If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    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

    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!

    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!

    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.

    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?

    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.

    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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    Bankbazaar Car Loan - Overview

    We found 34 Car Loan - Overview

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.1% - 15% Floating
    0
    20K - 10L
    1-5 Years
    Response Time Within 30 minutes
    Ad Rs.2,500 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.10% - 15% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.95% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.50% - 11% Fixed
    2,500 One time fee
    1L Min
    1-5 Years Tenure
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.25% - 9% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free PAPERLESS APPROVAL OPTION AVAILABLE
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    12.5% - 14.5% Floating
    2% One time fee
    1.5L - 25L
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free 100% financing on car value
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.75% - 11.50% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    13.50% - 15% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% - 9.30% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12% - 14% Fixed
    2,500 One time fee
    1L Min
    1-3 Years Tenure
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.85% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
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  • Car Loan Reviews

    • SBI Car Loan
      "Swift Service"
      0.5 5.0/5 "Blown Away!"
      This is the known fact that the SBI is the best place for the lowest interest rate. I had taken the car loan, for which, they provided the lowest interest rate, and I am sure that I cannot get this rate from any other bank. Furthermore, they had completed the process in just two days. Actually the bank has done everything in a good manner because I went through a car dealer. It was a pleasant surprise that I had got my loan from SBI in two days but this happened because of the dealer. I just submitted my documents to the dealer and the rest of the loan process was taken care by the dealer. It was a hassles free service.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar customer service was very supportive and helpful the customer service and the response with bank bazaar was good. The bank bazaar web site is easy to use and user friendly. I am satisfied using bank bazaar portal. I am satisfied using bank bazaar website
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • Axis Bank Car Loan
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      Response was good with the Axis bank for the car loan, which I have applied, also they are very good toward the service aspects. Customer service was also good with the Axis bank .In the mean time ,I have pose pond my plan But I had and idea of taking the loan for about eight lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • HDFC Bank Car Loan
      "Good services"
      0.5 4.0/5 "Great!"
      HDFC Bank has offered me a car loan and I am happy with the process. The bank had a simple documentation process and the loan was also disbursed on time to me. The interest rate and processing charges is normal and in all there are no hassles faced.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "About card application is faster"
      0.5 4.0/5 "Great!"
      I am very much happy with bank bazaar because they everytime coordinate with me and my proposal is also very good. Keep it up and I would certainly be with you for a long time. All loan process is going fast, also they don't keep on hold so that is the reason why I always get in touch with bankbazaar.com. 15/ 7/2017.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 15, 2017
    • Bank of India Car Loan
      "Excellent Service"
      0.5 3.5/5 "Pretty good"
      The car loan process with bank of India was good and smooth. They have disbursed my loan within 3 to 4 working days. The required loan amount has been given, the part payments option is available and the there is no foreclosure charges. The processing fee was nominal .The rate of interest is nominal with bank of India.. I am satisfied with bank of India the car loan service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 14, 2017
    • HDFC Bank Car Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      I have received 80% of car loan from HDFC bank. They have disbursed my loan within 5 days of time. The response with HDFC bank is really good and they have done everything on promised time. The rate of interest is reasonable with HDFC bank. The service which given by HDFC is very good and I am satisfied.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Aug 14, 2017
    • Reliance Commercial Finance Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The Reliance car loan got disbursed in the same day after applying. The required loan amount has been disbursed and I am happy about it. The rate of interest is nominal 13.5% with Reliance. The service which was given by Reliance bank is excellent.
