 6x of your annual income, and other such customer friendly features that are backed by a robust customer support initiative. Indeed, car loans from HDFC bank are feature rich, affordable, immensely popular and worth your undivided attention.
ICICI Bank Car Loan- When it comes to a complete, feature-rich car loan option in India, few can match upto the versatility and simplicity as afforded by the ICICI Bank Car Loan. Offering funding to match 100% of the ex-showroom price of the vehicle, the car loan experience at ICICI is driven by powerful 24x7 customer support and ICICI’s brand of customer relationship management. The other pleasing features include loan tenure of upto 7 years, pre-approved car loans for existing ICICI customers, minimal documentation, hassle free application process and a simple option to apply for the car loan online. ICICI bank has configured its car loan product to be as customer friendly and approachable as possible.
When it comes to a typical Indian customer, the applicable interest rate and the other associated charges holds great prominence with regards to the prospective car loan. In both these cases, the car loan from ICICI bank rules the roost. Alongside these factors, the consistent goodwill enjoyed by the ICICI bank and the positive feedback that it consistently receives with regards to its loan products must prove ample reasons to invest your interest in ICICI bank car loans, when you are out looking for one.
SBI Car Loan- As India’s premier public sector bank, the State Bank of India (SBI) enjoys a level of popularity and support from the general public that few other public/private sector Indian banks can match upto. In this light, the SBI Car Loan is an intensely customer centric loan product. Offering very competitive interest rates, comfortable repayment tenure of upto 7 years, loan amounts that match upto 85% of the proposed vehicle’s on-road price and 0% pre-payment or foreclosure charges, the SBI car loan has its legion of loyal and enduring fans. Unique features such as the overdraft facility and the provision of optional SBI life insurance cover has contributed to SBI car loans’ lasting popularity.
For a typical, first time car loan subscriber, the numero uno priority is in relation to the confidence, comfort and simplicity that his/her choice of car loan provider can elicit. In this regard, the public sector behemoth named SBI has little competition in India. Known for its people centric approach, the car loan product from SBI is highly sought after and will continue to remain a premier choice in the years to come.
Axis Bank Car Loan- A premier private sector bank, the car loan product from Axis Bank is commended for its simple application procedures, customer friendly terms and conditions, robust customer support initiatives and adherence to the modern ways of personal banking. The bank offers upto 85% of the proposed vehicle’s on-road price, and in the case of some select car models, this number can hit 95%. Other friendly features include an attractive interest rate, comfortable repayment tenure ranging from 1-7 years, provision of loan to a wide demographic of individuals including salaried, self-employed, partnership firms, corporates, limited liability partnerships, etc. The true strength of the Axis Bank Car Loan is the wide popularity it enjoys amongst its target audience.
Simplified eligibility criteria, minimal documentation and the ease of online application are some of the features that work strongly in favor of the Axis bank car loan. The bank has in store, car loan offerings that match upto the most discerning tastes and complies with the most budget conscious requirements. Configured to emerge as the most ideal car loan product available in the Indian market today, the Axis bank car loan will surely engage 100% of your undivided attention.
|Bank.||Loan Amount.||Tenure.||Interest Rate.||Features.|
|HDFC Bank||100% (ex-showroom price)||Upto 7 years||10.50%-12.50% (depending on individual factors)|
|ICICI Bank||100% (ex-showroom price)||Upto 7 years||10.75%-12.75% (depends on the loan tenure)|
|SBI||85% (On-road price, when net annual income is upto or above Rs.10 lakhs)||Upto 7 years||10.30% (may range upto 11.10% for differing conditions)|
|Axis Bank||85% (ex-showroom price) 95% (on select models)||Upto 7 years||11.50%-12.50% (depending on individual factors)|
|Magma Fincorp||100% (ex-showroom price)||Upto 5 years||12%-16% (depending on individual factors)|| |
When it comes to selecting the car loan that works best for you, some fundamentals will come in handy. The following list explains the do’s and don’ts when choosing the right car loan,
Check out the maximum number of options available to you. Not all car loans are created equally- and finding the best loan could involve some work. BankBazaar.com can help you here by helping you check out and compare between the various car loan and used car loan options available to you.
The applicable interest rate is potentially the biggest factor when it comes to choosing the right car loan. Not surprisingly, the lower the interest rate, the better. This condition holds true even when a lower interest rate would mean that some of the expected features aren’t available in the loan.
Pay heed to your financial limitations and choose a car model that perfectly suits your budget. This will imply that your car loan is in line with your set requirements. Don’t fall prey to up-selling tricks at the car showroom.
Sometimes, what appears as obvious will have a hidden component. Be completely aware of the hidden fees and charges concerning the car loan, as also be cautious of time bound incentives and packages- they will expire soon and you may be left with a lesser deal than you hoped for.
