Thank you for your interest in Car Loan from STATE BANK OF INDIA. Unfortunately, we do not have a tie-up with STATE BANK OF INDIA currently.
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Thank you for your interest in Car Loan from STATE BANK OF INDIA. Unfortunately, we do not have a tie-up with STATE BANK OF INDIA 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.
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
With a view on environment and increasing pollution, Volkswagen has decided to install particulate filters on its petrol cars. These filters, which are placed in the exhaust system will help reduce the emission of particulates from the car, thereby aiming to reduce emissions and improve overall air quality. This move follows the outcry over Volkswagen’s alleged diesel emission scandal, with the company aiming to go green and portray itself as a company which looks out for the environment. Volkswagen has previously used these filters on its diesel cars, reducing the harmful effects of particulates which can lead to heart attacks and premature death, if unchecked. The company plans to start off this program by installing the filters on its Tiguan and the Audi A5, both of which use the new 1.4 litre TSI engine. According to officials at the company, the program will be implemented from June of next year and while it might be a long time before it finds its way to India, this move is a step towards a better, cleaner world.
18th July 2016
Car enthusiasts in the country have something special to look forward to, with Jaguar Land Rover India launching a petrol version of its immensely popular SUV, the Land Rover Discovery Sport. This new variant which is priced at Rs.56.50 lakh (ex-showroom, Delhi) comes with a 2 litre petrol engine which churns out 240PS power at 340 NM torque. Aiming to counter the ban of diesel vehicles in NCR, the petrol engine is optional in the top end trim, the HSE. The power of this petrol engine combined with the off-roading prowess of the car could see the company create a niche for itself in the market.
While the new engine is borrowed from the Jaguar XE, there is a slight difference, with the Discovery Sport getting a 9-speed transmission compared to the 8-speed one available in the XE. Land Rover aims to take on the competition from the likes of BMX X3, Audi Q5 and Mercedes-Benz GLC with this new variant.
13th July 2016
Honda has sold over 200,000 units of the Amaze in India since it’s launch in April 2013. The compact sedan has been most popular in Tier I and Tier II cities. Among all the other Honda vehicles in India, the Amaze is the first with a diesel engine.
The diesel version of the car is equipped with a 1.5-litre i-DTEC engine. The diesel version produces 200Nm of torque and 100PS of power. The petrol version of the car is equipped with a 1.2-litre and produces 109Nm of peak torque and 88PS of power. The version also has a 5-speed manual transmission.
11th July 2016
Mercedes Benz is soon to launch the GLC Coupe in the near future which will most likely be priced at around Rs.55 lakhs. Benz recently launched the GLC at Rs. 50.7 lakhs (Ex-showroom price Pune). Presently, Mercedes has a wide range of luxury cars in the Indian market. In 2015 alone, the German carmaker launched 15 new cars. It has plans to launch at least a dozen more new models in 2016. The GLC Coupe will most likely come out in India in 2017. The Coupe will either be fitted with a 220d diesel engine or the 250d engine. A petrol variant may also be on offer in a hybrid model as the 350e model. The gearbox will be a 9G-TRONIC automatic shift. Safety features will be in abundance with 8 airbags, ABS, pre-safe system, ESP, DSR and more.
7th July 2016
The Tata Motors Design Studio in Pune has been actively involved in creating car designs with innovative technology, working on both the exteriors and interiors of soon-to-be-launched Tata cars. The company also has studios in UK and Italy working on new car launches. The Tata Tiago that was recently introduced in the market was designed as a collaborative effort between these studios. Designers from the studios have developed the all-new Tata Tiago using the IMPACT design language. This is a forerunner for all the upcoming Tata passenger vehicles. With regards to the exteriors, the IMPACT design language is determined based on three features, namely, EXtraordinary, EXpressive and EXciting. The interiors follow the design language in the lines of INtouch, INtelligent and INviting. Upcoming Tata vehicles like Hexa, Nexon and the Tiago sedan will also carry the IMPACT design language. These vehicles will be showcased at the Auto Expo, this year.
5th July 2016
Audi, the world-renowned German carmaker, has just revealed in Indonesia the fifth generation of the A4 sedan. There has been two variants launched of the luxury saloon. One is a FWD version which costs Rs 49.23 lakh (990,000,000 IDR) and the other is a Quattro (AWD) equipped variant which is priced at Rs 59.7 lakh (1,200,000,000 IDR).
When Audi launches the same in India later this year, it will also feature Audi’s renowned 2.0-litre diesel mill which produces around 190PS of power and 400Nm of torque. In India, it is possible that the company may have the car featuring a manual gearbox for the first time in the A4.
29th June 2016
Porsche has launched a new model called Macan which is a 2.0-litre petrol version of its mid-size luxury SUV, the Macan. The price of the vehicle is Rs. 76.16 lakh (ex-showroom price). This is the company’s newest addition to the Indian Macan lineup. Although one can only get their hands on their own set of wheels, bookings for the car have begun at Porsche dealerships across India. This variant is set to compete with the BMW X5, the Mercedes-Benz GLE and Land Rover Discovery Sport.
27th June 2016
Swift Sport will soon be launched with a 1.4-litre Boosterjet petrol engine, according to reports from Suzuki. The new vehicle will carry the same engine as Suzuki Vitara S, which is currently being marketed in the international automobile market. The Suzuki Sport’s 1.6-litre engine gives a max power of 138PS, whereas the 1.4-litre Boosterjet is expected to touch 142PS. The regular Swift variant will come with the 1.0 litre Boosterjet engine, which will be present in the Baleno too. Suzuki will be launching the Baleno RS carrying the 1.0 litre Boosterjet engine around the festive season in India. The Vitara Brezza vehicle will soon come with a 1.0-litre turbocharged petrol engine. When Swift Sport is launched in India, it will compete against the Fiat Abarth Punto variant. In the Indian market, Swift holds the top spot as being the Maruti Suzuki’s best-selling vehicle. An automatic version of the Swift diesel vehicle will also be introduced by Maruti during the later course of the year. The best financing option while purchasing a Maruti vehicle is an affordable car loan that can be procured from any lender across India.
20th June 2016
The new range of Porsche 911 sports Car consisting of 911 Carrera S, 911 Carrera Cabriolet, 911 Turbo S Cabriolet and 911 Turbo will be launched in India in June. All Porsche 911 models will feature revised rear section, updated headlights, 7 inch infotainment display and Porsche Communication Management (PCM) systems. The 2016 porsche 911 series will features flat six engines with 3 litre displacement and bi-turbo charging feature.
Dreaming of purchasing your own sports car? Check out affordable car loan options on BankBazaar! Also, compare car loan features to make the right fianancial decisions.
16th June 2016