      Was this review helpful? 0
      , cherthala
      Reviewed on Aug 13, 2017
    • HDFC Bank Car Loan
      "Instant response & good experience"
      0.5 5.0/5 "Blown Away!"
      I received my car loan from HDFC Bank in five minutes. I applied for it online and the process was instant. Being an existing customer the process is really quick and the services are excellent. I have never faced any kind of inconvenience with the bank.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Aug 12, 2017
    • Bank Bazaar Customer Support
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar always maintains the connectivity with the customers and they give good response to their customers. The website of bank bazaar is easy to use and customer friendly. I would say the user interface is really good with bank bazaar. I have applied car loan through bank bazaar website . I got to know bank bazaar via social networks.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 12, 2017
    • TVS Credit Services Car Loan
      "Better service"
      0.5 3.0/5 "Satisfactory"
      The Actual car loan process was went smooth with TVS CREDIT SERVICES. The customer service is good with TVS credit . They gave me good response in concern to my car loan application. They have taken around 4 to 5 days to disburse my car loan. I am satisfied with the loan amount. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 12, 2017
    • Jammu Kashmir Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Applied Car loan with J & K bank . Jammu and Kashmir bank just took 2 to 3 days to disburse my loan. The required loan amount has been approved and disbursed. I am satisfied with the loan amount The rate of interest is nominal with Jammu and Kashmir car loan.
      Was this review helpful? 0
      , jammu
      Reviewed on Aug 12, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      The response which was given by bank bazaar is really good., Bank bazaar has helped me to choose the best bank partner in the market . The follow up was made time to time by bank bazaar executives,. The customer service is really good with bank bazaar, The website of bank bazaar is easy to use and user friendly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      HDFC bank charged me Rs,18000 for some device installation, they have also charged the processing fee and the insurance amount in concern to my car loan application. I would like to suggest HDFC bank to avoid the hidden charges in car loan concern,. They have disbursed my loan within the promised time. I am happy with the service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 11, 2017
    • Bank Bazaar Customer Support
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com have provided me an immediate solution, also am using it very recently. Service aspects are good, also they have given me the transparent view to know about the banking products.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 11, 2017
    • Axis Bank Car Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      My experience was good one with the Axis bank for the car loan. Rate of interest was around 9%, also customer service was good one. The response was really an immediate one for me. Axis bank have provided around 5 lakh Rupees as principal amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 11, 2017
    • Bank Bazaar Customer Support
      "One stop solution"
      0.5 5.0/5 "Blown Away!"
      It is the one of the best portal where I can find the required financial products . I know about bank bazaar for a very long time, but I am using it recently. I got the call from bank bazaar within a hour time after submitting the request on the website. I would say bank bazaar has user an friendly portal.
      Was this review helpful? 0
      , kota
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was been a nice experience during the whole process of the loan disbursement. The response was very good with HDFC bank. They have disbursed my loan within the promised time, Instead there was delay made by my side I requested the HDFC bank to make a delay on the process and they have also cooperated . The required loan amount has disbursed and I am satisfied.
      Was this review helpful? 0
      , kota
      Reviewed on Aug 11, 2017
    • Bank Bazaar Customer Support
      "Perfect service"
      0.5 4.0/5 "Great!"
      I have not seen the bank bazaar website before. Then, I just gone through with website and applied for the car loan , within a hour time I got the call from bank bazaar executive and explained me about the product. The transparency is ont the bank bazaar site. The website of bank bazaar is user friendly . I am satisfied using bank bazaar service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 11, 2017
    • ICICI Bank Car Loan
      "Perfect service"
      0.5 4.0/5 "Great!"
      It was a smooth process followed by ICICI bank in concern to my car loan. They have disbursed my loan amount in 10 days. The rate of interest is nominal with ICICI bank. The requested loan amount was not given due to their limitation but still I am satisfied with the loan amount as it has met my requirement.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 11, 2017
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    Car Loan - Overview is Rated as "Great!" by 28681 Users

