Thank you for your interest in Car Loan from MAHAVEER FINANCE INDIA LIMITED. Unfortunately, we do not have a tie-up with MAHAVEER FINANCE INDIA LIMITED currently.
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Thank you for your interest in Car Loan from MAHAVEER FINANCE INDIA LIMITED. Unfortunately, we do not have a tie-up with MAHAVEER FINANCE INDIA LIMITED 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
Earn more than minimum income
Loan capped @
85% Ex-Showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Interest Rate (Monthly reducing balance)||9.35% - 23.00%|
|Processing Fees||Varies with bank|
|Loan Tenure||1 year to 7 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
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.
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!
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22nd August 2016
French carmaker Renault has unveiled the new India made Kwid 1.0 in Brazil. The Brazilian version will weigh 130 kg heavier than the one made for India. This version is likely to be offered with airbags as a standard fitment.
The 1.0 litre engine will come with a 5-speed manual transmission and optional AMT transmission to produce 75PS of power. Speaking of the interiors, the Kwid has undergone a considerable change in order to cater to the Brazilian market. It must be noted that the manual and automatic transmission models were displayed by Renault at Auto Expo earlier this year.
29th August 2016
Vehicle needs babying as much as any human being. Motomax introduced 2 car care items (Motomax Shiner Spray and Insta Shine Sponge) in the market to rave views. Any time you take out your vehicle for daily commute or a drive, it has to wage a war against external factors such as dust, dirt, chemicals, uv rays, bird poop, grime and even tar (on new or under construction road). These products are designed to resuscitate, guard and extend the life of the body of vehicle.
25th August 2016
The rumour mill was running at double capacity following leaked pictures of (what’s believed to be) the new Maruti Suzuki Swift.
What we know for sure so far is that the new car Maruti Suzuki is planning for India is no mere segment update. A new set of images of the car spied driving around under cover reveal a bolder front end with a dual split grill and a far more efficient overall design. The headlights have received a slight touch up from the existing Swift, and so have the tail-lamps. The car is shorter than the original Swift in terms of length, but wider.
The new Swift may also incorporate the new SHVS Mild Hybrid technology, although it’s unlikely that this technology will be used by Maruti Suzuki in any market outside Europe. If not, the new Swift may come equipped with the 1.4 litre BoosterJet or the 1.2 litre dual injection petrol motor. It’s also possible that the car may be equipped with the 1.0 litre turbocharged BoosterJet, that’s rumoured to be the new introduction for many of Suzuki’s new cars.
We’ll only know for sure at Suzuki’s next press conference at the Paris Motor show on the 29th of September.
24th August 2016
Car enthusiasts in the country are in for a treat, with Porsche all set to launch two new cars in the current year. Porsche, which already has a number of offerings in the country will amp up the competition, with the 718 Boxster and Cayman ready to hit our roads soon. The new 718 series, which sports turbocharged four-cylinder engines will bring a new driving experience to car lovers in the country. The convertible Boxster is likely to be launched first, with the Cayman following suite. Both the Boxster and Cayman will feature a 2l turbocharged engine which is capable of churning out 300PS at 380Nm of torque, with the cars expected to reach a top speed of 275 km/hr and finish a 0-100km/hr drag in around 5 seconds. The cars will come with a 7-speed dual-clutch automatic transmission.
In addition to the performance, these beasts have also undergone certain cosmetic changes, with new LED headlamps, better air-conditioning vents, etc. The company is likely to price the models at a cost of Rs. 85 lakh onwards.
23rd August 2016
Indians love small cars, and the popularity of these nimble vehicles can be witnessed on every road in the country. With competition heating up in the entry level segment, car manufacturers are doling out new models at competitive prices. Datsun’s redi-GO, the latest entrant in this segment has already piqued the interest of car buyers, with the company receiving over 10,000 bookings since its launch. Sold at Nissan dealerships in India, the redi-GO costs Rs. 2.39 lakh (ex-showroom, New Delhi) and has been designed to target the younger audience. A majority of the bookings that have been received are from tier-2 and metropolitan cities, highlighting the mass appeal generated by this bold looking car.
The company has started delivering the car from this month and aims to increase sales during the festive season. The redi-GO is currently powered by a 3-cylinder, 799cc petrol engine which produces decent power for city use, with its USP being a high fuel efficiency of 25.17 km/l. Nissan is also offering an extended warranty to buyers in addition to free roadside assistance.