When applying for a car loan in India, across any of the possible lenders, the following documents must be submitted for verification. Note that, in their individual capacity, the lender may request you for more proofs and documents.
In order to be eligible for a car loan in India, the applicant must qualify against a certain set of expectations. Generally, car loan eligibility is dependent upon the following factors-
Kindly note that all the numbers and variables here may differ from bank to bank. In their individual capacity, banks may have additional qualification procedures.
The interest rates applicable to car loans in India will differ from bank to bank. These lenders depend on their unique criteria and base lending rates to decide upon the applicable car loan interest rates. However, in India, car loan interest rates ranging between 10%-15% are generally expected and considered competitive. Kindly refer to individual banks’ car loan pages on BankBazaar.com for more information in this regard.
When we speak of a Car Loan EMI Calculator, we are referencing to an online tool that assists in the electronic computation of the Equated Monthly Installments (EMI) as applicable to your car loan. On BankBazaar.com, the interactive, time saving and informative Car Loan EMI Calculator will simplify this otherwise tedious and uninspiring task. This calculator exhibits the following characteristics,
|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 wherein 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.|
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 also with the additional features provided by the manufacturer. BankBazaar offers a comprehensive list on 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.
This factor differs from bank to bank. While some banks offer the complete 100% of the vehicle’s ex-showroom price, banks such as SBI offer upto 85% of the vehicle’s ‘on-road’ price. Generally however, the minimum loan amount will be equal to Rs.1,00,000.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 upto 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).
The Diwali Dhamaka Flash sale is back again! Apply for a car loan through BankBazaar.com and upon approval of the car loan, you not only get to own your dream car but you can also purchase any item of your choice with a complimentary Amazon Gift Voucher worth Rs. 5,000. This promotional offer is valid for all car loan applications made from October 18th, 2015 to November 14th, 2015.
Once the car loan application has been successfully sanctioned by the concerned bank, customers will receive the Amazon gift voucher in the e-mail address specified in the loan application form. The car loan approval has to be made by the bank by January 15th 2016, at the latest, otherwise the applicant will not be eligible for availing the promotional offer. This offer is valid on car loan products offered by specific banks only. In order to identify the same, a banner has been placed against relevant products, which displays the Flash Sale/ Amazon Gift Card Badge.
Individuals who are 18 years old or above, are eligible to apply for a car loan through BankBazaar.com and avail this offer. The validity of the promotion is restricted to only one voucher per product for an applicant.
Thinking of buying that new car you saw in the showroom? Want to upgrade your car to a bigger one for the convenience of your extended family? Looking out for a Car Loan? Whatever your need may be, you can easily avail a car loan through BankBazaar.com.
Now, finance your dream of buying a car with an additional bonus! BankBazaar.com has been offering various offers and promotions on various financial products time and time again and this time we are offering you an exciting promotional offer on car loans. This limited period car loan flash sale will be available on car loan applications made through the site, wherein you can get an Amazon gift card worth Rs.5000 for approval of your car loan by the respective bank.
In order to be eligible for this offer, the following conditions must be met:
The E-Gift card offer is valid for car loans from select banking partners only and these Banks will have the Amazon Gift Card banner.
Terms and Conditions
Once a customer is eligible and meets all the terms and conditions stipulated, the E-Gift card that he/she is qualified for is sent to the customer's e-mail address that is specified in the loan application form, upon the concerned bank's approval of the Car Loan application.
Renault car owners can get their cars checked at Renault dealerships across the country, thanks to the nationwide “Renault Summer Camp” organised by the company. This camp will be conducted from April 18 to April 24, and is aimed to improve customer relationship and strengthen the presence of the brand in India. Trained technicians will check cars to ensure optimal performance, adhering to guidelines laid down by the company. Apart from the car check-up, the camp will offer discounts and offers on accessories and spare parts and educate customers about various aspects of the car.
25th April 2016
Maruti Suzuki Swift Dzire which was launched almost ten years back has reached a milestone sales figure of 5 million, worldwide. Out of this 54% of the sales has been driven only from the Indian market. As an entry-level sedan the Maruti Suzuki Swift Dzire has made its mark as a game changer in the country and has gained a very strong foothold. From the models that have been sold, the popular versions have been the ones carrying the 1.3-litre diesel engine which offers amazing savings on fuel. As one of the best cars in the country, the Maruti Suzuki Swift Dzire gives a mileage of 26.5kmpl. Become a proud owner of the Maruti Suzuki Swift Dzire now by availing a car loan from a public or private sector banking institution at affordable interest rates.