    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

    Are legally adult enough to handle it

    Have still got it

    Get a regular pay check

    Make more than a basic buck


    Your eligibility depends on

    01
    02
    03

    Earn more than minimum income
    required

    Loan capped @
    85% Ex-Showroom price

    EMIs of other loans lower
    your eligibility


    Boost your eligibility by

    01
    02

    Pay off your credit card bills

    Choose longer tenure loan up to 7 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 17 Aug 2017

    Car Loan Details
    Interest Rate (Monthly reducing balance) 8.60% to 16.25%
    Processing Fees Varies with bank
    Loan Tenure 1 year to 7 years
    Pre-closure Charges Varies with bank
    Guarantor Requirement Varies with bank

    Car Loan - Overview

    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.

    Apply for Car Loan Online

    Good news for potential new car buyers!!!

    Repo Rate will have a proportional effect on EMIs that are paid to repay a car loan borrowed from a lender .Banks and lenders are now working on festive season schemes which can be offered on home car loans. Individuals who have been waiting for the opportune time to purchase a loan will not have to wait any longer. Capitalize on these festive offers to avail car loans at lower interest rates.

    Why Choose a Car Loan?

    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.

    Car Loans - Features and Benefits

    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.

    • Helps you purchase a better car than the one available in your budget. While this may not be a rule, it holds true for a vast majority of car purchasers in India.
    • Allows you to procure a vehicle quickly- without spending too much time arranging for the money through the time tested concept of ‘saving for it’.
    • Helps you manage the cost of purchase of the new car by spreading it across a longer duration of time. Thereby, this keeps you in control of your spending and makes the car much easier to pay for.
    • Most car loan offerings in India are secured loans, meaning, the car serves as the security/collateral for the loan. This poses little financial risk for you- at worst, you default on the repayments and lose the car, plus your credit score is damaged to smithereens. However, you do have a measure of control over the proceedings. PS- Don’t default on your car loan EMIs.
    • Procuring a car loan is usually simpler as compared to other loan products. Individuals with slightly unsavory credit scores can also hope to nail one down. However, this option differs from bank to bank.
    • Car loans in India often utilize the fixed interest rate option when it comes to repayment via EMIs. This means, you are always assured of a fixed amount that needs to be repaid on a monthly basis. This takes the surprise out of the financial planning that goes into the car purchase process. Thank god for that!!
    • The actual maximum loan amount depends on the vehicle to be purchased and varies from bank to bank. Mostly however, this is 100% of the vehicle’s on-road price. The repayment tenure usually stretches from 5-10 years and offers different interest scales for different tenure slabs.
    • Most importantly, a car loan helps you buy your dream car. Aside from being a purely transport option, the car serves as a confidence booster and your means to assert the hard earned financial freedom.

    Car Loan - Why Apply with BankBazaar.com?

    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-

    • Comprehensive List of Car Loans

      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.

    • Compare and Select

      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.

    • Check your Eligibility

      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.

    • Easy Application Process

      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.

    • Robust Customer Support

      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.

    • 100% Free

      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,

    • On the BankBazaar.com homepage, browse through the various menu items listed on the navigation bar at the top of the page. Select the first item on the list named ‘Loans’. Herein, select ‘Car Loan’. ed
    • Immediately, on the adjoining drop-down, you can see a whole listing of car loan offerings from various lenders in India. Alongside this, the options ‘Get Quote’ and ‘Explore’ are also easily visible.
    • ‘Get Quote’ and ‘Explore’- Clicking on either of these options will unveil an interactive wizard that will help us determine your exact requirements and expectations with regards to the car loan. Complete the forms before you and provide specific information as and when required. Next, choose from the various car loan options that are suggested as best fit scenarios for your requirements.
    • Continuing from point 3 (post the choice of a car loan product) and point 2 (selecting a car loan product directly from the main dropdown without running through the wizard), the page spread before you provides complete information about the selected car loan product.
    • The page details almost everything you need to know about the car loan, plus offers additional details through helpful links like ‘Check Eligible Loan Amount’ and ‘Check if you’re Eligible’. The ‘Apply Now’ button is prominently displayed on this page (the exception being in cases where BankBazaar.com isn’t a partner of the concerned bank/financial institution and thus, isn’t authorized to facilitate the application for the respective car loan product). Click on this button to set your car loan application process in motion.
    • Spread before you is an interactive loan application form. Complete the same and provide all the information as required. This form is next forwarded to the concerned bank for further processing. Ideally, the concerned bank will get in touch with you within the next 48 hours.
    • From this point on, the concerned bank will keep it touch and will provide you express details about the status of your loan application. Routine SMS and email intimations will constantly keep you in the loop, and our dedicated customer support team can be reached 24x7 in case of any concerns or queries with regards to your loan application.

    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.