23rd August 2016
The first SBI InTouch branch has been launched in the southern districts of Tamil Nadu. These branches would provide various online services to SBI customers. The SBI InTouch services were launched by B. Ramesh Babu, Chief General Manager of SBI’s Local Head Office (LHO) in Chennai. Customers can use services like opening bank accounts and getting personalised debit cards within fifteen minutes. The SBI InTouch branch will also carry a Dream Zone through which customers can avail car loans, explore car models, dealers, get on-road price and also check their loan eligibility. Tamil Nadu currently has eight SBI InTouch branches and twenty more would be added by September end. P.K. Mohandas, Regional Manager (Madurai) and the Deputy General Manager (Business and Operations) of SBI’s Madurai Module, Manikantan Nair, were also present during the launch.
8th August 2016
Automobili Lamborghini India, the Indian wing of Lamborghini recently organised an exclusive drive for women. Titled ‘Super Sports Car Drive for Women’, this initiative was kicked off with the intention to encourage and promote driving among women, especially the passion towards driving high performance cars. Lamborghini aims to remove the idea that women can’t drive high performance cars through this initiative, which was set in motion by Mr. Sharad Agarwal, the head of Lamborghini India.
Nine women participated in this drive, with Ms. Sheetal Dugar, the first woman to own a Lamborghini in India leading the team. In addition to being the first female owner of a Lamborghini, Ms. Dugar has also participated in and won Super Racing Club GT’s races, putting her in a distinguished league. She hoped that more events like this will be organised in the future, helping women realise their passion towards driving, while testing their own boundaries. The drive, which commenced from the Shangri-La Hotel culminated at the Buddh International Circuit, where the drivers experienced a unique driving experience which was led by professional racer, Armaan Ebrahim.
2nd August 2016
If the spy shots taken by Motor 1 are to be believed, Toyota is currently road-testing its all new 8th generation Toyota Camry. The previous version of the Toyota Camry was launched in August of 2011 and was later displayed in an all new avatar at the 2014 New York International Auto Show.
The new Camry is likely to feature Toyota’s NGA-C platform, which is a step above the existing TNGA (Toyota New Global Architecture) platform. In most probability, the car will feature an improved version of the 2.5-litre Dual VVT-I, naturally aspirated four-cylinder petrol engine delivering max power of 178 PS and the VVT-iW unit delivering max power of 235 PS which provides power to the Lexus NX. Keeping in line with the offering on the current variants, Toyota is likely to offer a hybrid engine on the upcoming Camry as well.
While there is no word regarding the launch of the new Camry in India, but Toyota is very likely to offer a hybrid variant of the vehicle as well, owing to the success of the current model.
28th July 2016
Mahindra Automobiles recently launched an automatic version of its popular premium SUV, the XUV500. The 1.99 litre diesel engine will come as a huge boost to the company, primarily due to the fact that diesel engines over 2 litres are facing the heat in NCR. The new AT variant will be available from the W6 model onwards, with the price ranging between Rs. 14.51 lakh for the base variant and Rs. 17.32 lakh for the top-end one (ex-showroom, New Delhi). The automatic version will come with a 6-speed gearbox which should make driving this SUV easier, making it a better option in city traffic. Based on the existing 2.2 litre diesel engine, the new 1.99 litre engine will not compromise on performance, with it expected to churn out 142PS of horsepower and 320 NM of torque.
In other related news, it is rumoured that Tata Motors is also working on a new diesel engine for its Safari, aiming to overcome the ban on diesel engines with a capacity of over 2 litres in NCR.
27th July 2016
9Volvo has just started taking pre-booking orders for its new premium sedan, the S90. It is expected for the S90 to be launched during the festive season. The price of the sedan is expected to be between Rs 55 to 60 lakhs (ex-showroom price).
The sedan’s engineering is based on the manufacturer's latest production platform, named Scalable Product Architecture (SPA), which makes the new car both lighter and stronger. The S90 is powered by a sub 2L diesel engine. It also features a typical three-box setup, C-shaped taillights, electrically adjustable front seats, 19-speaker Bower and Wilkins music system, an advanced infotainment system, ventilated seats, etc.
20th July 2016