20th April 2016
With the recent RBI mandate to reduce the repo rate by 25 BPS (Basis Points) as a part of its monetary policy review, the overall cost of availing a car loan has decreased dramatically. The Governor of Reserve Bank, Mr. Raghuram Rajan, had recently announced this change. This will make the cost of availing an auto loan the cheapest, compared to the past 5 years. Even before the monetary policy review, banks had already reduced the interest rate on car loans by 25 BPS – 50 BPS. This has further brought down the car loan EMI estimates.
14th April 2016
Hyundai India reported a growth of 15.1% in the financial year 2015-2016. The highest contribution to this sales growth was made through the sale of the Hyundai Elite i20 and the Hyundai Creta. Hyundai sold over 4, 84,324 passenger car units in India. With this scale of growth, Hyundai India has been able to capture a car market share of 17% in India. This trend seems to be continuing on to the current financial year, with Hyundai reporting domestic sale of around 41,201 units in March. This shows a 4.2% increase from the sales made the same time last year. Hyundai plans to utilize this successful streak to launch new cars in the Indian market.
13th April 2016
With rallying gaining momentum in India, the Maruti Suzuki Desert Storm, 2016 was recently flagged off at the Great India Place Mall in Noida. The rally saw a participation of 200 motorsport lovers across four categories, namely XTreme, NDure, XPlore and Moto. It officially commenced on April 3rd, 2016. The route that the rally will take is from Noida to Hanumangarh, Bikaner, Jaipur and Jaisalmer in Rajasthan, with the last leg ending on Jodhpur on the 10th of April. The racers participating in this rally will cover a distance of 2000 kilometers.
12th April 2016
Datsun will reveal their new hatchback on April 14 in India. This car will be shown for the first time to audiences at an international level. This new hatchback is based on the Datsun GoCross and will consist of the same platform that the Renault Kwid has. It is said that this new Datsun car will have a lot of space on the inside and will be equipped with amazing features such as 800cc engine, 5 gears, etc. The price of the car’s base model will start from around Rs.3, 00, 000. Want to purchase this car? Apply for a car loan on BankBazaar to get the best interest rates.
11th April 2016
Toyota Innova Crysta, the latest from the Toyota stables was recently showcased in the 2016 Indian Auto Expo and will be launched in April 2016. Expected to cost more than its predecessor, this model will have luxurious interiors, more legroom and will perform better on Indian roads. The Crysta will also carry premium exteriors with a large chrome grille, large tail lamps and swept back headlamps. The Toyota Innova Crysta will come as six-seater and seven-seater vehicles. Customers can purchase the Toyota Innova Crysta with a 2.0-litre 4-cylinder VVT-i petrol engine or a 2.8-litre GD diesel engine, choosing from an automatic transmission or a 6-speed manual gearbox. With regards to pricing, the Toyota Innova Crysta will cost anywhere between Rs. 11 lakhs to up to Rs. 18 lakhs, depending on the variant chosen. The easiest way to purchase the new Toyota Innova Crysta is to avail a car loan from any lender and drive home the car of your dreams.
5th April 2016
The Tata Tiago, formerly known as the Zica, is expected to launch this year, but the car has already been spotted at dealerships in Delhi and Goa. The Tiago might see its official launch by the end of this month. The cars that were spotted were in the shade of orange and were petrol variants. Bookings for the Tiago have already opened where customers can pre-book their car with a token amount of Rs. 10,000. The Tiago will replace the Indica in Tata’s passenger vehicle lineup. It will be available in both petrol and diesel with a 5-speed manual transmission. The Tiago might see an AMT soon as well. The expected price range is between Rs. 3.9 lakhs and Rs. 4.5 lakhs. The car will compete with Chevrolet Beat, Hyundai Eon, Maruti Suzuki Alto K10 and the Celerio.
4th April 2016
It is expected that from April 2016 the overall cost of taking a car loan will be minimized. This won’t be based only on the RBI decision to cut interest rates, but on other factors. Lenders will soon be taking up the marginal cost-of-funding formula as well as reduction in the small savings rates, which will force them to provide more benefits to the borrowers. As per the RBI mandate, all rupee loans have to be offered based on the MCLR (Marginal Cost of Funds-based Lending Rate). For those who are looking out for a car loan, this is good news indeed.
31st March 2016
The 2017 edition of the new facelifted version of Mercedes-Benz CLA has been revealed in the New York International Auto Show. There are subtle changes in features and accessories, compared to its predecessor. It is expected that the model will be launched in India next year in both diesel and petrol variants. The engine with be attached to a 7 speed automatic transmission with a front wheel drive. The Mercedes-Benz CLA DCI model has an engine with a displacement of 2143 cc that reaches a maximum power of 135PS and a maximum torque of 300Nm. Features of the new CLA model are Apple CarPlay, LED headlamps, 8 inch infotainment display, 5-twin-spoke alloy wheels, and much more.
29th March 2016