    Comparing Car Loans from Different Banks

    Bank. Loan Amount.Tenure.Interest Rate.Features.
    HDFC Bank100% (ex-showroom price)Upto 7 years10.50%-12.50% (depending on individual factors)
    • Fixed interest rates.
    • Loan approval in 30 minutes flat.
    • Low down payment and lower EMIs.
    ICICI Bank100% (ex-showroom price)Upto 7 years10.75%-12.75% (depends on the loan tenure)
    • 100% funding matching vehicle’s ex-showroom price.
    • Very streamlined loan application, approval and disbursement process.
    • Easy online application process.
    SBI 85% (On-road price, when net annual income is upto or above Rs.10 lakhs)Upto 7 years10.30% (may range upto 11.10% for differing conditions)
    • Interest calculated on daily reducing balance.
    • Financing based on the vehicle’s ‘on-road’ price.
    • No advance EMI.
    Axis Bank85% (ex-showroom price) 95% (on select models)Upto 7 years11.50%-12.50% (depending on individual factors)
    • One of the best interest rates offered in India.
    • Special schemes for Axis Bank salary account holders.
    • Loans offered from a minimum of Rs.1 lakh onwards.
    Magma Fincorp100% (ex-showroom price)Upto 5 years12%-16% (depending on individual factors)
    • Min loan amount- 3x annual income (salaried), 6x annual income (self-employed).
    • Minimal documentation.
    • Easy online, offline application process.

    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,

    Compare, Compare, Compare

    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.

    What’s the Interest?

    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.

    Keep it Simple

    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.

    Hidden Fees and Charges

    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.

    • Know Your Customer (KYC) Documents, including, identity proof, address proof, age verification, completed application form with photographs and substantiated signatures. The associative documents could include PAN card, Voter’s ID, Ration Card, Aadhaar Card, etc. (any government issued document).
    • Income Proof as proved by 6 months bank statement, upto 3 months salary slips and income tax returns.
    • PAN Card- this helps to establish the potential borrower’s credit history.
    • If the applicant is self-employed professional/ non professional or a business/partnership firm, the bank may demand for a number of additional documents including business ownership proof, profit-loss documentation, etc.

    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-

    • The applicant must be an Indian citizen.
    • He/she must not be younger than 21 years and older than 60 years at loan maturity.
    • The applicant must have a secure employment, with regular income and tenure at the same job for atleast 2 years.
    • He/she must have a respectable annual income that properly demonstrates his/her capacity for loan repayment. If spouse is signing up as co-applicant, then his/her salary is also considered.
    • Must possess a landline/cellphone that marks his address, and occupation of that address for an expected duration of time.

    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 9%-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,

    • Speed- Precise, informative EMI calculations in mere seconds.
    • Comprehensive Information- Get info on EMI, amortization details and much more.
    • 100% Free- Making complete use of this friendly tool costs you nothing, now and forever.

    Case Study

    Mr. Singh has had a lot of experience in dealing with loans. It wouldn’t be the first time he has applied for a loan and it wouldn’t be the first dire situation that a loan has come to his aid. It all started when Mr. Singh didn’t have the capital required to finance his daughter’s high school education. He was on the verge of selling his vehicle to pay his daughter’s fees, but thanks to a friend, he didn’t have to sell a single thing to get the money that was required. His friend spoke to him and made him understand the benefits offered with an education loan. As Mr. Singh had a good credit score with CIBIL, it was easy for Mr. Singh to procure an education loan from a leading bank in India in a matter of days.

    Years later, Mr. Singh would use the services of a bank to apply and procure a two-wheeler loan to purchase a new two-wheeler for his daughter. Lucky for him, the education loan which he had taken earlier, was paid back to the bank without any delays. This, along with a good credit card history, improved his credit score which made it easy for Mr. Singh to procure a second loan to purchase a new two-wheeler.

    Years went by and it was time for Mr. Singh’s daughter to get married. There are a lot of expenses that a marriage can demand and it is the dream of any parent to try and provide their children with the best marriage ceremony possible. But, Mr. Singh was financially strapped and he didn’t know how to come up with the capital that was required.

    That’s when Mr. Singh decided to apply for a personal loan with the same bank that has helped him out generously in the past. The personal loan was offered to Mr. Singh at an affordable interest rate. Mr. Singh was so satisfied that he even procured a car loan to help him purchase a new car for his daughter and her soon-to-be husband.

    At the end of it all, Mr. Singh was able to provide a comfortable life for his daughter and also repaid all his debts to the bank on time. A loan can be of great help in hard times and banks now offer different types of loans such as car loans, two-wheeler loans, personal loans, and education loans at affordable interest rates. Some banks even do not require a collateral to be provided when applying for a loan. Loans can be a valuable safety net for a person that provides financial security as well as finance an individual’s needs.

    Car Loan Application Checklist

    Step.Requirement.Inference.
    Submit Income ProofBank 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 IdentityPAN Card, Voter’s ID, Aadhaar Card, Passport, etc. Lender wants to establish your nationality, identity and permanent address.
    Credit HistoryPAN Card Lender wants to check your past credit records and establish if you can be trusted to make regular repayments.
    Information About VehicleSales 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 LicenseCopies 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.

    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 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.

    Car Dealers

    Car dealerships in India are committed to providing quality services across all areas of car servicing and maintenance. Majority of car showrooms in India have tie-ups with the automakers to impart training to their technicians in maintenance, diagnostics, system check, etc. Staff training and mushrooming 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 sales 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.

    Car Loan

    Car Loan Tips

    Buying a car has become much easier these days with a variety of loans offered by banks and other financial institutions. So, if you are planning for to get your favorite vehicle financed, here are some tips for making the right decision.

    Negotiate with the Dealer

    If you plan to avail a car loan through dealership finance, it’s always advisable that you negotiate for the best offer. Dealers usually have a sizeable margin on new car sales which can come in the form of discounts if properly negotiated.

    Compare Interest Rates

    You dealer is more likely to suggest you the bank they have tied up with. But as a buyer, you must compare offers from different banks and choose the one that suits your requirements.

    Know your Credit Score

    Know your credit score before applying for a car loan as incongruities in the report may often affect your credit profiles. Banks, most of the time, quote a higher interest rate if the credit score is found to be ranking low.

    Choose a Shorter Repayment Tenure

    Do not stretch the tenure of your loan unnecessarily. Like any other form of debt, a car loan too should be repaid at the earliest to secure your finances. While long tenures have low EMIs, the total premium outgo when calculated at the end of the loan term would be much higher than a loan with a short tenure.

    Read the Fine Print Carefully

    Make sure you have read the loan document carefully before signing the contract. Factors such as interest rate, foreclosure charges, and other important terms and conditions should be given a thorough read.

    Car Loan Checklist

    While applying for a car loan, providing the right documents can simplify the entire loan approval process. Some banks may ask you for additional set of documents which other banks may not require. Here’s a general checklist of documents that most banks ask while applying for car loans:

    Proof of Income

    Take copies of your salary slip and account statement from the bank along with proof of additional source of income, if any.

    Your Loan History

    Your bank may want to know the details of loans that you have taken in the past. The lender may ask you for your credit card statements and/or no objection certificates from other banks, in case you have an outstanding loan payment.

    Proof of Residence

    You have to submit a valid government issued document as a proof of your residence. Make sure that the document you submit shows your name and permanent address. You can provide documents such as Aadhaar card, Passport, Voter ID card, etc.

    Details of Your Vehicle

    While purchasing a new car, you may be required to submit the buyer’s order or copies of other purchase documents to your lender. It should include the price of your car, its identification number, year of manufacture, make and model, etc.

    Insurance Proof

    You should submit copies of your vehicle insurance documents as a proof that your new car is adequately covered for all road mishaps and eventualities.

    How much funding can I expect in terms of the car loan?

    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).

    Super Duper Deals: Apply for Car Loan from BankBazaar & Get Rs.2500 Amazon Gift Voucher

    BankBazaar is offering you an amazing deal on Car Loan product with Instant approval on BankBazaar.com website and win an Amazon gift voucher worth Rs.2500/-.

    How to participate in the deal?

    • Check your eligibility for car loans and apply for a suitable product through the BankBazaar website.
    • Choose the loan product and apply for it through BankBazaar website or app.
    • Once your loan is disbursed, you will receive a gift voucher worth Rs.2,500 from Amazon.
    • The Amazon gift voucher will be sent to the email ID you specified in your loan application.
    • To redeem the gift voucher, visit you will have to visit the Amazon website or use the Amazon app.

    How to use the gift voucher at the Amazon website?

    • Given below is the step-by-step process to claim your gift voucher on Amazon:
    • Find the claim code provided in the e-gift voucher from Amazon
    • Login to your Amazon account
    • Choose the option “Apply a Gift Card to Your Account”
    • Enter the claim code in the space provided and select “Apply to Your Balance”

    Important points to note

    You will not be able to redeem your gift card using the Amazon.com 1-Click service unless you redeem the card and add the funds to your account first

    • Super Duper Deals is an offer launched by BankBazaar in partnership with Amazon and it is effective from 1st of August 2017
    • The offer will end on 31st of August 2017
    • For details on Amazon Gift Vouchers and the usage limits, visit the Amazon website
    • Redemption of the voucher shall be governed completely by the terms and conditions set out by the merchant
    • The participants should be above 18 years of age as on the date of submission of their application for car loan

    *Partnering Banks Include*:

    The gift vouchers will be dispatched on approval of a Car Loan application made through BankBazaar portal in any of the participating banks:

    • DENA BANK
    • ICICI BANK
    • HDFC BANK
    • SUNDARAM FINANCE
    • TVS CREDIT SERVICES
    • CAPITAL FIRST
    • AU SMALL FINANCE BANK

    Happy Shopping!

    Disclaimer*:

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



    • Everything You Need To Know About Car Loans

      Did you know? Most Car Loans in India are secured loans (the car serves as the security/collateral). Also, the maximum loan amount depends on the vehicle you wish to purchase, but most banks offer up to 100% of the vehicle’s on-road price. So, are you eligible? You are eligible if you’re over 21 years and less than 60 years at loan maturity and have a secure job with a regular income (at least Rs. 2,40,000 per annum). If you are co-applying for it with your spouse, then their salary is also taken into consideration. A little insight into interest rate and fees: Interest rates - 9.85% to 13.65%, processing fees - Rs. 500 to Rs. 5,000 and Pre-Closure Charges - 2% to 4% of the outstanding loan amount. Keep these documents handy: Photo ID and age proof, Signed application form with photograph, Residence proof and Bank statement for the last 6 months. Salaried applicants need last 3 months salary slips and Form 16/Income Tax Returns. Self-employed applicants need Last 3 years Income Tax Returns with computation of income and last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account. Got it? You are now buckled up to choose the right Car Loan for you. Go ahead!

      Stay up to date! Daily finance news at your fingertips. Explore Car Loans on Mobile App

      BankBazaar News About Loan

      22nd August 2016

    Read Car Loan news or Enjoy it on the go Google Play

    • Brezza, Baleno tops growth charts during the month of July

      The month of July was good to automakers like Maruti Suzuki who posted an increase in growth rates with the Brezza and Baleno. The Baleno has been rated as the second highest-selling car model in the auto industry. The car reached its highest numbers in monthly sales by selling 19,153 units of the Baleno, showing a growth of 110%. The total sales of Maruti Suzuki has increased by 22% in the last month after the company sold 1.53 lakh units in the month of July when compared to the 1.25 lakh units that were sold in the same month last year.

      11th August 2017

    • Ford Aspire and Ford Figo may soon get an update over the next year

      The entry-level models of Ford, Aspire and Figo, will soon get a mid-cycle makeover sometime this year or next year. Ford has started the sale of Ford Figo hatchback in global markets. The first batch of test cars has been released in South America with different exteriors.

      The leading car manufacturer will most likely revamp the front and rear styling of the automobiles to make them more advanced and to match them with cars that are sold in foreign countries.

      Aspire and Figo will have a 3-cylinder and 1.2-litre petrol motor. This is similar to the brand new Dragon series of petrol engines.

      9th August 2017

    • Mercedes-Benz’s New Concept Car to Debut This Year

      Chief Designer at Mercedes-Benz, Gorden Wagener, has recently teased the release of a new concept car on Instagram. With the company getting all geared up for the Frankfurt show which will later be followed by the Pebble Beach Concours, the new release could break cover at any one of these two events. Wagener has stated that the car will be a massive surprise but hasn’t released any other details about the car. Only a few sketches were released in the video that was posted on Instagram and if the sketches are correct, the car might be a two-seater grand tourer coupe which could be the ideal successor for the AMG GT.

      8th August 2017

    • Hyundai sees rise in domestic sales in July

      Hyundai Motor India Limited (HMIL) has reported an increase in domestic sales by 4.38% in the month of July. The company has sold over 43,007 units when compared to the 41,201 units sold in the same month last year. Rakesh Srivastava, Director of Sales and Marketing, HMIL, stated that the increase in growth in the sale of the company’s products can be attributed to the strong support that the company has received after prices of cars dropped after the implementation of GST.

      2nd August 2017

    • Audi targets cost cuts of up to 10 billion euros by 2022

      Audi plans on cutting costs by 10 billion euros to help fund a shift to the electric car market. Audi plans on bringing out 5 new all-electric vehicles starting with the e-tron sport-utility vehicle (SUV) and will be assembled in Brussels. The company plans on keeping an 8% operating profit margin. A bulk of this cost cut will come from the Research and Development department of the company. The company also plans on freeing up funds to invest in the zero-emission technology. The company plans on achieving this goal by building a production platform with Porsche which would allow these brands to save a lot of money.

      31 July, 2017

    • BMW unveils the new limited edition 7-Series

      BMW, the German auto manufacturer, unveiled a new limited edition model of the company’s flagship sedan which is the 7-Series. The new model will be called the 7-Series Edition 40 Jahre and BMW plans on manufacturing only 200 units of the car worldwide. The car will be kept on display at the Frankfurt Motor Show which will be its first public appearance. The 7-Series is manufactured at the BMW Dingolfing plant and the new edition will be manufactured there as well. The 7-Series Edition 40 Jahre comes with a number of features and cosmetic changes like the high-gloss shadow line and 20-inch wheels. Sales of the car will begin in October 2017.

      BankBazaar News About Loan

      28th July 2017

    • Growth in auto sales to double according to Hyundai

      Hyundai, the Korean auto major, expects growth in auto sales to double to 15% from its current standing of 8% after the haze of the Goods and Service Tax (GST) settles down. The company has been planning on releasing a number of new products to meet the demands of the company’s large customer base. Hyundai plans on launching a new mid-sized sedan, a small car, and a compact sports utility vehicle within the next 18-24 months. Rakesh Srivastava, Director of Sales and Marketing, Hyundai Motor India Limited, stated that the auto industry has the potential of reaching a growth of 15% after the uncertainties of GST are cleared.

      27th July 2017

    • Baleno Alpha launched by Maruti Suzuki India

      Maruti Suzuki is expanding its large range of automatic four-wheelers after the recent launch of the Baleno Alpha. Priced at Rs.8.34 lakh (ex-showroom, Delhi), the new Baleno Alpha comes with a CVT gearbox with the added option of the Delta and Zeta variants. The automatic Baleno comes with a number of high-end features like the Smartphone Linkage Display Audio which works with MirrorLink and Apple CarPlay. The car also comes with dual airbags along with a state-of-the-art Anti-locking Braking System (ABS) and Electronic Braking Distribution (EBD). The premium hatchback was a top seller in its segment last year and aims to continue that streak in 2017 as well. This is the very first model by Maruti Suzuki India that's being exported to Japan to cater to the ever growing market for Maruti Suzuki vehicles.

      25th July 2017

    • Tesla Finds unexpected ally in Mercedes-Benz in India

      CEO of Tesla, Elon Musk, has found a new an unexpected ally in Mercedes-Benz India. Roland Folger, MD and CEO of Mercedes-Benz, India, wants the government to promote the use of electric vehicles by providing incentives to electric car owners. Folger also stated that the German automaker is investing heavily in electric mobility and technology as these vehicles might reach the Indian market by 2020. Elon Musk has written to the Government of India to relax import restrictions until the company opens a factory in India for the production and distribution vehicles. The government of India is in the process of putting an all-electric fleet of vehicles in place by the year 2030.

      24th July 2017

    • New Verna to get 6-speed transmission

      Likely to be launched on 22 August, Hyundai Motor India will soon launch the new Verna sedan and will come out with a 6-speed manual transmission. The Verna is set to compete with other flagship cars like the Honda City, Toyota Platinum Etios, Maruti Suzuki Ciaz, and Volkswagen Vento. The current version of the Verna comes with a 4-speed automatic, 6-speed manual, and 5-speed manual. The increase in the number of gears means that the car will be more efficient in terms of efficiency of the engine and fuel economy. The engine will remain the same – 1.4-litre CRDi diesel, 1.4-litre petrol, 1.6-litre petrol, and 1.6-litre CRDi diesel engine.

      21st July 2017


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